Compensation Management

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The returns that an employee gets against his contribution in an organisation is known as compensation. Compensation involves all sorts of payment, incentives, bonuses, reimbursements promised by the employer against the services of the employee. Compensation management plays a vital role in the human resource department’s efforts to attain, manage and retain an efficient and effective workforce. Compensation planning is all about rewarding and motivating the employees to perform really well in their job roles.

Beehive’s compensation planning application helps differentiate the different categories and criteria of payments offered by the organisation i.e. hourly, weekly, monthly, fixed or variable salary, short range/ long rage pays , contractual payments etc. Our system helps you segregate the work that is expected of the employee and the work that is worth being rewarded for. Performance or goal achievement based payments help motivate the employees to outperform more often and also strategically helps in retention of the employee by fulfilling his happiness quotient.

Beehive’s compensation management application assists in managing all kinds of employee compensation plans like lump sum, bonuses, incentives, salary market adjustments, etc. The data related to salary is always up to date with the market valuation within government compliance at all times. The flexible payments made to role based matches are greatly differed depending on the workflows designed as per the company policies.
Our application assists in incentive management. It helps simplify the functionality around offering meaningful incentive plans for the circulation of bonuses and other monetary rewards. There are different calculations for different job roles, different grades, different designations etc. Our system provides the supervisors with suitable tools to always abide by the organisational compliance while awarding the bonus pay.

Beehive’s application helps instil the employee’s trust in the organisation by maintaining transparency in the processes of payment and the calculations related to the payments. This faith in the organisation shall help in the retention of the employee with the organisation for a longer period. Our solution is absolutely configurable giving the superiors room to define the workflows to even resolve the highest complexities with ease.

Beehive’s MIS and analytics help in standard report generation for all the payments made, adjustment guidelines, compensation task status etc. These reports help give the supervisors a better idea of the working of the organisation and also where and who was rewarded with what amount. The details of all of this is maintained within the system and only the concerned stakeholders can access this data, highest level of security is maintained when it comes to data secrecy with special usernames and encrypted passwords.

Following are some of the reasons why every organisation should opt for Beehive’s compensation planning application:

  • Growth in employee productivity
  • Enhance employee retention
  • Surge in employee engagement
  • On-going performance review
  • Rewards and recognition for the deserved employees
  • Training initiation for employees underperforming
  • Increase scope for communication and discussion amongst the hierarchy
  • A faster rate of return on investment (ROI)

Therefore, a compensation planning application is typically a win-win for both the employee and the employer.