New Solution from Paycor Allows Human Resources (HR) and Business Leaders to Manage All Aspects of Compensation in One System
Human Capital Management (HCM) company Paycor launched Paycor Compensation Planning, a tool for HR and business leaders to seamlessly plan, manage and execute pay increases, bonuses and rewards across their entire organization. Automating compensation events in one system takes the complexity out of planning so HR and business leaders can focus on building effective compensation programs that help drive recruiting and retention, eliminating workforce challenges like high turnover and missing out on top talent.
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Rapid changes in the workforce and economy are adding new demands and pressures on compensation strategies and programs. According to Deloitte, 69% of organizations say the changing nature of compensation expectations and strategies is important or very important for their success over the next 12–18 months, but only 9% say they are ready to address this trend.
Paycor Compensation Planning eliminates the complexity of compensation planning with automated workflows and guided decisioning support to ensure salaries, bonuses and employee rewards are equitable and competitive. Key benefits of Paycor’s Compensation Planning include:
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Automation of the Planning Process – With one single source of truth to plan and manage compensation, HR and business leaders never have to rely on cumbersome spreadsheets or enter data in multiple places. Paycor Compensation Planning gives leaders time back in their day to focus on pay and retention strategies, not manual work.
Customizable Solution for Your Unique Needs – Each organization manages compensation differently. Paycor Compensation Planning automates workflows, creates approver and event notifications and offers robust collaboration tools to enhance the user experience and meet your needs. Paycor Compensation Planning is fully customizable – administrators can create assignment and launch rules by department, hire date or to specific employees.
Informed Decision Making with Intuitive Support Tools – Paycor Compensation Planning provides leaders and managers with guidelines and pay increase recommendations based on employee performance. Administrators can create “what-if” scenarios, see calculations before committing to actual figures and view comp-ratios for each employee.
Mitigate Risk and Ensure Fair Pay Practices – With strict penalties and potential fines and lawsuits, HR and business leaders are closely monitoring pay equity. When paired with Paycor Analytics, Paycor Compensation Planning empowers leaders to evaluate pay practices by analyzing compensation across various attributes including department, location and job title to help businesses stay compliant.
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