Leaders and HR need to be able to understand their employee’s current and historical compensation information, as well as other influential key factors such as market competitiveness (including geographic differential), and employee peer group reporting and analytics.
Many businesses track and manage compensation history and information through separate systems, making it difficult to quickly retrieve the relevant data needed to make key compensation-related decisions.
For ease of retrieval and analytics, CrossCountry’s HR department tracks and manages compensation information through a password protected Excel spreadsheet that allows for quick data access and analysis. Maintaining these spreadsheets requires time and manual effort to produce the various analyses needed to make compensation related decisions.
For example, when hiring a new employee, HR needs to understand the new hire’s position at the company, how they compare to peers at their level, their skill set, and where they are geographically located. Currently, in order to determine a compensation recommendation, an individual employee compensation report is manually created in order to analyze the data as it relates to their skills and experience, as well as a comparison to the position salary bands within the organization and relevant geographic market.
Historical compensation information, which is also captured and organized in an Excel spreadsheet, requires an HR analyst to manually compile and review in order to ensure that the information is accurate and up to date. Having access to compensation ranges by levels and markets, as well as an employee’s compensation history, is important when making related decisions during interdepartmental transfers or relocation (e.g., an employee moves to a different state or across the country).
How Workday Can Help
Workday will allow CrossCountry to create one version of each employee’s compensation package by building effective and dated history with each transaction.
Workday’s Advanced Compensation Functionality will store current and historical compensation history and provide rich analytics that will allow managers to view and query the necessary data right from their dashboards. These dashboards will also provide analytics for managers and HR to see the distribution of their employee’s compensation levels within both a specific job and salary range. This will ensure equitable treatment of all employees based on experience, performance level and geographic differential.
Workday’s Manager Self-Service functionality will also allow for managers to request increases or promotions directly through the platform with the appropriate routing for approvals. These processes are all auditable and reportable at any time, enabling a full historic view of requests and compensation changes. Additionally, employees will be able to have a full view and access of their individual total compensation components and statements at any time through the Employee Self-Service application.
To learn more, view our guidebook “Learning from Our Journey: 3 Ways that CHROs Can Benefit from Workday”