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By: Pascal PERRY

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Compensation Award Administration Functions & Features

Execute compensation plan awards to the employee level. Compensation Award Administration Functions & Features are an important module of the comprehensive HCM RFP Template.

The HCM RFP template with Compensation Award Administration Functions & Features for HCM is a Microsoft Excel spreadsheet (.xlsx) featuring a total of 1430 decision criteria. The HCM RFP template allows you to quickly and easily prepare the business, functional, and technical requirements sections of the solicitation package you'll send to HCM software vendors. It ensures for:

  • complete response from each HCM software vendor
  • deep and accurate evaluation of submitted HCM proposals
  • impartial side-by-side comparison of HCM solutions evaluated
  • rational and documented selection of the best matching HCM system

The HCM software comparison report can save you up to 90% of the time you would have otherwise spent comparing all the HCM solutions from scratch.

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The Compensation Award Administration Functions & Features comprise the following elements:

  • Complete record of individual employee compensation elements and awards

    For each employee, display current base salary, bonus or incentive target and most recent award. Stores historical compensation elements. Complete record of individual employee compensation elements and awards, Compensation Award Administration Functions & Features

  • Off-cycle compensation adjustments

    Manage mid-cycle compensation adjustments, promotions, job/grade changes, etc. Off-cycle compensation adjustments, Compensation Award Administration Functions & Features

  • Authorized users can make changes and updates to the compensation schedule

    Authorized users can make changes and updates to the compensation schedule, Compensation Award Administration Functions & Features

  • Authorized users can change the compensation for a specific employee

    Authorized users can change the compensation for a specific employee, Compensation Award Administration Functions & Features

  • Authorized users can change salaries either by a dollar amount, percentage, or combination of both

    Authorized users can change salaries either by a dollar amount, percentage, or combination of both, Compensation Award Administration Functions & Features

  • Modify hierarchical structure to support planning and approvals different from payroll or HRMS hierarchical structures

    Payroll and human resource management system (HRMS) hierarchies often don't match the actual organizational structure for managing salary and incentives. The tool should be able to support a "who-to-whom" sort of structure for planning. Modify hierarchical structure to support planning and approvals different from payroll or HRMS hierarchical structures, Compensation Award Administration Functions & Features

TEC Advisor can save you up to 90% of the time you would have otherwise spent figuring out on your own which HCM solution is the best for your needs.

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Functions and Features