Compensation Modeling Functions & Features

Major modules below include HR "budgeting" for overall and departmental headcount and salaries;Manages bonuses;Manages gainsharing;Manages incentive wage systems;Uses dollars as a performance measure rule to manage compensation;Uses units as a performance measure rule to manage compensation;.. Compensation Modeling Functions & Features are an important module of the comprehensive HCM RFP Template.

The HCM RFP template with Compensation Modeling 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

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The Compensation Modeling Functions & Features comprise the following elements:

HR "budgeting" for overall and departmental headcount and salaries
HR "budgeting" for overall and departmental headcount and salaries, Compensation Modeling Functions & Features
Manages bonuses
A bonus is a reward based on the performance of an individual, team, business unit, or workforce. It can be paid in a number of forms including cash, stocks, or options. Manages bonuses, Compensation Modeling Functions & Features
Manages gainsharing
A gainsharing plan is a type of contingent compensation where a percentage of pay is dependent on the group's ability to reach certain goals, such as cost savings, earnings improvements, quality gains, etc. Payout comes in the form of bonuses and are not added to basic wage rates. Manages gainsharing, Compensation Modeling Functions & Features
Manages incentive wage systems
An incentive wage system is a blanket term used to describe earnings that are related to an employee's or group's production. Manages incentive wage systems, Compensation Modeling Functions & Features
Uses dollars as a performance measure rule to manage compensation
Uses dollars as a performance measure rule to manage compensation, Compensation Modeling Functions & Features
Uses units as a performance measure rule to manage compensation
Uses units as a performance measure rule to manage compensation, Compensation Modeling 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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