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By: Pascal PERRY

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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

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.

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

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Functions and Features