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By: Pascal PERRY

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Compensation Planning Functions & Features

Planning for base salary, bonus, and award programs includes development of guidelines, eligibility rules, award ranges, market reference points, etc.. Compensation Planning Functions & Features are an important module of the comprehensive HCM RFP Template.

The HCM RFP template with Compensation Planning 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 Planning Functions & Features comprise the following elements:

  • Manage multiple plan models or eligible groups

    Compensation plans for base salary, bonus or incentive are managed. Different employee or geographic groups can be assigned to any compensation plans. Manage multiple plan models or eligible groups, Compensation Planning Functions & Features
  • Set filters for planning against subsets of the total employee population

    Company-defined criteria for filters can include such things as department, job, grade, eligibility or performance. Set filters for planning against subsets of the total employee population, Compensation Planning Functions & Features
  • Store and update base salary, bonus, and award ranges by pay grade(s), or employee group

    Defined ranges are stored for application in the compensation award process. Ranges may be updated by factors across the board or individually to reflect market conditions. Store and update base salary, bonus, and award ranges by pay grade(s), or employee group, Compensation Planning Functions & Features
  • Eligibility rules may be defined for multiple plans

    Align eligible groups to designated plans; establish rules for individual employee eligibility (i.e. length of service) Eligibility rules may be defined for multiple plans, Compensation Planning Functions & Features
  • Set compensation plan effective period or time parameters

    A discrete performance cycle limits the participation of an employee to a specific performance period. It is not connected to past or forthcoming performance periods. Set compensation plan effective period or time parameters, Compensation Planning Functions & Features
  • Planning for exempt employees

    Planning for exempt employees, Compensation Planning 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