How HR software can help ensure Employees are Rewarded Effectively
There is a lot of focus nowadays within companies to ensure that they are fair when it comes to paying their employees. This isn’t just down to ensuring the salary they provide is competitive but down to the detail in regards to things like gender equality. Getting this wrong could have some serious reputational but also legal consequences. In order to ensure employees are being rewarded effectively could be a difficult task, especially if you have a large organisation as various departments may start implementing their own local schemes. In terms of consistency it’s important to have a holistic view in order to understand the bigger picture. This is where a HR software system could support.
An example of one of these systems come from Curo who have developed a specific software system that helps you understand your current pay spread and reward people based on their specific value to the business. They even run some Curo comp events in order to give people face to face seminars. These would be really beneficial to business’s who would like to discuss the actual advantages of the software before they make a purchase. Some of the events they run are specific on things like gender pay equality or how to better visualise your financial compensation for employees.
There are also HR software packages that will help small or large business with the everyday management of employee rewards. This includes things like:
- Objective achievement rewards – Some companies set very specific targets that an employee must achieve in order to receive either a bonus or a pay increase. These objectives can be loaded on the HR software system, acknowledged and accepted by the employee and then used to pay out a reward if achieved. All of the data will be stored so that you have full traceability and history of all previous objectives set and achieved / not achieved.
- Overtime – When employees work additional hours, some companies have an overtime system in place which involves additional payments. Depending on the period the employee works could determine the pay that they receive. For example, if they work on a bank holiday, they may receive more payment than they would if it was a normal weekend day. The HR system allows you to set criteria as to what payment types are triggered in all circumstances. It allows the employee to enter the dates and times of when they worked and then for you to approve before additional salary is initiated.
- Payroll visibility – The HR system would allow you to run reports on employee salary between date ranges. In addition to this, it would have the capability to run reports of salary within a department so that you can run some simple comparisons. All payslips can be uploaded onto these systems to allow a deeper dive which could include things like pension contributions, tax or national insurance reports and any other ad-hoc payments made.