Compensation Productivity Tools
Compensation Productivity Tools
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Compensation Productivity Tools
As a Human Resource systems manager, the main job can look at a lot of big and accomplished companies who are using tools which help them keep their data intact and apply those tools and techniques on his or her own company. So in this paper, we will look at tools which are available and are being used in the market and then present to the compensation manager.
A compensation manager's job is to establishing, researching and maintaining a company's pay system. The question arises that why are these tools important and why should they be used (Noe et al., 2017). The answer is that the world is evolving and things are being made easier. More is being done in less time, and the shortcuts are being made to make the work of a common man easier. So in HR, these tools are important because costumer management holds grave importance in any company. So a proper flawless method of employee data collection in which proper tools are used is a necessity of today.
The HR tools which are useful, and are being used in big companies are explained below: First of them is to build a centralized HR data, which is easily accessible. This will make everyone's job easier, because if the access is in one place, then the whole system will become effective. The second tool used is to keep track of time. This means to look at each employee time off work and keep track of employee attendance. Every record should be uploaded and should be saved. The time when everything was stored on paper is gone now (Larkin, et al., 2015). Now everything should be on the hard drive. Employee performance reviews should be simplified. Use of technology like mobiles and keep connected to all of the employees.
Explaining The Tools Used, For The Compensation Manager
GUSTO is an HR software developing company, and its tool used is said to be "inexpensive." This means that their software does not cost much and it is very easy to use. The application of this software is to organize all the payrolls of employees, their benefits and the paid time off. This is used by many Human Resource departments across the globe, and it has made their job very easy. Gusto provides an immaculate customer service because it keeps a proper record of all its employees, whether they are current or former. The main domain of the HR department is to provide payrolls and benefits of the company, and the software provided by Gusto does just that.
Zoho Recruit is also an important HR tool used massively. The recruitment process is the responsibility of the HR department. And according to Kerry Alison who is the director HR operation of the Actualize consulting, Zoho has made their process of recruiting easier. They are using it for about four years, and they review it by saying that this software is not that expensive and neither is it complex.
Trello software is used for managing HR projects of a company. Trello has a vast ray of applications. For instance, this software can be used to keep a proper record of its applicant, plus it can also be used to manage the social committee. This software gives HR manager ideas on how to manage their jobs and responsibilities of keeping a record of its employees.
Bamboo HR is used for all human resource uses and applications. What people say about this software and give reviews is that this software has been made very user-friendly. Its applications include an Applicant tracking system, record keeping of all the employees, employee PTO tracking and much more.
Slack software is used for the recruitment process by the Human resource department. According to Emma Hunt who is the head of recruitment of the Logojoy Company, she says that Slack is her favorite software because it has made her job easier. In the recruitment process, the whole track record of the person is needed. And Slack is integrated with other software in such a way that it provides us just that. This software also does other tasks like submitting expenses and benefits of the employees.
Timetastic: Spreadsheets require a lot of work and are very time consuming, but Timetastic has provided a cure for that. Tiffany Cheeston who is the Finance and HR manager in Yourparkingspace.co.uk says that this software has made the job of keeping records very easy. Although this software costs a lot, the amount of work done by using this software justifies its price tag. It has other HR applications too, like keeping a record of paid and unpaid leaves.
Background screening is a software used to check the past record a person when the recruitment is being done. A company needs to know whether the person they are hiring is of a good background or not. And this software helps them in doing just that.
360-Feedback tool is used for feedbacks. As employees and managers need to know how they are working and what they are doing wrong. So this software does just that. It is used for both the employees and managers to give feedback about each other and how they are performing. Performance evaluation is a very important task for the HR department. And to evaluate the performance, one must know what kind of feedback a person is getting. This software helps the Human Resource department in making sure who needs a raise and who needs re-training.
Importance of Tools
We are in the twenty-first century, and the world around is evolving at a very fast and rapid manner. And to keep up and keep a proper record of thing proper tools that ease our job and brings in productivity. In the field of Human Resource, the job extent has grown more than ever. As we have discussed different kinds of tools that are used by managers in the world. We come to know how much work is needed in keeping the record of a company’s employees (Noe et al., 2017).
Suppose you are the HR manager of the company and have to evaluate the performance of the employees and need feedback. Will you go to each employee and ask about the work he or she has done and then give the evaluation report? No, you will not. Because this will be very time consuming and also will require a lot of effort. So to make this job easier a tool is made. This tool is software, which allows the HR manager to look at all the feedbacks and performance bars of the employees. This makes the job much easier, and also the accuracy in the results will be much more as compared with doing this work manually.
Payrolls of employees are the responsibility of the Human Resource department of a company. Different tools are made which organize the whole structure of the company, as to which position a person is, how much leaves he took. Which leaves were paid and which were unpaid (Larkin, et al., 2015). How many allowances are allowed to him, what is his basic salary, how much tax is incurred upon him? All of this and for hundreds of employees is a very difficult job if we think about it. But if the software is doing that the amount of seconds, then this is an innovation which should be used and practiced regularly.
The Automation Process By Using These Tools
Automation gives birth to innovation and productivity. And by using these tools automation is achieved. The job of a Human Resource manager is not as easy as it may seem. A lot of work needs to be done in a comparatively less amount of time. So to do this work different software and tools are being used. Organizing and keeping records of all the employees is an immense task. But using simple software that does this for you if you give it the right command will make an HR manager’s job much easier. This proves to us that innovation is the mother of need. With the growing population and growing industry, if a company had 100 employees twenty years ago, today it will have about 1000 employees.
To manage this big of a population for a company, one does need some help and some kind or sort of shortcut. These tools are shortcuts. They reduce the workload and also reduce the chance of error. And when the error reduces the result produced is even better than before. Hence it is very profitable to say that these tools not only reduce the workload but also they are more accurate if we compare it with the work done manually in the past.
How Do These Tools Work
To work on these tools, one needs to have some kind of knowledge. Like this software do not do all the tasks themselves. A person needs to assist it by feeding in the data first, giving the proper command of what kind of work is needed to be done. If the job is of payroll, then the job is to tell it what are the sections need to be made, like benefits, tax, medical, car allowance, leaves, basic pay, etc.
Different types of Compensation systems
The role of a compensation manager varies from one company to another. But the main domain of the job is the same. Following are the different kinds of compensation systems:
Base Pay is the compensation system which determines what kind of pay an employee gets which is very basic. It does not include any benefits or allowances. This pay is for the work the employee does, and this is decided at the start of his working tenure. This pay remains the same until and unless his pay grade is changed.
Commissions are not included in the basic pay. These are extra earnings which an employee gets by doing extra work. For example other than his basic pay, if he does work above the minimum required, then on every single deal he will get 2% of what he brings to the company. This is just an example of what commission is.
Overtime pay. If an employee is working more than the office hours assigned, then the benefits he gets because of this extra work is known as overtime pay. Bonuses are the incentives which are decided at the start. Like some companies decide that an employee will get two bonuses per year if the work is done satisfactorily.
Allowances are the extra incentives that the company gives to an employee; these may be traveling or housing allowances. Benefits are the extras that a company rewards an employee. These benefits are different types and extents. These benefits can be medical. Like an employee might get 50% of his medical expenditures by his company. Other benefits are insurance, taxes, and retirement, etc.
To conclude what it is said and explained in this paper. Human Resource is a very important part of any kind of organization. This is why for the compensation management some kind of tools is being made. The purpose of these tools is to ease the job of the managers, and hence they are essential. The basic domain of these tools is to do more in less amount of time, make proper records of employees. What are their job descriptions, for how much time they are working? What kind of benefits they are availing.
The major HR tools, that being used all around the globe have been stated in this paper with proper examples. By seeing these tools and what kinds of functions they perform for us, we come to know that there are no less than innovations. Employees are who run the company as a whole. And keeping their record is the main thing. These tools give us just that. In the past time, this proper organizing of employees was done manually and took a lot of time. This is why these days work is done to save time. The main job of HR is to evaluate all the payrolls of employees, evaluation of performance-based upon feedback and mainly the recruitment process.
These tools make the payrolls of employees, with proper instructions of what sections are needed to be built. Also in the recruitment process the background of a person, or where he or she has worked and where does his domain fit in the company. All of this is done using these tools. Evaluation and feedback software are built that are used to evaluate the performance of employees. And what people think of his or her work.
To sum this paper in one line, the HR tools are the thing we need in growing economy and industry, to keep up with the world’s demands, this is the best innovation we could get.
Brill, M., Holman, C., Morris, C., Raichoudhary, R., & Yosif, N. (2017). Understanding the labor productivity and compensation gap.
Edwards, W. (2018). Do Increases in Labor Productivity Still Drive Wage Growth?.
Larkin, I., & Pierce, L. (2015). Compensation and employee misconduct: the inseparability of productive and counterproductive behavior in firms. Organizational wrongdoing: Key perspectives and new directions, 1-27.
Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2017). Human resource management: Gaining a competitive advantage. New York, NY: McGraw-Hill Education.
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