Employee compensation involves many aspects and different institutions (banks, social security, taxes, etc.) and have high requirements for data accuracy and precision. Large and medium-sized enterprises or group-type enterprises have different jurisdictions, branches and even thousands of employees with different employment types. It is easy to make mistakes in compensation calculation because of carelessness. However, HCM’s advanced compensation and pay management mechanisms can meet the compensation management needs of various types and scales of enterprises. It supports the calculation and processing of various complex compensation and benefits businesses, and multiple compensation calculation models and complex calculation formulas. Remuneration is automatically calculated by the system, which greatly saves manpower, avoids errors and improves accuracy and timeliness.
HCM provides the following employee compensation management functions:
Different jurisdictions, employment types, positions and ranks will have different compensation regulations. HCM provides various customization mechanisms for users to flexibly set compensation policies based on jurisdictions, positions and employment types. For group-type enterprises, users can set different compensation calculation policies according to different regions, branches, and employment types. For example, different countries and regions adopt different compensation calculation rules; different types of employment use different compensation standards and different employees in the same type of employment may have different pay standards.
HCM supports the following compensation policy settings:
Compensation includes many aspects, such as base pay, commission, allowance, bonus, dividend and equity. HCM supports the management of different compensation types and allows users to customize compensation types and their sub-types as needed. They can also define the calculation period (accurate to the hour), payment method and maximum/minimum value of each compensation type.
HCM supports the following compensation type management:
The compensation of employees will not remain unchanged due to various factors (such as market adjustments, promotions and job changes), and the compensation management system needs to flexibly manage these changes. HCM supports compensation change management that contains the association of employee compensation adjustments with the corresponding change reasons. Each compensation adjustment will be completely archived in the employee file, including the adjustment reason, effective time, and number changes, so that managers can get a comprehensive view of each employee's compensation changes. After the adjustment is determined, the system will automatically calculate the employee's compensation and generate a payroll according to the latest preset policies. It also supports batch adjustment, helping HR personnel to quickly and accurately complete their modification tasks even if there are thousands of employees compensation needs to be adjusted.
HCM supports the following compensation change management:
An employee's pay is closely related to the employee's benefits and attendance. HCM supports the customization of leave types, the deduction of pay and benefits due to late arrival, early departure and absenteeism and pay calculation policies, and tracks all historical pay calculation records. It also provides rich and commonly used calculation formulas and functions, enabling enterprises to set pay calculation rules through different pay account sets. What users need to do is to enter some payroll information. Then the system will automatically calculate compensation according to the preset policies. It also supports exporting Excel format file, which is quite efficient and accurate.
HCM supports the following compensation calculation management:
Employee benefit is an important incentive for modern enterprises to attract and retain talents, and is also one of the key factors to improve employees’ work efficiency and satisfaction. Enterprises, regardless of their size, provide employees with certain benefits, but diversification of employee benefits and forms makes it more difficult to manage employee benefits. HCM Employee Benefit Management is different from general employee benefit management tools. It can not only manage the benefits of each employee and correlate it with compensation in real time, but also support the formulation of employee benefit plans, track the implementation process and manage benefit changes to realize the one-stop management of employee benefits.
HCM supports the following employee benefits management:
HCM provides a payroll self-service platform for employees and enterprises to communicate conveniently and efficiently. Employees can log in to the system to view historical payroll records, and the company's compensation system and policies. HCM also provides a mobile app for employees to check their pay information anytime and anywhere with their mobile phones.
HCM supports the following employee payroll self-service: