Compensation refers to the financial rewards made to a person in return for their work. ClayHR Compensation Management assists HR managers in curating, managing, calculating, and budgeting employee salaries to attract qualified candidates, reduce employee turnover, enhance performance, and promote engagement among employees. Steps involved in compensation planning:
1. Create a Compensation Proposal: A compensation Proposal is a simple and adaptable structure that aids managers in making objective decisions that are used to manage salary increments, bonuses, and other benefits. To know how to create a Compensation Proposal, please take a look here.
2. Create an Approval Flow: Approval Flow defines the fixed sequence and levels required for a flow to be fully approved.
3. Define your Compensation Recommendation Rules: Compensation Recommendation Rules encapsulate logic to suggest compensation increments according to criteria, including job profile, seniority, organizational unit, performance review rating, etc. To know how to create Compensation Recommendation Rules, please take a look here.