A great compensation plan can help attract and retain top employees. While the initial offer may be enough to get your top targets onboard, compensation planning is what allows you to remain competitive and retain your top performers while staying aligned with organizational budget structures. Staying one step ahead is easy with BullseyeEngagement's Compensation Planning tool.
In many cases, the first time that an individual comes into a manager's office to ask for an increase to their wage or salary is the first time that the person with the decision making power has thought about such compensation adjustments. However, that does not mean that it has to be, or that it should be. Using BullseyeEngagement's Compensation Planning Software, you can make a confident decision based on meaningful criteria and understand the effects that compensation adjustments will have on your organization.
Model and align organizational salary structures within budget guidelines; managers can track merit raises and bonus apportionment against departmental budgets.
This feature is particularly beneficial for departments that are required to stay within a certain salary cap for operational purposes. Understanding where, and to whom money is going will better enable managers within those areas to manage personnel and budgets.
Model and align salary structures
Build and forecast the salary structures for your organization and ensure alignment to organizational goals.
Configure merit matrices based on performance appraisal scores, range placement and market index.
Define criteria and what accomplishments necessitate raises or bonuses based on individual, group, team, or department performance.
Determine whether an individual's performance is worth a one time bonus or an hourly or salary raise
Configure the planning process to remain consistent with your organization's internal control structures; workflow configuration allows an almost unlimited range of approval processes
Set compensation rules consistent to your organization and decide which configuration is the right one for your particular application.
The application supports multiple concurrent salary structures, so you can easily compare the cost of multiple budget scenarios without complex spreadsheets
Whether you break down your organization into departments, groups, teams, locations, or individuals, the compensation planning software makes financial compensation planning easier than ever.
Being proactive about compensation planning can help take much of the stress and anxiety out of budget management for businesses and organizations of all different sizes. Whether you operate on a strict budget, or your budget is largely set by profitability, it's important to understand what financial resources are available to keep high-performing employees satisfied with their compensation. Compensation can make a major difference in the productivity and profitability of a business as a whole. Using compensation planning software that uses real-time information about your business means that you can make informed, timely decisions about compensation any time.
Planning for promotion-based and merit-based raises is made much simpler with BullseyeEngagement's Compensation Planning Software. The tool allows you to project budget numbers for an individual who has been identified for promotion and see what kind of potential impact that will have on the budget. It also enables you to assign merit and performance based raises based on the availability of funding. BullseyeEngagement's Compensation Planning Software makes budgeting much easier for almost every scenario imaginable, whether it is planned, unplanned, promotion-based, or merit based.