Transform Talent Management With Advanced Compensation
How to Maximize Your Workday Investment With AMS, Part 6
Every competitive organization wants to attract and retain the best people, which makes talent management—and advanced compensation in particular—a key element of your HR strategy. Companies like Google, Starbucks and Netflix, among others, have made headlines for what they offer their employees. And with perks like free meals, full tuition reimbursement and unlimited parental leave, it’s obvious why people want to work there.
But you don’t have to be a global company with amazing perks to attract amazing employees. What every human resources department does need, though, is an effective talent and compensation management strategy for rewarding employee performance.
This blog—the sixth in our eight-part series on Application Management Services—will help you identify what to look for in a service partner offering advanced compensation solutions so you can be sure you’re choosing the right one to help you.
Build Your Compensation Plan Leveraging Workday’s Single-Solution Framework
Since no organization is exactly alike, no compensation plan will be exactly alike either. But that said, every compensation plan is attempting to do the same thing—to drive employee performance in a way that aligns with your organization’s very specific goals.
Creating a compensation plan the old fashioned way was complicated—too much data from too many sources, resulting in cluttered spreadsheets. But because Workday lets you store all your data in one location, leveraging their single-solution framework to create a compensation management plan that works effectively and accurately for your company can give you a competitive advantage.
Five Questions to Help You Advance Your Compensation Strategy
Because so much goes into revamping the advanced compensation element of your talent management strategy, it can help to have a partner who knows how to navigate every aspect of this process. But before you sign on the dotted line with anyone, you need to know they can do more than just configure basic merit, bonus, one-time payment and stock plans.
Can they also help you:
- Create and modify compensation matrices to align performance scores with the financial incentives your company offers?
- Organize and assign merit and bonus plans individually and globally, accounting for variables like geography and cost-of-living?
- Create templates to define compensation-event details?
- Produce worksheets to inform managerial decision-making?
- Design custom reports focusing on key compensation metrics and performance goals specific to your organization?
When you work with an organization that can deliver on everything you need, you are empowered to not only retain and promote your existing workforce, but to also attract new talent going forward.
Download this datasheet to learn more about Advanced Compensation. You can also listen to this webinar to learn more about how Application Management Services can help you get more from your Workday investment.