In many organizations, employee compensation and benefits is one of the major items in the annual budget.  Oftentimes, this allocation and the various employee compensation and benefit programs are expensive organizational strategies but they serve as excellent beacons of the best of the crop from high performing talents to the top of the class newly graduates. Since compensation and benefits comprise a bigger chunk of the pie, executives and directors cram for systems that would manage this budget effectively and give the stakeholders the best returns of investment.

Compensation and Benefits Module helps management achieve this goal, and much more.  Compensation and Benefits allows organization to customize its benefit programs to serve specific needs and preferences of employees’ demographics.  With this module, benefit programs such as training, travels abroad, club memberships, and exclusive access to company properties for leisure and recreations, can easily be monetized and controlled.  Management can track employee usage and costs of benefits on year-to-date basis, monitor movement of the annual budget and generate reports based on real time data.  Compensation and Benefits module, when integrated with Performance Appraisal module, will facilitate the determination of ROI in employee performance and productivity.  Appropriate calibration can then be made to adjust the desired results.

Here are 10 Best Features of Compensation and Benefit Module:

1. Management of Company Benefit Programs
2. Employee Portal
3. Cafeteria of Benefits
4. Tracking of Employee Usage of Benefit Programs
5. Management of Dependents’ Benefits
6. Workflow-Based Online Application and Approval of Benefit Availment
7. Setup of Annual Compensation and Benefit Program Budgets (Employee/Enterprise-wide)
8. Monitoring of YTD Compensation and Benefit Availment.
9. Projections of Long Term and Medium Term Compensation and Benefit Program Budgets
10. Dashboards for Executives