Work efficiency
The number of human-made errors is minimized, as is the time necessary to perform compensation-related tasks.
Dedicated software for compensation management
With all probability, your company is already using an HR management solution to manage its most valuable asset: people. TCM software will plug into your system, and help you make your employees more motivated by facilitating the planning and controlling of your compensation packages.
What is Total Compensation Management?
Total Compensation Management tools make it easy for your company to manage compensation plans across the organization's structures, such as its departments and branches.
Relying solely on your HR management software can be suboptimal if you're using a more complex, multi-level compensation strategy that spans across multiple teams. Such a complex strategy may involve base salary management, bonuses for your client acquisition teams, long- and short-term financial incentives, and similar salary related-calculations crucial to the satisfaction of all your employees.
Pay rise calculations, employee bonuses, deferred compensation for any given vesting period - the TCM software is capable of doing all that, and more. TCM helps you make informed business decisions, adjusted to your unique hierarchy, be it a matrix, swarm, or tribe one.
Who is TCM for?
Enterprise-size organizations with robust compensation plans. When it's necessary for people across various departments to cooperate, TCM software becomes a time-saver that ensures no crucial information gets lost in translation in the process. The need for Excel experts, fluent in complex macro-driven spreadsheets, is also reduced, due to the software carrying out all the calculations.
On top of that, the people responsible for your compensation plans gain access to a comprehensive platform, from which they can access all the relevant numbers, data, and analytics. Thanks to this information, your own decisions regarding the budget become more informed, too.
What are the benefits of TCM?
Companies that use TCM on top of their HR management software, see improvement in:
Time management
The solution serves as an extension of other automated HR systems, expanding the efficiency of the department's work through the use of digital transformation.
Employee satisfaction
With the digital system overseeing and maintaining salaries and bonuses, employees are sure to receive their fairly-calculated, fair-earned money in time.
Company management
The solution equips the decision-makers with a centralized collection of all the important data and reports helpful in budget setting.
Information Security and Auditing
Companies are encouraged by third party advisors and auditors alike to use TCM to manage their compensation packages more carefully, limiting opportunities for human mistakes or frauds.
Compensation Consulting
Get in touch with our digital consultant to learn how to implement the TCM solution into your HR department.