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E compensation

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E compensation

  1. 1. Presented by: Manidipa
  2. 2. What is E-compensation?  Compensation is the total reward received by an employee in exchange for services performed for an organization. It can include both direct pay (salary and wages) and indirect pay (benefits programme).  The e-Compensation systems are those software packages which are bought or developed by companies and are accessible through the company’s intranet or over the internet which all the employees would be able to reach it through browsers from anywhere (in case of internet).
  3. 3. Cont…  A formal compensation administration program is the basic management tool for ensuring that employees are satisfied, that both internal and external equity are maintained, and that control is maintained over compensation costs. Such a program will help attract top talent, retain core employees, and encourage longevity while efficiently using financial resources.  Establishing an effective compensation administration program requires job analysis, job evaluation, and job pricing. Once established, it is important to maintain and update the following aspects of the program: salary banding, employee classification, salary increases, performance appraisals, and longevity increases.
  4. 4. How it was started?  During 1980s and early 1990s spreadsheets had been used to manage compensation information of the employees (for each manager one spreadsheet including its subordinates data) which had been static (changes in data as bottleneck), and time-consuming -months of efforts (Wright, 2003).  In 1990s client-server applications replaced. These applications were customizely and expensively developed based on company’s requirement and were needed to be installed on each manager’s computer separately which all these made it difficult to adopt with varying conditions of the market easily.
  5. 5. Cont…  Late 1990s was an outset for a developmental migration to the browsers instead of client-server applications by introducing intranets which provided a centrally distributed application with an ability to be updated readily without any dependency on the manager’s computer (Wright, 2003).  In 2000 Barber and Bretz found the pay is an important factor in both job choice and turnover decisions by employees and from that time salary has been used as a lever to attract, retain and motivate employees.
  6. 6. Types of E-compensation  Morale and job satisfaction are affected by compensation.  Base Pay  Commissions  Overtime Pay  Bonuses, Profit Sharing, Merit Pay  Stock Options  Travel/Meal/Housing Allowance
  7. 7. E-compensation system  Employee Information  Attendance Record  Leave Record  Emolument & PF details  Generate Pay Slips  Annual Returns (TDS Forms)  Form 16  Employee Training Identifier  Training & Induction Programs
  8. 8. Need for E-compensation  To maintain uniform, error free, accurate compensation  To retrieve past records within seconds  To protect the data  To manage the pay package for international work force  To calculate easily  To link other system like performance appraisal, training, recruiting  To match with budget, financial budget
  9. 9. Oracle  Oracle's PeopleSoft Enterprise E-Compensation with Manager Desktop is the solution for administering compensation programs for employees, either individually or by groups, through compensation planning, administration, and reporting activities.  Managers are also able to provide total compensation reporting to their employees, a valuable retention tool for the organization.
  10. 10. Cont…  The E-Compensation Manager Desktop business processes integrate with these PeopleSoft applications:  PeopleSoft HCM.  PeopleSoft Stock Administration.  PeopleSoft E-Performance.  PeopleSoft Global Payroll.  PeopleSoft Payroll for North America.  PeopleSoft Payroll Interface.
  11. 11. PeopleSoft  In PeopleSoft HCM, E-Compensation integrates with E- Performance to drive funding based on performance achievements. This integration also enforces proposal guidelines.  Stock awards are given through the Variable Compensation business process. Because of this integration, stock awards are included with all other variable monetary and non-monetary awards for total variable compensation reporting and history.
  12. 12. Enhancements to the Load Pay sheets process enables you to Add multiple source codes for ‘Other’ Source Type
  13. 13. Source will be displayed in Online Pay sheet and Paycheck pages
  14. 14. Procedure of E-compensation  Discussion of the objectives of the executive benefit program  Planning the preliminary design  Exploring funding and security alternatives  Developing a final plan  Analyzing and selecting funding vehicles  Developing implementation plans and executive plan administration  Storing all the plans and the data into system
  15. 15. Software for E-compensation  PeopleSoft HCM 9.2:  PeopleSoft Compensation is a Global solution for administering competitive compensation programs around the world.  PeopleSoft Compensation can utilize a configurable matrix when calculating salary increases.  PeopleSoft Compensation gives managers the tools to make quick but informed decisions on how to distribute the funding budgets for their group.
  16. 16. Cont…  Mercer WIN:  Mercer WIN | ePRISM is a comprehensive compensation management, modeling and planning tool that enables you to align your organization’s compensation plans with current and future objectives. By combining compensation-specific tools with powerful analytics, Mercer WIN | ePRISM gives you the power to evaluate data, develop strategies and execute compensation programs with confidence.
  17. 17. Cont…  Halogen Software:  Halogen E-Compensation greatly simplifies and automates the entire compensation adjustment process. It provides all levels of management with secure, simple to use tools for distributing merit-based compensation including base salary, variable pay, bonus pay, and stock options.  Features-  Complete compensation plans on time  Establish confidence in company-wide pay rates and adjustments  Avoid legal hassles
  18. 18. Benefits of using E-compensation  Compensation Alerts notify managers when a Compensation Cycle is available for their group. When complete, changes are submitted and routed for approval  Automated Salary proration and eligibility rules further eliminate manual intervention  View total compensation-related information for direct reports from a central location, including salary, cash components, and non cash items  Request or grant base salary increases for employees, which are automatically routed for approval, either during targeted review periods or on an ad-hoc basis
  19. 19. Cont…  Request or grant a base salary increase for a group of employees, which you can optionally track against an approved salary-increase budget  Easily set up workflow to automate approval routing  Use PeopleSoft's global functionality to ensure that all text, date formatting, and data elements are appropriate for multinational operations  Conduct business in any of 14 languages, or use Unicode support to translate PeopleSoft Enterprise eCompensation into 200 additional languages

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