Product showcase: Embracing agility in reward planning with Sage People’s Summer ‘20 release
How can bringing agility into reward planning empower your HR and People leaders?
As many of us know, grappling with stability and agility is a key theme for organizations across the globe in 2020.
During this unprecedented time, we’re continuing to find innovative ways to support our customers and their organizations to navigate the ‘new normal’.
So, in this release, we’re excited to announce that our reward planning suite is now generally available, to support our customers to be more agile when it comes to reward planning.
Ready to find out how you can reap the rewards of our new reward planning functionality? Read on to explore the exciting changes we’ve made and why.
Why reward programs?
There is a powerful link between employee recognition and engagement. Simply by recognizing and acknowledging employees for their work, companies can generate a strong emotional commitment to their organization.
Reward programs help to empower managers to recognize those key capabilities, skills, behaviors, experience, and performance, within their teams to create a high achieving culture.
Many companies also use reward programs, including variable pay and bonus plans, to add flexibility to rewarding the multigenerational workforce as their needs vary and to align rewards to business goals.
Ultimately, recognition can make staff feel valued and, as a result, contribute to great employee experiences.
With our new reward planning capabilities, managers can effectively reward employees by being able to build a reward strategy that’s linked to performance and any changes in business strategies, all from one cloud HR and People system.
Designing reward planning for flexibility
To address the evolving and varied needs of a multi-generational workforce, organizations that embrace agility and continuously adjust reward planning are able to stay current, be resilient and even gain a competitive edge — even in today’s challenging operating climate.
The current business climate also highlights how reward strategies and planning should be able to respond to shifts in the external environment. When strategic imperatives change, so too must rewarding the workforce, otherwise organizations risk becoming disengaged with their business priorities.
The good news is that there are ways of building flexibility into reward plans. It comes down to the ability to plan in an agile way with all your workforce information collated in one place.
Once the foundational elements of the rewards strategy have been established, leaders should focus on evaluating and iterating how resources are allocated by linking rewards offerings to performance or adapting rewards in light of strategy development, and regularly considering whether it makes sense to add, remove or evolve their reward plan.
With Sage People, you can design compensation and reward processes that optimize budgets, improve compliance, reduce manual steps, and reward high-achieving employees.
Further to our beta releases of both salary and bonus planning, our reward planning suite includes:
- An easy way to plan employee rewards for both salary increases and or bonus amounts
- The display of both bonus and salary amount in local and reporting currency
- More configuration options including salary change reasons and changing the final planner in the hierarchy of approvals
- Enhanced planning table functionality, including filtering rows, hiding, reordering, resizing, pinning columns, UI and performance improvements
- And many more great features like color-coded bars to represent salary and bonus details and tick boxes for faster setup.
Watch this short demo to learn more about our agile reward planning tool.
Learn more about Summer ‘20
The Sage People Summer ‘20 release is available now. If you’re an existing customer, you can check out the release notes over in the community or talk with your Customer Success Manager for more information.
In addition to the reward planning general release, we’ve laid the foundational work to push some of our customer’s suggestions into action. This includes releasing partial day absences into beta, as well as our absence and compensation API, which we’ll have more on in future releases.
Want to chat with someone on our team about reward planning? Get in touch with us to find out more about how we help HR and People teams respond to changing priorities.
Not yet using Sage People? Request a 30-minute live demo today to learn more about how our cloud HR and People system can help you attract, acquire, manage and retain your people.