Give salary planning the time it deserves
Days, not months
As we see the global economy slowly starting to stabilise, in some cases uptick, companies will again begin to invest more in their employees with training and compensation. With the market dictating more competitive talent attraction and retention, addressing remuneration is similarly receiving focus in an effort to reduce costly attrition.
In fact, according to research from the Hay Group salaries are generally on the rise globally. In Europe salary rises are forecast at 3.1 percent and in North America the rise is 2.7 percent. For the UK, the Government recently shared figures that show the take home pay of most workers has risen in real terms in the past year. The rise is set to continue as part of the Governments long-term economic plan to actually cut taxes for some workers.
Whilst this is clearly great news for the individuals receiving benefits, and companies that can afford the increases, it also strikes fear into HR professionals that are responsible for coordinating the salary increases.
Salary planning is not a process to take lightly, it often takes the combined efforts of HR, Finance and Management wading through spreadsheets for months, and is still then fraught with error. Other than just the sheer length of time it takes, salary planning can throw up further challenges in terms of security, integration and validation. However, many of these issues can be avoided by using the right HR system which has the ability to maintain overall control of the entire process.
No matter if you’re a HR, Finance or Management professional, if the thought of spending months salary planning fills you with dread, then watch our salary planning webinar. We demonstrate how the salary planning process can be simplified across your entire company, condensing the process down to days, rather than months.
Watch this free 30 minute webinar today.