Compensation with Limited Data

Compensation with Limited Data

Human resource employees have the hardest jobs. They are at the center of making a company run like a hummingbird, yet they often do not get the recognition they are due. That is because when someone comes to HR, they are often coming to solve a problem. Thus, no one sees the proactive approaches human resource employees take to prevent and solve problems. One of the greatest problems facing human resource departments and their employees today is the fact that many of the jobs that currently exist did not exist five to ten years ago.

 

In fact, a recent Forbes article lists these 10 jobs, which  did not exist ten years ago. A job like an app developer, for example, is one no one could have foreseen. And as technology continues to evolve, jobs will continue to develop that do not exist now. As a HR person responsible for determining salary, this can be a problem. After all, how do you figure out how much someone should get paid when there is no solid data to back up the decision?

 

There are some antiquated options available. Using annual salary surveys is one idea. Another includes looking at similar jobs and using that salary data. Yet another option consist of looking at aggregator job sites like indeed.com or salary.com and using scraps of data from those results.  Even more, you could do international comparisons with the job you are trying to hire for that did not exist five years ago. This could include forming industry groups with other companies and negotiating information sharing. The problem with all of these methods is they leave you with inaccurate data. And inaccurate data can be an issue.

 

When you hire, you are not only working with a budget; the potential employee also wants to be compensated properly. When you base this on the above mentioned information, you can quote a salary that is either a budget buster or turns off a potential great employee because it insults their ability. So, what are you supposed to do to get the right salary to avoid these concerns? After all, you as a HR specialist are supposed to have the answers since your department makes the company hum.

 

That is where Lanteria saves the day. Lanteria has solid and flexible compensation software to help people manage variables. Our HR software allows you to take information from within our system and have an accurate annual salary to present based on legitimate data that is not pulled from guesswork or antiquated methods. Lanteria HR enables you to plan, track and analyze the compensation and rewards company-wide with the following features.

 

  • Manage compensation in a collaborative environment.
  • Manage compensation packages.
  • Operate and analyze compensation components such as base pays, bonuses, benefits, additional payments and allowances.
  • Track the actual and historical compensation details for all the employees and compare them with the market salary ranges.
  • Control the budget by analyzing the budget, launch the salary reviews and get a fast feedback from your managers.
  • Pay for performance by aligning the compensation with the company, team and individual performance indicators and improve employees’ performance.

 

Our HR software will help you find, manage, and incentivize your new employees. Not only will you be able to accurately work within your budget for a position that did not exist five years ago, you will be able to hire that perfect candidate, making human resources that reliable backbone of the business you always knew it was, and know everyone else in the company will recognize this as well, because of the new team superstar thanks to Lanteria.  We are okay with you taking all the credit! Contact us today to see how we can help with other HR solutions to streamline your many processes.