Salary Budget, Grades, and Reviews
Whatever compensation strategy you choose rank-and-yank or pay-for-performance, there is going to be tons of routine work when it comes to salary budgeting, compensation plans, and salary reviews.
Compensation planning pitfalls:
73% of organizations budget for variable or incentive pay, with individual incentive bonuses being the most prevalent type (67%)
90% of HR leaders say the process doesn’t even yield accurate information
38% of organizations plan to conduct a pay equity analysis (racial, gender, or both) in 2020
Today HR managers are required to do complicated compensation plans subordinated to transparent and strict rules.
Lanteria is a digital background for the culture of pay-for-performance
Set your salary plan
In Lanteria you can salary budget for the company, for the organization unit, and each position. This granularity allows to see the picture from the helicopter view and keep conformity in budgeted and actual numbers.
Salary budgeting (planning) checklist in Lanteria:
Define general salary budget
Set salary for different job positions
Specify salary for specific employees
Add adjustments and remunerations if needed
Compensation scheme by Lanteria
Each company has its unique model of salary estimation. Lanteria’s approach is about to let the manager set and improve the salary scheme freely.
All salary rules about the position, country, or individual bonuses are in one place. So its much easier to stay transparent in a compensation scheme now than ever been before.
For major companies, job grade is a required compensation setting. Assigning job grades to job roles allows a manager to set salary ranges for seniority levels, manage benefit recommendations, and calculate performance bonuses.
Salary review automation by Lanteria
Experienced managers are aware of how much time it takes to review employees’ salaries each time a new position is assigned to an employee, or due to relocation, or if the FTE has changed.
It’s obvious that the price of a mistake is huge when it comes to salary review. The best way to avoid anxiety and speed up the process is automation. Automation using Lanteria HR tools also means saved time, money, nerves, and employee engagement increased.