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Cloud based compensation management software

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Cloud based compensation management software
TalentComp? TalentComp is a cloud based compensation management solution that offers budget control, compensation calculation and assessment within a suite.

TalentComp is capable of handling different types of compensation structures such as merit increases, bonuses, stock options, promotions and lump sum payouts. The software also allows users to manage employee compensation based on pre-defined business rules.

As managers rate their employees, the system automatically calculates their revised salaries based on the merit rules. The software also allows managers to view compensation of all the employees who report up to them, both directly as well as indirectly. Managers can also view how much of the budget has been used up in the increments and notifies in case the increments go higher than the assigned budgets.

After a manager has completed the recommendations, they are submitted to the next manager in the hierarchy for approval. After the recommendations are approved, the software allows managers to generate printable compensation statements for their team.

After all the recommendations are approved, the software enables users to export all data to the payroll system so that the compensation can be updated in the company’s payroll database.

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