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Compensation Management
To attract and retain the best talent, companies require compensation and benefits structures that are at once enticing for employees and consistent with market standards. While the Lumesse Market Compensation module helps to define competitive compensation structures through market pricing, Lumesse Total Compensation enables the transparency of all employee compensation components and facilitates in compensation review cycles.
Total Compensation
- Retains a comprehensive overview of all Total Compensation components
- Inbuilt Compensation Review tool ensures consistent salary review processes
- Flexible reporting for all salary bands
- Facilitates long and short term incentive planning
- Supports analysis of pay equity across the entire organisation
- Integrates fully with Performance Management
- Provides a detailed account of employees' personalised compensation components in their preferred language and currency
- Provides value-added data to managers for budget-conforming pay decisions
- Records special remuneration & allowances for expatriates
With our comprehensive Total Compensation module, organisations can facilitate transparency for all employee compensation components including cash remuneration, variable pay, long-term incentives and stock options, perks, benefits and non-monetary rewards.
Our solutions make it possible to pass existing compensation data to and from external systems and make it centrally available to those users who need it most. Through interactive graphical and tabular reporting, users can perform aggregated analyses of actual compensation by division, department, area and all compensation components.
Employee recognition programmes offer organisations the opportunity to reinforce employee behaviour in a direction that produces results, aligning performance and retention objectives with compensation and rewards strategies.
Market Compensation
- Facilitates participation in market surveys by exporting aggregated internal compensation data
- Imports, manages and evaluates current market data from multiple survey providers
- Easily blends and ages market data from multiple sources to define competitive market rates
- Implements consistent anchor point policies with flexibility for high demand markets
- Analyses trends in market data and aligns employee remuneration accordingly
- Integrates analysis of employee market alignment with performance and retention risk
- Prepares strategic compensation effectively through integrated scenario planning
Our Market Compensation module blends data from different survey providers into competitive market rates. Organisations become more efficient via market survey participation, gaining anonymous, aggregated data from a variety of benchmark organisations.
Our solutions can be used as part of the compensation planning process to identify and analyse trends in market rates and align internal benchmark positions with appropriate market data. As a result, robust market compensation policies can be established to ensure that organisations award market compliant salaries and benefits while maintaining involved and responsible outlooks on compensation expenditures.
The reports included in our Market Compensation module allow organisations to regularly monitor the quality of their internal market alignment processes and the overall effectiveness of their compensation policies. The module seamlessly integrates into the existing system allowing for the combined analysis of market rates with employee performance and retention risk. This enables organisations to easily align performance and retention objectives with dynamic, in-depth compensation and rewards strategies.
Through the identification of at-risk areas such as high performers paid significantly below market, appropriate actions can immediately be taken to reduce the risk of employee turnover. Market pricing, when executed effectively, with quality tools and resources, augments the company's success by supporting its business strategy with a competitively rewarded and motivated workforce. |
