Compensation and Benefits

Compensation covers everything an employer offers employees in return for their work. Although the term is commonly associated with money, employee compensation also includes non-monetary benefits, such as health insurance, retirement schemes, etc. Officenet's HRMS software includes complete compensation and benefit management. From calculating CTCs and developing benefit packages to creating salary slabs, the software automates everything. Benefits, perks, bonuses, insurances, reimbursements, pay raises, rewards, and recognition are also managed by the system without requiring constant manual effort from the HR department. The tool also encourages employee satisfaction and positive employee experiences in the organizations.

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Key Features

Compensation Planning

Automatic compensation planning and budgeting.

Variable Pay Management

Complete variable pay & incentive management.

Non-Monetary Benefits

Software handles non-monetary benefits such as rewards, promotions, recognition, etc.

Pay Equity Assurance

The software also ensures pay equity.

Audit & Compliance

Audit trails and compliance checks are handled by the software.

Compensation Reports

Compensation reports are generated.

Top Benefits

Human errors, wrong calculations, and delays are eliminated.
Effective compensation helps to attract and retain top employees.
Rewards and recognition can be customized as per employees.
Helps the company to manage spending as per budgetary limits.
Rewarding good performance boosts employees’ morale and trust.
Single platform for every type of compensation management.
Helps organizations to forecast future costs and plan budgets accordingly.

Compensation and Benefits Module

Why Does Your Business Need Officenet's Compensation and Benefits Module?

Officenet’s compensation and benefit module helps organizations to manage salaries, rewards, and incentives easily. The software synchronizes with leave, payroll, and performance data to develop the right compensation packages. All payout calculations are handled by the software directly. When employees are rewarded or acknowledged for their hard work, they are encouraged to keep enhancing their performance levels in every project. Also, with effective compensation management, fairness and transparency are maintained in the organization.

FAQs

Can employees view their salary and benefits details in this Officenet tool? ▾

Yes, all details are present in the software.

Can managers approve salary changes or bonuses through Officenet's system? ▾

Yes, managers can easily approve changes through the system.

Can employees check leave-related allowances? ▾

Yes, employees can check leave-related and performance-related incentives from here.

Does the system notify employees when their compensation is credited? ▾

Yes, notifications and alerts are sent for every process completed.