Talent Management Meets Compensation Management

One of the most important questions on the mind of employees as they go through a much anticipated review process is, “How does this affect my compensation?” That’s a question that many managers struggle to answer if they don’t have the tools that encourage fair and consistent decision-making. Do you increase pay across the board to offset inflation? Do you boost salaries based on tenure? How about performance? Which aspects of performance are weighed in this decision? Do you have a limited budget for compensation that you need to apportion among multiple employees?

The TalentQuest compensation management and talent management software products are designed to work seamlessly together to improve decision-making. Employers can track and measure total compensation increases for each department. Managers can drill down to view compensation information for direct reports at a granular level. Plus, the reporting and analysis functions make it easier to spot discrepancies in pay including:

• Pay raises that don’t track with agreed metrics for salary increases
• Employees who have been passed over for an increase in error
• Trends that indicate an imbalance in compensation practices (e.g. based on gender)

Since this is the aspect of talent management that often comes under the most scrutiny from above and below, it pays to get it right.