Compensation Management

Taking your Compensation Management product to market, focus on these key performance indicators (KPIs)

Sparking Interest

• Market Data Collection Frequency: Regularly collect and update market salary data to ensure your benchmarking remains current.

• Use of Benchmarking Tools: Implement and utilize multiple salary benchmarking tools to enhance accuracy.

• Employee Salary Feedback Surveys: Conduct frequent employee surveys to gather feedback on salary competitiveness.

• Salary Adjustments Based on Feedback: Respond promptly to feedback by making necessary salary adjustments.

• Scheduled Salary Reviews: Establish and adhere to a schedule for regular salary structure reviews.

• Compliance Training Frequency: Increase the frequency of training sessions on compensation-related compliance.

• Compliance Communications: Regularly communicate compliance updates to employees.

Welcoming New Users

• Automated Enrollment Processes: Implement automated benefits enrollment processes to speed up the process.

• Processing Time for Benefits Applications: Reduce the time taken to process benefits applications.

• Benefits Information Sessions: Conduct frequent information sessions to increase benefits utilization.

• Expansion of Benefits Options: Offer a wider range of benefits options to cater to diverse employee needs.

• Feedback from New Hires on Benefits: Collect regular feedback from new hires about the benefits package.

• Adjustments Based on Feedback: Make timely adjustments to benefits offerings based on feedback.

• Enrollment Process Audits: Perform regular audits to identify and reduce enrollment errors.

• Job Classification Training for Managers: Increase the frequency of job classification training sessions for managers.

• Internal Audits on Job Classifications: Conduct internal audits to ensure accuracy in job classifications.

Usage and Engagement

• Promotion of Portal Usage: Actively promote the self-service portal to increase employee usage.

• User-Friendly Portal Features: Continuously add user-friendly features to the portal to enhance usability.

• Portal Usability Testing: Regularly test the portal for usability and improve based on findings.

• Self-Service Training: Provide frequent training sessions on using self-service tools.

• Portal Update Communications: Communicate portal updates and enhancements regularly to employees.

• Feedback on Performance Reviews: Gather and act on employee feedback regarding the performance review process.

• Incentive Program Feedback Surveys: Conduct regular surveys to assess satisfaction with incentive programs.

• Adjustments Based on Incentive Feedback: Make necessary adjustments to incentive programs based on employee feedback.

Conversion to Paying Customers

• Performance Goal-Setting Sessions: Increase the frequency of performance goal-setting sessions to help employees meet incentive targets.

• Training on Achieving Incentive Targets: Provide regular training sessions on achieving incentive targets.

• Calibration Sessions for Performance Ratings: Conduct frequent calibration sessions to ensure consistency in performance ratings.

• Data Collection for Performance Metrics: Increase the number of performance data points collected for accurate assessments.

• Post-Appraisal Follow-Up Sessions: Schedule regular follow-up sessions post-appraisal to track performance improvements.

• Educational Sessions on Equity Compensation: Conduct educational sessions to improve employee understanding of equity compensation.

• Frequent Communications on Equity Plans: Increase the frequency of communications detailing equity compensation plans.

• Reviews to Align Incentives with Business Goals: Regularly review and adjust incentives to align with business goals.

Keeping Users Happy

• Retention Strategy Reviews: Conduct frequent reviews of retention strategies to identify areas for improvement.

• Exit Interview Analysis: Analyze exit interview data regularly to understand and address turnover reasons.

• Retention Programs for Top Performers: Implement and monitor retention-focused programs for top performers.

• One-on-One Meetings with Top Performers: Schedule regular one-on-one meetings with top performers to address their concerns.

• Engagement Surveys: Increase the frequency of engagement surveys to gather employee feedback.

• Engagement Initiatives: Implement initiatives based on survey feedback to improve engagement.

• Compensation Satisfaction Surveys: Conduct regular surveys to gauge satisfaction with compensation packages.

• Compensation Package Reviews: Frequently review and update compensation packages based on survey results.

• Job Classification Training Sessions: Provide regular training on job classifications to ensure employee understanding.

• Communications on Job Roles and Classifications: Increase the frequency of communications explaining job roles and classifications.

Growing Existing Customers

• Training on Dashboard Usage: Provide frequent training sessions on how to use compensation dashboards.

• Updates to Dashboard Features: Regularly update and enhance dashboard features based on user feedback.

• Analytic Report Generation: Generate analytic reports frequently to provide timely insights.

• Strategic Meetings Using Analytics: Schedule strategic meetings that utilize compensation analytics reports.

• Process Automation Reviews: Conduct regular reviews to identify opportunities for automating compensation management tasks.

• Integration Testing: Increase the frequency of testing integrations with HRIS and ERP systems.

• Implementation Team Training: Ensure implementation team members are well-trained and conduct regular training sessions.

• Tool Implementation Reviews: Review the implementation process frequently to minimize time taken.

Turning Customers into Advocates

• Communications on Compensation Data: Increase the frequency of communications to enhance transparency about compensation data.

• Feedback Sessions with Managers: Conduct regular feedback sessions with managers regarding budget planning tools.

• Tool Updates Based on Feedback: Update tools frequently based on manager feedback to improve satisfaction.

• User Satisfaction Surveys: Conduct regular user satisfaction surveys to gather feedback on compensation technology.

• Updates Based on User Feedback: Make frequent updates and optimizations to technology based on user feedback.

• Scheduled Portal Updates: Keep the portal updated regularly with enhancements and new features.

• Technology Review Sessions: Schedule frequent technology review sessions to ensure ongoing optimization.

Focusing on these KPIs ensures your Compensation Management product addresses critical needs at each stage, driving adoption, satisfaction, and long-term success for your customers.