Compensation often isn’t the most important factor in employee attraction or retention, but it can be a key reason they leave. If you want to keep your best employees around, you need a sophisticated approach to using compensation as a strategic tool for retention, while staying in line with company compensation guidelines.
Leverage Compensation as a Strategic Tool
Decisions about compensation often happen during busy and stressful timeframes – tight budgeting deadlines, impending departures or organizational change - so how can you be sure they’re right for both your employees and your organization? ADP Compensation Management equips both managers and HR professionals with software, resources and insights that:
- Use real market data to help HR define guidelines and salary ranges
- Support a total compensation strategy that considers merit, bonus, stock, promotion, and a wealth of other rewards
- Help provide better control, visibility, and overall governance of compensation decisions
- Support adherence to corporate guidelines and budgets, and route compensation transactions through approval workflows
- Help simplify administration while aiding in compressing compensation planning cycles
Ensure Your Compensation Keeps You Competitive
You no longer need to wonder if your compensation package is market appropriate with the award-winning compensation Benchmarking powered by ADP® DataCloud. An innovative approach to unreliable survey data, Benchmarking delivers aggregated and anonymized real data from 30 million employees in ADP’s client base offering powerful insights into compensation market data by role, geography, compensation element (total cash, base salary, bonus and overtime) and pay type (salaried vs. hourly). Insights based on real, current data help provide you confidence that you are making strategic decisions at the company, team, job type and individual levels, aligned with industry standards.
Go Global, Regional, or Just Across Business Units
Whether your organization operates globally, across regions, or across diverse business units, compensation management can be complex. ADP Compensation Management solutions can help simplify your work by:
- Supporting multiple languages, currencies, and international date/time formats
- Allowing accurate, consistent compensation reporting on a global basis
- Offering flexibility to support multiple plans and processes in alignment with your corporate governance
- Driving common practices and enforcing corporate guidelines across all geographies and business units
- Providing powerful reporting, analytics and decision support in the form of guidelines, salary ranges, market rates, historical employee data, and budget allocations
With ADP, you get a more comprehensive solution to the unique challenges that diverse businesses face when developing and administering compensation packages for employees.
According to a study conducted by The Economist Intelligence Unit (EIU) and supported by the ADP Research Institute® report, Strategic Drift: How HR Plans for Change, 76 percent of business leaders say "the market for skilled talent will become tighter," and 69 percent believe wages will increase in order to attract and retain the best talent.