According to the announcement, the new PayNet Salary Analysis tools will allow professionals to:
- Compare internal pay levels to the market – or part of the market – and analyze the impact of adapting pay in line with market trends,
- Check internal equity – by comparing sub-groups of employees to analyze pay by function, location or branch, and
- Model ‘What-If’ Scenarios – and analyze the impact of different reward strategies, by individual function, level and/or location, or across the whole organization.
The offering from management consultancy Hay Group and HR software specialists, Cezanne Software, will combine Hay Group’s PayNet databases and reports with the pay modeling capabilities of Cezanne’s Salary Analysis software tool, the announcement said. The new tool will be made available to PayNet users by January 2007.
The companies said the tool can also simplify many of the tasks reward professionals are responsible for, such as deciding reward strategy, planning reward structures across organizations, managing the salary bill according to budgets, relating pay to performance, and conducting equal pay audits and identifying anomalies.
More can be found at www.haypaynet.com .