Workstream Compensation Professional addresses the issues of affordability of automated compensation planning and “silos of disparate compensation data that mid-market companies face,” according to Deepak Gupta, President and CEO at Workstream, in a news release. “First, companies that historically have been unable to afford automated compensation planning finally can…. Second, mid-size businesses â€¦ will now have a centralized, Web-based repository for all compensation data,” Gupta said in the announcement.
The company said capabilities of the product include:
- enabling HR to create a single, centralized compensation plan that includes salary, stock, and variable pay components,
- variable pay functionality that allows calculations based on multiple factors and is not “hard-coded,”
- providing managers a single planning screen where they can see and edit their plan information, view online analytics on their plan, compare guidelines for pay increases based on performance and other plan variables; and,
- the “Advisor” function that gives planning managers information and advice about many common errors or issues that arise during the process, such as paying an employee over or under company guidelines.
The Workstream Professional series includes compensation, performance management, development and recruiting applications, and trained Professional Services to implement these solutions.
More information about the Workstream Professional series of on-demand solutions is available at www.workstreaminc.com/midmarket or by calling 888-221-4005.