In most organizations, there is a correlation between performance and pay. However, unless pay-for- performance is a formal initiative connected to talent management initiatives and driven by data, “performance” is a subjective concept.
TalentQuest believes that performance-based compensation should be aligned with industry best practices in keeping with the nuances of your unique culture and company. Our Compensation Management module ensures fair performance-based pay and improves security, confidentiality, transparency and ease of use. Our Compensation Management solution also offers your organization the ability to ultimately integrate all talent management functions, enabling organizations to:
- Align pay with performance
- Consistently communicate organizational compensation guidelines
- Track and measure total compensation increases by manager
- Increase visibility by allowing managers to drill-down into compensation information for their employees’ direct reports
- Enable managers to enter compensation increases for all reports at one time, as a dollar increase or a percentage
- Identify discrepancies in pay
- Ensure timely and consistent compensation recommendations
