Importance of Incentive Compensation
Incentive compensation has been proven effective at reinforcing positive employee behaviors by attaching monetary rewards to the successful completion of goals. Yet, these programs are difficult to implement, monitor and report. The very systems designed to reward and encourage employees can leave them confused and disenchanted.
The underlying goal of FlexComp is simplicity because managing bonus compensation programs is anything but. Often, HR professionals are left with a tangled mess created by disjointed bonus programs and tracking the KPIs and goals set by individual divisions and departments. Deciphering this chaos can be a painstaking effort that eats up valuable time. FlexComp simplifies the confusion by allowing companies to create unlimited bonus programs and goals and effortlessly score performance. Then, effectively funnels that information into a simplified, digestible stream to payroll.
The FlexComp™ System
FlexComp™, a module of CWS’ TalentComp platform eliminates clunky spreadsheets and offers an all-in-one bonus compensation platform. FlexComp™ allows organizations to create compensation programs, assign goals, monitor the achievement progress and issue rewards through a single, simple interface. Employees receive a neat, organized comp statement that clearly demonstrates their bonus compensation awards.
4 Ways To Score
|Managers Enter Achievement and FlexComp Calculates|
|Use Existing Excel Formula|
|Managers Assign Ratings To Scores|
|Manually Enter Scores|
Creating Bonus Programs
Top-level executives design, approve and finalize an unlimited number of incentive programs, with any number of components and flexible scoring. FlexComp™ organizations can truly customize their bonus compensation programs to meet any needs.
Setting And Approving Goals
Goals are created, added or removed pending approval of senior managers and employees are added to the bonus programs. FlexComp™ offers complete flexibility in designing goals, in terms of the number of goals and types.
Entering And Approving Achievements
FlexComp™ makes it easy for managers to enter scores and see goal achievement progress calculated immediately. There are multiple ways to enter scores and the feed can seamlessly be sent on to payroll to begin dispensing bonus payments to employees.
Reports & Comp Statements
Compared to traditional, spreadsheet reporting of bonus compensation, FlexComp™ creates a much cleaner deliverable to employees. There’s no confusion, no navigating dense excel pages, and no extra work for HR – just an easy-to-understand final report.