Two Software Solutions to Help Your Business Crush Employee Pay in 2020
Hello, 2020! Have you heard the news? Computers and AI threaten the American workforce. Fear-inducing algorithms are set to replace large swathes of personnel ― not just those in boring, repetitive jobs, but also vehicle drivers, attorneys, accountants, doctors — even creative professionals. Experts tell us nonstop to beware of massive unemployment, not to mention an upending of our entire economic system.
I’m not among the doomsayers handwringing in the new year and decade. I’ve seen reports suggesting automation will actually create as many jobs ― perhaps even more jobs ― than it renders obsolete. Besides, there are many instances where computer software can actually augment human performance, making people measurably better at the jobs than they already are.
I should know. I use some of these myself.
As a consultant specializing in company leadership, culture, and compensation optimization, I have scoured the market for software to help my clients maximize their employee performance. One such product I routinely use offers advanced software functions that not only allow me to determine proper base salaries for employees based on location, industry, and other key factors, but also identify when raises are warranted based on performance. It also advises which employees a client should be concerned about losing to competitors based on a combination of performance reviews and pay structure.
From my experience, employers also love these key features which impact their business:
• A job evaluation system uses eight compensable factors to allow easy job comparisons, including unique hybrid positions.
• Salary grades and ranges supporting up to 24 salary grades with extensive salary data specific to the client’s industry, size, and location.
• Merit increase guidelines developed and projected for the entire client organization, especially for top employees needing to move through their salary range as fast as possible.
• Compensation management including compa-ratios and current/projected salaries for individuals.
• Annual salary data updates ensure each client’s compensation plan remains competitive.
Another innovative software I and my clients use works in concert with the first but is also designed specifically to help monitor and manage individual job performance. It facilitates ongoing coaching and feedback, creating top-down alignment between an employee’s personal goals and the company’s larger strategic objectives. This helps my clients identify their top performers so they can be compensated accordingly, lessening the chances they will jump ship for greener pastures.
Many companies, including some of my clients, no longer do traditional annual employee performance reviews. Yes, such reviews can be a pain in the neck, but without them companies may not have the documentation needed to properly track employee performance, set achievement goals, reward their best and brightest and, perhaps more importantly, protect themselves from lawsuits related to wage discrimination and unwarranted dismissals.
The latter software can preemptively thwart this problem by putting a variety of employee measurement tools into a single package. In addition, it helps in these ways:
Facilitates moving beyond the standard year-end appraisal to ongoing coaching and feedback.
Maintains an automated and easy-to-use employee performance evaluation process.
Includes customizable, automated email reminders, templates, and employment action forms.
Offers dashboards, workflows, writing assistants, legal checks, cascading goals, and robust reporting.
Provides fully automated appraisals and ongoing performance management.
The latter software can preemptively thwart this problem by putting a variety of employee measurement tools into a single package. In addition, it helps in these ways:
140+ defined performance factors with behaviorally anchored rating scales.
500+ customizable goals that can be cascaded and aligned with company objectives.
350+ customizable evaluation templates based on specific job titles.
200+ customizable job descriptions.
A comprehensive library of manager resources for guidance on best practices.
Ultimately, by using these software tools in tandem, I can help your employees feel more valued, ensure compensation is adequate, identify and retain top performers, and create a stronger, happier, more productive, and more sustainable corporate culture.
For more information on how my team and our technology can help your business meet the demands of the coming decade, I encourage you to read about me in Forbes. If you want more information on how these tools can work for you, please email me @ laura@conoverconsulting.com. I look forward to putting our software in service of your company’s long-term goals.