Technological innovations are driving industries to constantly revisit their strategy in the field of human resources. Retaining talent and appraising their performance has been the biggest challenge that all the organizations are faced with today. Having an application which is adaptable, scalable and tightly integrated is the current dynamics of the industry. The application has to adapt to global process standards which helps the clients to realize the ROI instantly. Fusion Compensation Cloud addresses all of this when you appraise your workforce.
One of our clients had a disparate process where most of the transactions were done offline and then it was fed to multiple managers within the organization that led to duplication and delay in submission of the increment process. The client had its business spread across the globe and having an offline process made compensation allocation time consuming and redundant. The currency conversions for each country resulted in redundancy and the manual process of mandatory allocations to meet compliance requirements of certain geographies meant unwarranted inefficiency. A very important criterion for allocations was the performance ratings which had to be exported from another application in the appropriate format which also made life difficult for the compensation team.
Compensation data of employees is highly sensitive, and security was also a major concern. Security of this information sometimes got compromised since the worksheets with compensation data had to be shared across different teams and geographies. They did not want the HR professionals from different countries to view employees’ salary information which involved administrative tasks. The client also had 3rd party survey companies which helped them to benchmark their jobs with the competition. This was also done as an offline process and amalgamating the entire process into one single presentable format before performing the actual allocation was cumbersome and time consuming. Most importantly the fear of losing the accuracy of data bothered the client. The team had to coordinate with multiple HR professionals from different countries and there were instances where some people were paid less, some paid in wrong currency and some employees received payments even though they were not associated with the organization. This confusion costed the organization some additional budget and also the employees were left with bad experience. Some employees were not ready to pay the money which was transferred by mistake which also costed the organization additional time and administrative effort. A comprehensive solution was the need of the hour for the client, to overcome these challenges.
Oracle Fusion Workforce Compensation
Oracle Fusion Workforce Compensation, the solution provided by Mindtree plays a pivotal role in bridging the gap between the employees’ unsaid expectation and management. The application provides first-hand information to HR and Managers and assists them in making informed decisions to retain, appraise and motivate the human resources of the organization, all at their fingertips!
Fusion Compensation is the most scalable and adaptable application which provides an ecosystem for the HRs to make the most informed decision in real-time, using analytics that is as simple as a drag and drop feature. Fusion workforce compensation is agile, flexible and most importantly, it is tightly integrated with other fusion modules. It has built-in analytics which helps managers or HRs have all the compensation data in real-time. The application has the capability to import data from external market survey companies and integrate it to provide the managers an up-to-date information on how well they are appraising their employees, compared to their competition. The Workforce Compensation application lets the managers and HRs import the performance data, their compensation details ranging from Salary to Bonus and stock options data, if any; all of this available in a single plan! Workforce Compensation is highly secured and can be restricted based on the security access. Approval hierarchy can be setup dynamically, workforce updates done in one application can be synched seamlessly into Compensation. Its innate abilities offers flexibility where updates to allocation can be done offline and can be uploaded automatically.
The reporting capability is built within the application which can provide you a holistic view in the form of a graph or a table view that can be easily downloaded or saved as PowerPoint presentation and can be used for presentations at a later time. Quarterly updates to the application also help the module to stay up to date with the most recent trends in the industry.
Fusion Workforce Compensation has transformed our client’s business process by reducing the administrative tasks, overheads and has improved the internal customer experience. Fusion Compensation has the flavor that can accommodate any business challenges with ease due to its design and technical architecture. We propose you to join the community to progress forward with your SaaS experience through Fusion Compensation. Welcome to Possible!
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