Performance Based Merit Pay

Performance based pay is used by many leading companies as a key driver of behaviour. Calculation, compilation and control of such remuneration is a time consuming and complex task that requires a colossal effort by an HR team and other senior managers within organisations. Peoplesmart already drives many complex reward and commission schemes within the financial sector - it is thoroughly tested by an exacting user base.

The tool accepts and feeds information from other systems and applies automatic calculations of proposed performance pay against defined business rules. Forms are created automatically and sent to local management for review. Each required step and correspondence is handled within the workflow, so users spend less time on administration and management can fine tune the scheme to drive change.

• By providing secure PIN sign-offs at different levels, it enables forms to be commented on and authorised, and gives managers greater control to manage bonus or commission from Employee to Line Manager to Senior Manager
• Ensures that forms are completed to the correct uniform standard to satisfy key stakeholders
• Agreed performance bonuses are entered into the payroll systems automatically which saves time
• Records can integrate with appraisal scores, employee attendance, training and other employee-related issues which may impact performance pay. Data relating to each individual in the workflow can be made visible by any approved user in the process
• Data is fed back into annual PDR processes so financial performance measures are compared with task, project and key task performance
• Peoplesmart brings clarity and control into the process and allows management to complete bonus pay reviews at the touch of button with complete confidence
• In our experience many companies know what performance pay scheme they want to use but don’t have a robust system to administer it. Therefore they put in place the best the system allows which is sub-optional and leads to poor results.

If you would like to receive more information about Peoplesmart or request a free demonstration, please contact us now.