3 Ways HRMS Identifies and Rewards Top Employees
Can you identify your company’s top employees? How can you be sure that you are providing them with adequate rewards? Such concerns can keep any HR executive up at night, but if you have HRMS software, you can be one step ahead of the game and here’s why.
HRMS Software Handles Your Performance Data
While most companies undertake merits as well as other performance evaluations during the year, how many of you are maximizing that data? Performance data should never be paper based or sitting on an HR Professional’s computer only. Instead, it should be designed for inclusion in your HRMS.
It is especially important to incorporate the performance functionality that allows managers and peers to provide employee review feedback directly in the HRMS. By doing so, you’ll have a holistic view of an employee’s performance rather than just a simple rating of ‘Excellent’.
HRMS Software Tracks Career Development
How many of us could rattle off our top employees, yet we couldn’t tell you via the system when this person last attended training or what their career development path includes?
Every HRMS today will allow you to flag critical positions or employees, but that is not enough. This data needs to be used to follow through on the process side to ensure top performers get the necessary development. When you store those training activities and career development paths inside your HRMS software, you are then able to monitor that they are being actioned according to plan.
HRMS Software Informs Salary Decisions
How many of us are surprised when a top performer leaves, and yet when we review after the fact, we learn that the new company is paying 20% more, and that yes, we should have been paying the top employee more in the first place.
Your HRMS software can guide you in aspects of salary management: ‘how is the employee paid according to market,’ as well as ‘how is the employee paid according to peers.’ The former is often tracked in the HRMS, but for many companies, the latter is a missed analytics opportunity which is simple to achieve once you have built the reports in your HRMS.
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