Integrated data, analysis and metrics needed for optimal decisions
Sycamore, IL (PRWEB) April 30, 2009 – Within a tough economy, salary freezes, pay cuts and other severe measures are almost daily news. In a new podcast, KnowledgePay founder and compensation expert Chris Kelley advises companies to make compensation decisions with a long-term perspective.
In “Managing Compensation Strategically,” a podcast available here, Kelley argues that a majority of companies lack an integrated, strategic view towards compensation – regardless of economic conditions
“The information that most companies need – job descriptions, job evaluation data, salary surveys – is often scattered throughout the organization in spreadsheets, word-processing documents, ad hoc databases, and even on paper,” said Kelley. “That makes it very difficult to make informed and effective pay decisions based on real analysis and metrics.”
While studies have shown that as much as 70 percent of a company’s operating expense is employee-related, ironically, there is a dearth of good software tools to bring together needed data to effectively manage this number one operating expense.
After spending years in compensation management for major corporations such as Sears, Grainger, and BP, Kelley launched a consulting business that focused on helping companies manage compensation strategically. Software Kelley created during this time became the basis for the KnowledgePay enterprise compensation software introduced earlier this year.
Citing the emerging trend towards salary freezes and even across-the-board salary decreases, Kelley argued that companies more than ever need good decision-making tools at their disposal. KnowledgePay helps companies optimize their decision-making capabilities to meet immediate bottom-line objectives in a fashion that makes sense for their business.
Organizations still need to make good pay decisions even when the economy is on the upswing. For more information on better compensation tools and a communications policy to empower managers and drive employee performance, download the complementary podcast here.
KnowledgePay’s “10 Tips for Managing Compensation in a Down Economy” is also available here. Those interested can subscribe to the KnowledgePay podcast series in iTunes at http://itunes.apple.com/podcast/knowledgepay-podcast-series/id313805963.
KnowledgePay delivers enterprise HR software with a relentless focus on compensation intelligence. KnowledgePay’s innovative on-demand technologies help organizations and their people succeed by maximizing engagement, alignment, passion and productivity. KnowledgePay solutions integrate all sources of compensation and job data with groundbreaking analytic tools to drive HR productivity and business results.
Contact: Gail DeLano