Compensation Made Easy
Based on decades of compensation experience, KnowledgePay automates job pricing and survey participation, makes job and compensation analysis easy, manages competencies and compliance, and more — for every job in your company.
KnowledgePay Features: Jobs
Job Descriptions — KnowledgePay tools facilitate writing standardized job descriptions specific to your organization’s needs. KnowledgePay job description authoring tools incorporate best practices for creating meaningful job descriptions. KnowledgePay job-creation workflow accommodates proposal, routing and approval of jobs.
Structured job documentation — KnowledgePay stores job descriptions in a centralized and easily searchable database. Keeping job descriptions together facilitates job design, competitive compensation information, career path mapping, identification and recruiting of top talent, and thorough performance analysis and management.
Share Job Description — KnowledgePay makes it easy to share job descriptions with your recruiting software and other HR software. Easily move job data to other HR information systems.
Job Analysis — KnowledgePay compensation software tools enable you to analyze any job or set of jobs from multiple angles. It brings external market compensation data from multiple sources together with your internal job and compensation standards, as well as data from performance management and other HR software.
Multi-dimensional job insight — Integrate multiple data sources, including internal evaluations, market data, job analysis data and more to provide a powerful new level of job insight.
Career Mapping — Using KnowledgePay, organizations are able to view and analyze the career path opportunities available within their organizations using a combination of Family, Function, Levels and Competencies.
Compliance — KnowledgePay compensation software facilitates organizational compliance by storing Fair Labor Standards Act (FLSA) and Americans with Disabilities Act (ADA) evaluations. Because it tracks all changes made to job data described above, using KnowledgePay helps assure Sarbanes-Oxley compliance.
Compensation planning and cost modeling — KnowledgePay reports allow for easy analysis of compensation costs as well as powerful planning. User-designed reports enable you meet special analysis needs.
KnowledgePay Features: Market Data
Market Pricing — KnowledgePay offers a fast and reliable method for job analysis using market pricing, the prevalent method in most industries today. Authorized users can easily manage their benchmark job matching to their own salary survey library. Important capabilities include:
:: Aging — Control aging (simple or compound) and trending assumptions by job levels.
:: Blending — Establish a market composite for a single job from multiple survey matches.
:: Weighting — Manage relative weightings to reflect quality of job match, quality of participant profile, or other variable.
:: Premiums & Discounts — Adjust individual data values using Premiums and Discounts.
:: Market Matching Documentation — In addition to automatic logging of all market match assignments, users are able to document rationales for any of their selected matches.
Salary Survey Library — KnowledgePay works closely with all of your existing salary survey administrators to import all of your survey results and make it easy to search and analyze survey data.
Automated salary survey submission — KnowledgePay automates salary survey data submissions, avoiding laborious manual administration of salary surveys.
Internal Job Evaluation — KnowledgePay enables organizations to use internal job evaluation systems, whether point-factor plans or slotting plans, in combination with market data, to further evaluate jobs for relative worth within the organization.
Regression modeling of job points to market data — Develop quantitative estimates of any job’s market value via regression modeling of job points to market data. For clients that use both internal and external job evaluation, this is especially important for developing insights into the value of hard to benchmark jobs — whose unique characteristics make direct application of salary survey data difficult or impossible.
Market Pricing Knowledge Center — KnowledgePay incorporates more than two decades of experience working with salary survey vendors in the program’s Knowledge Center, allowing KnowledgePay customers to find the most appropriate sources for the market data they require.
Ad hoc Salary Surveys — KnowledgePay’s survey collection capability allows you to configure a survey questionnaire to your specifications and invite only your targeted peers for participation. KnowledgePay consultants can help you design such a custom ad hoc survey, and a KnowledgePay consulting team can serve as an independent, third-party administrator following Safe Harbor Guidelines
KnowledgePay Features: Employee Information
Competitive Pay Analysis — KnowledgePay enables an authorized user to quickly analyze the competiveness of pay for any position with respect to external market data, internal job evaluation/structure, and/or job peers.
Integrated Views of Pay — Performance — Potential — KnowledgePay seamlessly integrates results from performance management and talent management processes with data about pay and market competiveness. A user can quickly discern the most effective way to apportion any particular investment in Human Capital.
Special Compensation Actions — In many organizations, special compensation actions (e.g. pending project bonuses, retention awards, sign-on bonuses, and so forth) are managed outside of any centralized system. This often results in processing errors, no management visibility to anticipated future payments, and compliance risks with IRS Section 409A. KnowledgePay allows the user to create special compensation actions, including automated workflow for routing and approvals.
KnowledgePay Features: Architecture & Implementation
Client-specific configuration — KnowledgePay is easily tailored for your organizational terminology, requirements and relationships. During client configuration, KnowledgePay works with you to understand your needs, tailoring and deploying all relevant features. As requirements change and grow, additional functionality can be turned on quickly.
Share knowledge easily — KnowledgePay allows output of job information, analysis, plans and a wide variety of reports in PDF, Excel, CSV or Word format for further use.
Administrator Reports — KnowledgePay audit reports allow monitoring of a variety of system activities and enable authorized users to track changes in job content and/or job evaluation results.
Interoperability — KnowledgePay can receive data from other systems, or pass data to them in a variety of ways, including standard database formats.
“Help” functonality — KnowledgePay allows for client-specific Help content throughout as well.