Question

What are some ways that technology can help companies and leaders to manage compensation, benefits plans, and associated costs? How does managing employee compensation relate to overall business goals? Provide examples from a managerial perspective. Select an HRIS and discuss the ways that this system could be utilized to manage compensation and benefits.

Answer 1

The following are few ways in which technology can help companies and leaders manage compensation, benefits plans and associated costs:

• Inspiring consumerism among employees to aid in saving money.
• Use technology to keep a cap on administrative costs.
• Encouraging health and wellbeing to help stop profound use of wealth.
• Preparing for healthcare growth incentives and results with the application of innovations.
• Optimize technology for calculating the amount of compensation and analyzing performance in order to give the amount to deserving workers.

Pay is the extra amount paid to employees in their jobs for their fine performance. Compensation is correlated with business goals, since pay levels inspire workers to do more and better than others. In this way, entire employees within the companies are making efforts to achieve superior performance from one another in order to obtain compensation. If workers perform better then their business goals will take organization towards success or achievement. Compensation is in this way linked to business goals. For example; a manager hands out 150 items in one day to 3 salespeople. If anyone among the 3 succeeds in selling 50 items in one day and the remaining 2 in selling less than 50 items in one day. Then the manager must reward the salesperson who sells all fifty products and not the remaining two men. This will inspire the other 2 persons to do fine work so they can also get compensation and the person who gets the compensation will also try to improve himself or himself so that he / she will get the compensation again. These salespersons efforts will bring advantages to the organization as organization sales will improve from their efforts.

Selected HRIS - Computerized HRIS (Human Resource Information System) :

Any computerized HRIS denotes a knowledge system that uses controls and machines for monitoring. Computerized HRIS can be optimized to influence human resource movement from the time they begin to join the business and up to the time they leave the business. Computerized HRIS can be used to acquire information about entire human resource activities in order to assess human resource efficiency and actions. By evaluating human resource results and actions, compensation can be selected by management to determine what the workers deserve compensation.

****Please please please LIKE THIS ANSWER, so that I can get a small benefit, Please****