Prepare for your next compensation cycle with RedCAT Systems

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Compensation teams are the forces behind budgeting for salaries, bonuses, and wealth opportunities. You can use RedCAT’s dashboards and data analysis to ensure your teams are hitting the mark and holding meaningful conversations with their employees.

Cross-functional collaboration is necessary throughout an enterprise to achieve budgeting targets. It requires working with the executive teams to set and approve monetary allocations while rewarding and honoring employee skills and contributions.

To better understand the partnership between compensation and executive teams, we have to first break down the employee data relationship.

Employee Analysis

There are several factors to consider in establishing employee rewards. 

First, you have to assess who and how many are eligible for the current cycle. Your company might have job guides or criteria to help you make your assessments, but regular talent conversations better prepare managers to fully grasp the employee skills, progress, and contributions on a more granular level. 

Another data point to consider is employee geography. Geography can play a significant factor as cost of living and relevant labor markets affect compensation rates and ranges for most companies. 

All of this information is calculated using job-level pay bands to determine whether there are impacts to salary increase or awards. Using our Performance Management (PERF) tool, you can use this information across the board and ensure these increases and awards are done in equity, meaning those in similar functions are receiving comparable compensation.

Advocacy and Retention Data

Now that you have those calculations in play, present these models to the executive team. 

Since this team owns budget decision making, you need to ensure your information is accurate. This is key because in a lot of cases, pay equity isn’t present across the board – business unit to business unit – so you need to provide compelling information to showcase why your team is pushing the business to the next level. 

It’s your time to be an advocate for your employees all thanks to those moments you took learning about their career development and helping them climb toward their potential. The information you have captured is clearly reported and easy to digest by the executive team – increasing their decision-making speed. 

Another key to accurate data representation is providing performance metrics that can be used to support retention negotiations for high-performing contributors. Say you have an employee who receives a competing offer, the executive team can use the data provided to provide counter offers based on budget allocations they have prepared for these types of situations.

Clear Communication

With RedCAT Systems, you can be the voice for your employee while providing timely and clear information to the executive team. You play a pivotal part in the success of both the company and employee. Let us help you create those moments that matter.