When I was in school, I heard and learned about the 3 R’s: Reading, Writing and Arithmetic. While exhibiting our compensation management software at the recent WorldatWork Total Rewards conference in Minneapolis, Bruce, Dale and I noticed that the exhibit hall vendors were offering products and services that support a different set of three R’s associated with employee engagement: REVIEWING, RECOGNIZING AND REWARDING employees. Each year at the Total Rewards conference, we like to determine the underlining theme for compensation management products and services being offered by the exhibit hall vendors. Talent Management, Performance Management, Total Rewards and HRIS Systems Management have been some of the previous focused offerings and this year’s focus was definitely on “employee engagement” with the three R’s. Talk about specialized rewards, there was even a vendor offering gold and silver coins for special employee recognition rewards and for employee retirement funding options.
We believe that 2015 will be a pivotal year for base compensation and total rewards offerings as employment of competent employees becomes more competitive along with increases in minimum wage levels offered by large corporations inclusive of Walmart and McDonalds and mandated increases in minimum wage levels by several states across the country. Doug McMillon, President and CEO of Walmart believes that the increase in entry wages to $9 an hour in April of this year and $10 an hour by February 0f 2016 will have a positive impact on employee morale and customer service. Also, Doug made the following statement in the June, 2015 issue of Celebrate magazine, “We’re also strengthening our department manager roles and will raise the starting wage for some of these positions to at least $13 an hour this summer and at least $15 an hour next year. There will be no better place in retail to learn, grow and build a career than Walmart.”
DBSquared and its compensation management software products and services are ready to help companies and organizations with building, updating and maintaining their base compensation structures. Developing consistent, comprehensive and compliant job descriptions with corresponding internal job values, uploading employee HRIS data and inputting market pay comparisons does not need to be painful and time-consuming. These key compensation management components for developing a fair and competitive base compensation structured program when integrated and enhanced through software technology become productive and efficient processes for accomplishing the pay and position changes as mentioned by Doug McMillon.
We have over 1,000 HR and Compensation professionals using our software products and consultation services. We’re driving productivity and changing the role of HR with practical, real-time solutions. During our DBSquared presentation at the W@W conference, we stated that our key take-away focus is that we want our clients to say that we helped them with compensation management productivity and efficiency through proven systems integration and defensible processes that have been field tested.
Closing the Compensation Management Loop
By the way, we were able to see the HRsoft’s Compview™ software program at the WorldatWork conference and it complements our DBCompensation software program. Our program creates the foundation of job descriptions, job point ratings, and outside market data to create the base job classification and salary range structure. HRsoft’s program handles performance management, incentive compensation, and total rewards management. Their system also has an automated approval string process. With both programs, you would have the equivalent of an expensive HRIS system that is fully functional and comparatively inexpensive. You can learn more about HRSoft Compview™ by visiting their web site