Vurv and the Aberdeen Group Uncover Roadmap for Total Compensation

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Vurv Technology, a global provider of technology and services for building great workforces, today announced the findings of a joint study with the Aberdeen Group, a Harte Hanks Company, on the increased interest and use of total compensation programs in a report entitled “Total Compensation Management: Taming Costs and Rewarding Employees.” The study surveyed more than 470 enterprises on their use, experiences and intentions related to adopting compensation programs.

“Total Compensation Management: Taming Costs and Rewarding Employees”

“Total Compensation Management: Taming Costs and Rewarding Employees” examines Best-in-Class strategies to effectively implement and manage a total compensation program. The report defines total compensation as “all of the awards and rewards that each employee receives – including merit raises, bonuses, on-the-spot rewards, tuition reimbursements, training, perks and benefits, gift certificates or vouchers, stock programs, etc.” making total compensation much more than just a typical payroll program. It includes all employees in the organization and determines who gets what in which amounts for what accomplishments, highlighting a strong link to pay for performance. To achieve Best-in-Class status, companies must ensure that a total compensation program is competitive in the local job market, contains performance benchmark goals that are obtainable and rewards the right employee at the right times for the right reasons.

Today’s tightening labor market means every organization has to fight harder to keep top talent. Many companies are turning to compensation programs to increase retention but the report finds that there is still confusion on how to successfully use a compensation program, a general lack of visibility into the programs being created and a lot of bad habits being brought into process. This paper provides a roadmap for organizations that want to effectively implement and manage a total compensation program by providing a detailed action plan to become Best-in-Class. The essential ingredients of a total compensation program strategy that produces top results include a proper mix of process, organizational knowledge, technology and performance management.

According to the report, 87% of Best-in-Class organizations have either partially or fully integrated compensation with other workforce management applications. Best-in-Class organizations are more aggressive at recognizing, acknowledging and rewarding individual performance. That aids in the strategy of being perceived as employer of choice and makes employees feel more appreciated and more likely to stick around.

Vurv’s performance and compensation management software helps Best-in-Class companies execute a pay for performance plan. When used together, Vurv Perform and Vurv Compensate gives managers access to critical performance history data right from their budget worksheet for merit pay increases and bonuses, without the need to log into a separate application. Vurv Compensate and Vurv Perform are on a common platform, allowing managers to seamlessly define goals, measure progress, and align compensation. In addition to instant decision support, the combined pay for performance system produces extremely valuable reports and analytics.

To download a full copy of the report, please visit http://www.aberdeen.com/link/sponsor.asp?spid=30410283&cid=4737.

About Vurv Technology

It’s all about the people! Vurv’s on demand talent management software helps address the number one business challenge – finding, hiring and retaining top talent. With comprehensive product offerings including recruitment, onboarding, performance, succession, compensation and workforce transition management, Vurv’s software is fast, flexible and easy to use. More than 1,700 companies and over 4.4 million users around the world rely on Vurv to reduce operating costs, increase productivity and ignite their most powerful resource for innovation and growth. Feel the creative energy, talent and passion at www.vurv.com.