Compensation is often a company’s greatest single expense, but large organizations still struggle to produce accurate budgets and forecasts of compensation costs, especially as staffing levels and employee pay rates change during the year. beqom’s Staff Cost and Headcount Planning (SCHP) module enables HR and Finance planners to accurately calculate, budget, and forecast for headcount and staff changes throughout the fiscal year.
“Because compensation has such a large financial impact, it is important to bridge the gap between Finance and HR,” says Sébastien Baehni, Chief Technology Officer at beqom. “Our customers have been requesting tighter integration between compensation planning and corporate budgeting and forecasting, so that is exactly what this new module addresses.”
Different budget versions can be created and compared in beqom, at the employee or cost center level. Using a centralized compensation database ensures that all parties are seeing the same data, so that HR, Finance, local, and group managers are in sync.
Likewise, multiple forecast versions can be run throughout the year, using the actual year-to-date staff cost along with the new budget assumptions for the rest of the year. The SCHP module keeps planning models up-to-date as employee compensation, headcount assumptions, and open positions change throughout the year. The result is improved budget control and more accurate forecasting of compensation costs.
beqom provides a dedicated compensation management solution to solve the challenges of enterprise compensation by providing process efficiency and flexible rewards management, globally. beqom manages all forms of compensation and rewards, from broad based HR compensation to sales commissions and incentives. beqom provides compensation functionality that goes beyond the capabilities of standard HR platforms and talent suites, resulting in a no-compromise approach to attracting, engaging, and retaining talent through fair, transparent, and competitive pay.