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The_Must_Have_Traits_of_Any_Compensation_Management_SystemCanada is currently experiencing a period of strong job growth. Between February 2017 and February 2018, the country generated 414,100 new full-time jobs, representing an increase of 2% overall. That means Canadian businesses as a whole are thriving. But even though your organization may be doing well, you'll still need to adhere to the compensation management policies you've established. In the modern age, compensation management systems allow you to distribute and keep track of wages, benefits, overtime pay, bonuses, and more given to employees while allowing your business to continue to grow.

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But what exactly should you look for in your compensation management solutions? Because there are all kinds of systems available to you, this makes it tough to recognize which platforms will fit your needs. While some organizations may want specific features, others may want a system that encompasses all the bare necessities. At a minimum, here are a few things your compensation management solution must offer:


Accuracy

An inaccurate compensation management system simply won't do; after all, going digital should alleviate mistakes. Above all else, your compensation management platform needs to provide accurate personnel profiles for full-time employees, part-time employees, and contractors. Ideally, this accuracy will lead to payment automation and the ability to handle all payment types. Your platform should also be able to use its core HR information to provide accurate government forms for employee use.


Integration

On its own, your compensation management solution plays an important role in your business. But it's much more impactful when it's combined with other areas like human resources, onboarding and training, performance management, and more. Being able to easily integrate these systems will offer a more streamlined process that saves both time and money. Fortunately, our HR platform works seamlessly together, providing you with the control, knowledge, and ease you need to run your organization and engage employees.


Innovation

As most of us are well-aware, the technological landscape is ever-changing. Your business is likely continuing to change and grow, too. That's why you'll need a platform that works just as well in the here and now as it will in the future, whatever it brings. Your system needs to be able to adapt to changing technological preferences and grow with your business. An obsolete system has no long-term benefits. Make sure that the system you choose has the ability to adjust to your needs as they change and that your provider is dedicated to innovation.

Are you in need of a more comprehensive payroll, benefits, and core HR system? We're here to help. Contact JungoHR today to find out more.


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James Lang

James Lang

Motivated by challenges, change, and a supportive team environment, James has become a highly adaptable team player who is experienced in troubleshooting client services, training design and facilitation, and workforce management. As a result-oriented individual, he has gained a great reputation for consistently meeting targets, delivering quality work, and completing time-sensitive projects. Starting his career as a Volunteer Recruitment Coordinator with the Toronto Pan/Parapan Am Games Organizing committee, he co-developed a successful project aimed at increasing volunteer retention. Now joining the JungoHR implementation team, he will focus on streamlining client onboarding ensuring client satisfaction. With James’s professional background in Human Resource Management, blended with his passion for technology, he aims to further develop his technical experience in HRIS and ATS systems. He believes that perseverance and a positive attitude have made him who he is, and he will carry these core qualities throughout his future career and experiences.