Do you give out increments & bonus payouts based on performance appraisals?
GroSum provides tools to plan salary increments and bonus based on employee performance.
Start off with the Budgeting.
Budgets can be set at the level of the organization, department or even bands of employees. Budgeting can be done cross location & currency too.
Set the workflow for recommending increments/bonus.
GroSum provides you the option to also involve Managers to recommend increments/bonus or else centrally managed by a set of Administrators. You can set an Approval workflow that allows increment recommendations to be formally signed off on tool.
Get Auto Recommendations on increments.
Based on employee performance, the budget & the current salary of the employee, GroSum provides auto recommendations for the increment that the employee should get.
Finalize new salary based on increment recommended.
GroSum automatically allows you to finalize the new salary structure of employees based on the final increment. You can present salary templates with rules for salary heads like Basic Pay, Allowances etc that are automatically calculated for employees here.
Thus, with GroSum you can effectively link rewards to performance; increments & bonus payouts to employees.