Impact Of Online Compensation Statements To Companies

In a company, the HR teams are usually the ones in charge of creating total compensation statements after which they have to distribute to the people in the company. This is a very important responsibility for the teams but it also takes a lot of time. This is why there is HR management software in Thailand which is available for companies. There are many advantages in using online statements because it accomplishes the same thing but hassle-less and it does not cost much because there is no need to print and mail.

According to PlanSource, an HR software company, the online statements shows that there are many benefits to it such as being dynamic and interactive. The system can be used regardless of the platform and the layout is as good no matter the screen size.

The higher the number of employees in a company, the higher the amount they will be able to save. The money can then be used in other meaningful programs. According to the owner of PlanSource, Jessica Foust, she has partnered with employers that used to allot between $50,000 and $100,000 for the printing cost as well as the mailing fees.

Using the digital platform, the statement becomes a part of a self-service tool which the employees can view whenever and wherever they are.  Foust added that this leads to less calls and emails between employees and HR professionals. Their time can be used in more productive initiatives instead.

Looking at the content, Foust recommends that online statements should have the base pay, insurance benefits, bonuses, ancillary coverage, commissions, paid time off, salary, retirement savings together with financial security elements including stocks.

The design should also be visually stimulating and vibrant. This is also a chance for companies to make their brand stand out which is helpful when recruiting new talents and retaining the excellent ones.

Foust said that online compensation statements are also a feature in the HR management software in Thailand which can be employed by advisers and brokers as well because of the usefulness of the tool. The data are saved in real time and can be accessed often.