Tools to model, build and maintain Salary Structures are very important to Compensation Professionals. Accuracy and maintenance of such structures are critical to Compensation Planning, Analysis and Administration.
Compensation structure software tools should be capable of modeling and building -
- Linear and curvilinear salary structures based on open parameters
- Linear and curvilinear salary structures based on salary survey data
- Structures with grades/bands that progressively vary in spread
- Structures with varying numbers of grades/bands.
- Two and three dimensional charts depicting modeled salary structures.
- Loading modeled structures into the Salary/Grade Band Tables.
Salary Structure Modeling and Maintenance software helps to insure accurate Salary Structures when initially built and throughout maintenance overtime when salary structure are modified due to salary budget adjustments or other needed restructuring activities such as adding Grades, Bands or Band Zones.
Typical Human Capital Management Systems are able to store Salary Grade Tables, however most lack advance capabilities in Salary Structure Modeling and Building. Specialized software such as CompBuilder provide such capabilities.
Some Compensation Professionals will build and attempt to maintain Salary Structures using a spreadheet such as Excel. Home grown Salary Structure Tools can often work well, however extreme care is needed to insure that structures built are accurate and precisely maintained over time - which is difficult without software specifically designed for such regimens.
