WAYNE, PA--(Marketwire - May 17, 2011) - Kenexa (
According to the Bersin & Associates report, more than 90 percent of performance and talent management software applications are not integrated with any form of compensation management solution. Without technology-based solutions in place to automate and manage the compensation analysis process, analysts spend inordinate amounts of time collecting data from multiple systems and managing it in spreadsheets. As a result, they have little time to spend drawing actionable conclusions from the data. The Bersin & Associates report outlines the advantages of automated tools, which consolidate compensation survey data faster, manage the internal grades or salary ranges, and maintain data on salary targets.
"With many companies spending up to 70 percent of annual operating costs on salaries and wages, organizations cannot afford to continue to use outdated, manual processes when it comes to compensation planning. The Bersin & Associates research demonstrates that compensation technology solutions can actually strengthen an organization's overall people strategy. When you have an effective compensation program in place, you can better position your company to attract and retain the employees that will positively impact your organization's bottom line," stated Zahir Ladhani, Kenexa's president, Compensation.
"HR plays a fundamental role in ensuring that its approach to compensation is fair and equitable, and is managed within budget," said Stacey Harris, Director of Strategic HR and TM Research, Bersin & Associates. "Our research shows that an HR organization's approach to compensation and rewards also increasingly plays a vital role in the success of a company's talent management and business goals. In fact, more than 21% of companies we studied for our Talent Management Factbook said that talent management leaders in their organizations now own the compensation function. It is therefore imperative that our research continues to grow in this critical area as our members look for ways to create more effective and integrated compensation organizations."
The Bersin & Associates report highlights several case studies of companies that have benefited from Kenexa's CompAnalyst® Reporting and Analytics compensation software, which enables quick, streamlined analysis of internal pay practices against market rates. Kenexa has improved compensation planning and assisted market-leading companies with ensuring their pay program is competitive according to market averages. In addition to assessing pay competitiveness, CompAnalyst analyzes trends in internal pay practices to ensure equity, as well as quickly identifies any discrepancies in pay.
The Bersin & Associates research bulletin, "Getting Compensation Right: The Value of Compensation Analysis and Planning Tools," is available for download at: http://www.kenexa.com/splash-pages/2011-Press-Release/Get-Compensation-Right-at-Your-Company
Kenexa will exhibit its solutions in Booth 603 at WorldatWork's Total Rewards Conference, May 23-25, 2011 in San Diego, Calif.
About Bersin & Associates
Bersin & Associates empowers HR and learning organizations to drive bottom-line impact through world-class research and consulting. The company's WhatWorks® membership gives human resources, learning, and talent acquisition professionals the information and tools they need to drive change in their organizations as strategic business partners.
Bersin & Associates members use our insights and tools to benchmark themselves against best practices, design and implement programs across the HR and learning spectrum and select and implement systems. More than 5,000 organizations worldwide, including more than half of the Fortune 100, use Bersin & Associates research and consulting to guide their learning, talent, and human resources strategies.
About Kenexa
Kenexa® provides business solutions for human resources. We help global organizations multiply business success by identifying the best individuals for every job and fostering optimal work environments for every organization. For more than 20 years, Kenexa has studied human behavior and team dynamics in the workplace, and has developed the software solutions, business processes and expert consulting that help organizations impact positive business outcomes through HR. Kenexa is the only company that offers a comprehensive suite of unified products and services that support the entire employee lifecycle from pre-hire to exit. Additional information about Kenexa and its global products and services can be accessed at www.kenexa.com. Follow Kenexa on Twitter: @kenexa.