Navigate compensation management during covid-19 and beyond

CURO Compensation has announced recent updates to its CURO Compensation Management solution.

Gerry O’Neill, co-founder and CEO of CURO (pictured), shared: “Recognising the financial implications of the Covid-19 global pandemic that employers face, CURO has updated its compensation management offering to increase the flexibility and functionality of the solution. Our latest release puts HR and reward teams in a better place to manage budget constraints and compensation challenges both during and after the pandemic.”

Designed with challenging times in mind, the new release enables organisations to:

  • Effect negative salary changes
  • Model different pay budget scenarios with associated payroll cost savings highlighted
  • Review an online grid with proposed pay reduction scenarios by employee
  • Provide guideline recommendations to managers based on seniority of a role or business criticality, talent score and potential
  • Leverage advanced filter functionality to identify key talent groups and adjust rewards accordingly
  • Upload additional and relevant employee data to include in the allocation process
  • Configure tailored alerts to prompt users to enter justifications

“We know that the impact of the current crisis will last well beyond lockdowns and shelter at home orders. As a result, many employers will need to adjust year-end compensation processes and strategies. This release was driven by what we see happening in the market, particularly around compensation budget constraints, salary reductions and the increased scrutiny and criticality of each compensation award,” O’Neill continued.

In addition to the features listed above, CURO Compensation Management also offers the ability to:

  • Import and manage negative pay increases by configuring negative guideline increases and calculating budgetary impacts
  • Ensure accuracy in incentive pay calculations for employees that were placed on unpaid or sick leave or furloughed
  • Re-align internal and external bench market data with adjusted market benchmarks on salaries
  • Allow exceptional discretionary override of KPI-based incentive schemes or to apply a percentage-based company multiplier
  • Manage deferred incentive pay payments throughout the year

O’Neill concluded, “CURO Compensation Management was developed to help organisations align employee compensation with business success in a way that’s efficient, strategic and fair. As conditions remain uncertain, the updated features and functionality reinforce our original intent while giving employers even more flexibility in managing compensation budgets.”