Compensation Management Software Glossary: Key Terms & Concepts

A self-service portal is a website or app that enables workers (or external clients for externally visible support providers) to help themselves when they require assistance, information, ...read more

The payroll management process consists of a series of controlled processes completed in the same sequence each month to establish a payroll cycle. Put another way; the payroll process is ...read more

Training management is a software feature that helps organizations efficiently manage their training programs and activities. It serves as a centralized platform for creating, scheduling, ...read more

The process of analyzing, organizing, and monitoring a company's or organization's costs and expenditures is known as Budget management. Managing a budget necessitates adherence to stringe...read more

Reporting is the process of organizing data into informational summaries in order to track how various components of a business are performing. This includes calculating critical data and ...read more

A chat survey is a method of gathering customer feedback to access their overall experience across channels such as the website, mobile apps, or in-app by rating the agent's performance an...read more

Benefits management includes defining, preparing, analyzing, and monitoring benefits from starting a program or project investment until the last predicted profit is realized. Its purpose ...read more

Employee lifecycle management (ELM) describes an employee's stages when employed by a company. HR plays a vital role in ELM, and it begins even before the employee is hired. Outreach, recr...read more

Compensation management is a key feature in many software applications that helps businesses efficiently manage their employee's compensation plans. It is designed to streamline and automa...read more

It's critical to track a goal's progress after corporate objectives have been adequately defined. When a company keeps track of its objectives, it's much easier to see if everything is on ...read more

Benchmarking is the process of comparing a company's success to that of other firms in its industry to discover if there is a performance gap that can be closed by improving your own. Exam...read more

A report is a type of writing that is organized around identifying and examining issues, events, or results that have occurred in the physical world, such as occurrences within an organiza...read more

Workflow is a collection of tasks that work together to process a batch of data. A workflow encompasses everything from creating assets to integrating them into a digital solution, submitt...read more

The practice of collecting input from team members or employees and implementing changes to your operational processes to improve OKR assessment is known as feedback management. You can en...read more

Real-time data gathering and transfer between the jobsite and project managers at the office is possible with mobile access. Employees on the jobsite can submit timecards, daily reports, r...read more