PayReview

PayReview is an employee compensation and benefits management software designed to streamline and automate salary review and benchmarking processes. According to the vendor, it is specifically tailored for medium to large organizations and is used by professionals in the fields of Human Resources, Talent Management, Compensation and Benefits, Finance, and IT.

Key Features

Hire review: According to the vendor, PayReview ensures compensation parity for hired candidates with organization roles, provides compliance assurance for salary structure as per the law of the land, and offers a controlled environment for offer approvals and salary budgets.

Incentive-now: The vendor states that PayReview enables the creation of schemes to link business performance with employee payments, integrates business data to bring key performance indicator (KPI) targets, achievements, and payments to payroll, and provides dashboards for productivity, return on investment (ROI), and pay-outs for management and associates.

Fair-increments: PayReview simulates organization salary increment rules for all employees, allows business managers to review salaries within budgets, and enables the sharing of letters of Total Rewards with employees, inclusive of salary structure and benefits, according to the vendor.

Benchmark-assist: According to the vendor, PayReview helps tackle ongoing parity issues with internal benchmark data, utilizes multiple market surveys to assess external parity, and facilitates participation in market surveys for salaries with identified vendors.

Deep-analytics: PayReview provides insights into outliers, people in salary ranges, and suggestive talent actions, offers predictive attrition modeling to determine the chance of retention, and presents visual deep insights through charts, reports, and dynamic pivots, according to the vendor.

Workforce-plans: According to the vendor, PayReview uses the annual operating plan to determine affordable employee costs, simulates design principles to arrive at the required headcount and cost, and reconciles plans with onboarded employees to identify vacancies and unused budget.

Hiring Guidance: PayReview eliminates guesswork by providing hiring guidance, maintains parity at each transaction, such as hiring and transfer, and allows HR to define a customizable approval matrix, according to the vendor.

Process Monitoring: According to the vendor, PayReview enables tight control and monitoring of new positions on a detailed budget, helps define and approve budgets against experience, education, or any combination of these, and facilitates planning and monitoring of the budget for ongoing open positions.

Contingent Pay: PayReview simplifies the process of paying employees for incentives and employee stock ownership plans (ESOPs), allows companies to set contingency payments in various forms, and enables the setting of commissions based on reaching certain sales levels, according to the vendor.