Regardless of the business you are running or the industry you are working with, Employee wellbeing is always a priority. With work from home culture booming and the COVID-19 pandemic, employee wellbeing is even more demanding. Therefore, there are many reward and recognition programs launched by companies to help HR managers manage wellbeing efficiently.
These solutions comes with HR’s digital transformation. If you are moving to the path of transformation, you need to look for talent retention programs too. Dynamics 365 is fully equipped with all the features you need to get started.
What is Talent retention and how you can implement it?
Talent retention is rewarding your employees to help them grow and work with the same passion for you. It is the program or effort that any company plans for its employees to retain them in the organization. It is valuing the talent and providing them compensations for their hard work and loyalty.
Dynamics 365 HR features for talent detention
To be more creative about offering fair compensation to your employees, Dynamics 365 has amazing features to offer.
1. Optimized HR management
This feature is to manage job descriptions. Hierarchies, employee profile, personal management, and all the business process in one place. This feature holds up all the information and organizes them for the team and managers to access whenever they need it.
2. Employee Experience
It provides the employees with a self-service platform to ensure that they are easily able to reviews, goals, and skills. They can track their training and certifications too and check the leaves left for them.
3. Compensation & benefits
This is the feature to ensure that employees are getting fair compensation for their performance. It helps HR to plan the benefits and other enrollment functions for the employees.
4. Leave and Absence
This feature is to keep track of all the leaves and absence. Employees can use their self-service dashboard to apply and also check the leaves left for the rest of the year. It will include all the guides for eligibility of leave and other plans requests regarding it.
Make reward and compensation easy with Remuneration
Suppose you are making your company a better place for employees. It would be best if you make the reward and compensation program easy for them. The features of the compensation modules in Dynamics 365 further offers:
· Fixed Compensation actions
This component is to determine the actions for deciding the fixed compensation or relevant changes. It records the required information for applying the desired changes and ensure that calculation is processed accordingly.
· Levels
It determines the job roles, positions, and levels according to the employees’ experience and hiring details.
· Range utilization matrix
This component helps managers in defining the pay rate equity regardless of the performance of the employees. The formula for calculating the pay range is:
(Fixed Pay Rate – Range Minimum) ÷ (Range Maximum – Range Minimum)
· Compensation matrix
It is a matrix with the reference points and levels to create compensation structures.
· Compensation structures
Compensation matrix that has pay rates associated with each level as per the reference points.
· Eligibility rules
It is to identify the unions, job roles, positions, and role in the company for each employee and further plan the compensation accordingly. These eligibility rules are for the compensation plans.
· Pay frequencies
It is to determine the period for which the compensation is specified. Further, it sets up the conversion factors to convert the compensation amounts from weekly, biweekly, etc. to the annual pay frequency.
· Compensation regions
It is the component to define the compensation of employees according to the locations of the workplace of each worker.
· Job functions and types
Job functions are to filter compensation plans for specific job roles. However, the job types are used to classify and filter plans for specific jobs and roles.
· Performance plans and ratings
It is the matrix of performance that one can use the plan in a pay-for-performance strategy. The ratings are used to define the merit of the pay and compensations.
How can we help with integration?
If you are looking for digital solutions for your company and want to implement the employee retention program immediately, DHRP can help you with it. We have an amazing team of experts working with experienced professionals to advise and guide you on the integration of the HR compensation module with your Dynamics 365 solution. You can reach out to the brilliant team and discuss the needs of your organization with them anytime. Take further consultation from the Dynamics 365 experts and start focusing on the transformation of your HR department.
Remember, if your employees are praising you, they are going to make your customer shout out for you too. Help them grow; your company will grow automatically.
