Workstream introduced an on-demand compensation-planning system, Workstream Compensation Professional, aimed at midsized companies.
The system aims to improve and automate the compensation process. Companies can use the software to create a centralized compensation plan containing salary, stock and variable pay components.
Variable pay features allow calculations to be based on multiple factors. Managers get a single planning screen where they can see and edit their plan information, view online analytics and compare guidelines for pay increases based on performance and other variables.
An advisor function in the software gives managers information and advice about common errors or issues that could arise, such as paying an employee over or under company guidelines.
Workstream also offers on-demand systems for performance management, development and recruiting, and plans to add systems later this year for pay for performance, 360-degree assessments and succession planning.
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