Salary forecasting capabilities for even the most complex pay structures
Setting a medium or long-term staffing budget is rarely easy. With a web of functions, bands, step points, parental leave, pension entitlements and along with employee attrition to factor in, accurate forecasting is an ongoing challenge. Despite this, only 17% of Finance professionals globally are using people data to guide decision making on a daily basis.
The iTrent Salary Modelling application changes this. Meeting the forecasting needs of public and private sector organisations with complex pay arrangements, supported by your organisation's people data to ensure the greatest possible visibility of one of your organisation's biggest overheads.
At a glance:
- Use your HR and payroll data for accurate, up-to-date planning
- Deploy and use quickly and easily
- Reduce budget preparation time
- Automate reporting to create greater confidence in decision making with accurate data
- Leverage the modelling and real-time calculation capabilities of IBM Planning Analytics
- Test the impact of proposed pay band revisions and other changes with easy-to-use scenario modelling
- Benefit from a constant audit trail, and collaborate effectively across your organisation
Why choose iTrent Salary Modelling?
For finance teams, iTrent Salary Modelling makes compensation planning quicker and easier than ever before. Drawing from your HR solution, you'll have one source of truth to maintain with real-time data updates, ensuring confidence in the numbers.
Regularly re-forecast your figures
Taking data from your iTrent platform, re-forecast based on actual values in minutes with no manual manipulation required. You can keep multiple forecast versions with a consistent audit trail to see how the numbers fluctuate as conditions change.
Eliminate spreadsheet confusion and risk
Too often, compensation planning involves lifting data from a HR system, before manually processing it in Excel. It is time-consuming, prone to error and can result in multiple versions floating around. Through automation and potential modelling, iTrent Salary Modelling removes the risk of human error.
Long and short-term planning
Create short, medium and long-term budgets and forecasts to anticipate future costs with increased accuracy. When unforeseen drivers like employee actions and shifting organisational demands mean actuals stray from the budget, iTrent Salary Modelling helps you do all the recalculations automatically.
Model policy changes
Working with other departments, you can model how policy changes such as maternity pay rates, car allowances, expenses or changes to pay grades will impact your business. Directly compare alternate options to make informed decisions.
Safe and secure with constant auditing
iTrent Salary Modelling is a safe and secure way to plan and model your people data. Unlike Excel, you’re able to track who and when changes are made with a full audit trail. If a mistake is made internally, you can easily track, amend and undo it.
Carry out what-if analysis by building models that integrate any business driver into staffings plans, budgets and forecasts. Drill down to an individual employee level to understand the financial impact of changes.
Learn more about iTrent Salary Modelling at our webinar
iTrent Salary Modelling allows the finance team to work with other departments, including HR, on their people budgets and plans for the future. Managers from across the organisation can use iTrent Salary Modelling to forecast the future of their teams. For example, the marketing team might be looking to expand an area of their team and want to hire 5 more new heads. With iTrent Salary Modelling you’ll quickly be able to show the implications of this decision and assess if it's a viable plan, taking into account potential changes to the existing team such as flight risks or any upcoming retirement.
iTrent People Analytics Platform
iTrent Salary Modelling forms part of our iTrent People Analytics solution. The solution allows you to extract your key HR data and gain key insights that can help inform strategic business decisions. Alongside iTrent Salary Modelling there is Absence Analytics, People Analytics and Payroll Analytics meaning you can deep dive into all aspects of your people data.
Are you ready to unlock the full potential of your people data?
Instantly generate an accurate, up-to-date staffing budget. Immediately see the financial impact of payroll changes. Prepare multi-year forecasts with a few clicks, delve into the data, compare and contrast your options for proposed pay increases. With iTrent Salary Modelling, all of this is ready to go.
Whether it’s a revised allowance for a particular employee, the addition of a new starter or an organisation-wide pay increase, any changes to your R data automatically feed through to the modelling tool. This ensures plans and forecasts always reflect the reality on the ground.
Using a sandboxed model, you can easily compare and contrast the financial implications of possible courses of action. It prevents costly mistakes and ensures evidence-based decision making on all aspects of remuneration.
iTrent Salary Modelling enables effective collaboration while eliminating versioning errors. However, you are able to place strict permissions to keep you in control of the planning process and prevent unauthorised access to sensitive information. You’re also able to put restrictions in place so managers are only able to see their teams' data.
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