iTrent Salary Modelling
A solution for quick, accurate salary planning
Simplify even the most complex pay structures
With so many complex factors at play, accurate salary forecasting can be a huge challenge. Despite this, only 17% of finance professionals use data to guide their decision-making. This is where iTrent Salary Modelling can help.
Powered by your organisation’s people data, our solution simplifies even the most complex pay structures. You get complete visibility into your people costs and the factors that impact them, allowing you to build accurate forecasts, budgets, and plans.
Harness your HR and payroll data, automate reporting processes and drive greater efficiency with iTrent Salary Modelling
Why choose iTrent Salary Modelling?
iTrent Salary Modelling offers a range of benefits designed to make compensation forecasting faster, smoother, and more accurate. Here are some key examples.
Rapid re-forecasting
Using real-time HR and payroll data, iSM automatically recalculates forecasts in a matter of minutes. This eliminates the need for manual processes — and the risk of error that comes with them.
Strategic planning
Anticipate future costs with accurate short and long-term budgets. Conduct what-if analyses to see the financial impact of changes at both an individual and organisational level.
Tailored to your needs
We understand that every business is different. To help you get the most out of iSM, our expert consultants work closely with you to build a bespoke version that suits your unique needs.
Eliminate audit risk
No more manually logging changes in messy Excel sheets. iSM automatically tracks every change you make, creating a complete audit trail while eliminating the risk of human error.
Model the impact of policy changes
Understand how changes to maternity rates, car allowances, expenses, pay grades, or other policies could affect your business. Make informed decisions by directly comparing alternative options.
Include vacancies in your forecasts
iSM automatically brings through any vacancies from iTrent, allowing you to include them in your salary models. You can even create a wish list of potential vacancies and add them to forecasts.
Collaborate across departments
iTrent Salary Modelling enables cross-departmental collaboration on budgets and plans. Instead of being hoarded by your finance team, its capabilities are available to managers across your organisation.
Armed with accurate compensation modelling data, managers can create budgets, analyse the financial impact of recruiting decisions, and understand whether their plans are viable.
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?
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FAQs
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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