CompensationCloud

Successful businesses thrive on motivated employees. However, most organizations often falter at engaging their employees with the compensation they deserve, hampering the employee experience. Because of the lack of efficient compensation tools, they end up making compensation decisions based on assumptions. Reports suggest massive loopholes in compensation due to errors caused by spreadsheets and biased pay decisions by managers due to the absence of a fair compensation planning process. An industry veteran with extensive experience in designing compensation planning solutions, Barkat Ali saw the gaps in the existing compensation solutions available in the market. Having worked with diverse organizations, ranging from startups to large enterprises, Ali took upon himself to address the situation. The aim was to develop a well-defined strategy and reasoning that will serve as the basis for compensation planning. Accordingly, Ali developed a comprehensive solution that comprises various analytical tools for data-driven results. “We have revolutionized the employee compensation expanse by enabling companies with access to holistic, accurate, and up-to-date information,” says Ali, the Co-founder of CompensationCloud. “By creating and modifying a company’s compensation plans, policies, and rules flexibly on a digital platform, we eliminate spreadsheets and the related errors. So our clients can compensate their employees efficiently and maintain a happy workforce while saving high costs.”

Solution providers in the compensation planning arena calculate only the amount to be paid to a particular employee based on individual performance. Contrastingly, CompensationCloud’s innovative solution helps clients decide on employee compensation based on ten different factors, including performance, company policy, pay equity matrix, compliance, market pay, and historical data.

With high flexibility to create and modify companies’ compensation policies and rules, we replace spreadsheets to deliver accurate compensation planning

The company ensures compliant and unbiased compensation planning, thus, raising the confidence of the employees to perform more effectively. This capability is achieved due to its analytical tools that aid managers in calculating the right amount of pay, including promotion and bonus, in a fair way. The compensation planning takes into account the various factors like gender inequality and age discrimination, among others. As different industries follow varied compliances as per their locations, CompensationCloud also offers an intuitive rule engine to assist clients in defining their own compliance rules.

With such agility, CompensationCloud is serving mid-size companies that have an employee size of 50-5,000. With the company’s solution, clients can reduce 60 percent of the planning cycle time and eliminate managers’ unconscious biases. The solution has been architected in such a way that it can be easily connected to other HR platforms to ensure data accuracy.

What’s more, managers can anticipate the chances of an employee leaving the company based on pay decisions, compensation rules, and ratios using the machine learning tools built into the solution. By taking proactive measures to prevent attrition, clients can save huge costs involved in relentless hiring and training cycles. Thus, CompensationCloud has emerged as a boon to organizations in an era where employee retention is a crucial factor for sustained business success. “With our solution, clients receive increased revenue up to 2 percent,” extols Ali.

In the near future, CompensationCloud strives to rise to a leader’s position in the compensation planning market by adding new capabilities to its existing solution. The company focuses on removing any biases related to compensation decisions with AI. CompensationCloud has already entered the global market and plans to expand its presence across Europe and Asia.