Product Overview: Salary Sage
Introduction
Salary Sage is a comprehensive compensation management solution designed to streamline salary planning, bonus calculations, and overall remuneration package structuring for organizations. Leveraging the expertise and technologies from Sage, Salary Sage aims to simplify complex payroll and compensation processes, ensuring accuracy, efficiency, and compliance.
Key Features and Functionality
Compensation Planning
- Formula-Based Calculations: Salary Sage allows users to define and store formulas for calculating salary and bonus awards. These formulas can be based on various factors such as current salary, performance ratings, competency assessments, and time in employment or grade.
- Salary Projection Formulas: Users can create formulas to suggest salary increases, ensuring that each formula returns a numerical or currency value.
Bonus Calculations
- Bonusable Salary: The platform offers the option to define a Bonusable Salary formula, enabling organizations to calculate bonuses based on average salaries over a specified period, rather than just the current annual salary. This feature helps in avoiding unwanted results, such as inflated bonuses due to recent salary increases.
Remuneration Package Structuring
- Total Cost to Company (TCTC) and Nett to Gross Calculations: Similar to the Salary Structuring Module in Sage Pastel Payroll, Salary Sage allows users to structure remuneration packages using TCTC or Nett to Gross methods. This includes calculating the cash component and updating payslips accordingly.
Eligibility and Exclusion
- Salary Eligibility and Exclusion Formulas: Users can define formulas to determine which team members are eligible for salary awards and which should be excluded from compensation plans. These formulas return True or False values to filter eligible employees.
Reporting and Analytics
- Robust Reporting: Salary Sage provides advanced reporting capabilities, similar to those in Sage Intacct, allowing users to monitor key performance indicators such as labor costs, profitability, and employee deployment. Customizable dashboards offer real-time insights, enabling informed decision-making.
Integration and Automation
- Payroll Integrations: The platform integrates with leading payroll providers to ensure accurate and automated payroll calculations. This includes the transfer of timesheet data and support for payroll accruals, reducing administrative burdens and minimizing errors.
User-Friendly Interface
- Employee Self-Service: Salary Sage includes an Employee Self-Service module, allowing employees to manage their personal information, request and manage leave, view or download payslips, and upload necessary documents. This module enhances employee engagement and reduces HR administrative tasks.
Conclusion
Salary Sage is a powerful tool for organizations seeking to streamline their compensation and remuneration processes. With its robust formula-based calculations, advanced reporting, and integration capabilities, Salary Sage ensures accuracy, efficiency, and compliance in salary planning and bonus calculations. This solution is designed to support HR and finance teams in managing complex payroll tasks, allowing them to focus on strategic initiatives.