The people management platform unveils a new functionality aimed at streamlining compensation budget planning and empowering smart and accurate decision-making
Today, Hibob – the transformative HR tech company that helps high-growth companies develop their employees and their culture – is unveiling a compensation management module for its HRIS platform, ‘bob’, a robust platform relied upon by thousands of modern, mid-sized and multinational businesses across the globe. The addition of this compensation functionality will afford many benefits to scaling businesses, namely in helping them evaluate, assess and allocate global compensation budgets smartly, efficiently and without error.
“By simplifying and automating organizational allocation of base pay, variable pay, bonus, and equity, Hibob’s new feature is a one-stop solution for companies looking to effectively manage compensation distribution – all while aligning actions with appropriate governance and risk,” said Ronni Zehavi, CEO of Hibob. “Especially for fast growing companies, this customizable product update will be an immeasurable help in moving away from the chaos of confusing and error-prone spreadsheets to the implementation of an efficient, accurate and easy process designed to allow multiple stakeholders to handle complex compensation rules and compliance.”
Hibob’s new feature also equips leadership with the ability to provide HR teams with the proper tools to drive informed compensation decisions. It facilitates confident decision-making by making the right data available to stakeholders at the exact time they are reviewing the employee’s compensation. The compensation management solution simplifies processes for businesses, and simple in this module is brilliant. HR professionals using it will not need to spend months collecting data and updating spreadsheets, and can effectively serve their staff in a more streamlined approach.
GiG, a leading global B2B platform solutions and media provider in the iGaming sector, utilized Hibob’s compensation feature ahead of its official rollout in a private beta and currently leverages the system to organize and streamline their employee compensation structure.
“Using [bob’s compensation module] has helped me and my team save 50% of the time previously dedicated to compensation review. One of the reasons behind the time saved is the ability to share compensation details directly with the managers, cutting out the necessity to organize ad hoc meetings,” said Claudia Ginex, Director of People at GiG. “You can immediately download a master sheet of all the compensation recommendations which supports the transparency of the process. We closed the compensation cycle in less than 15 days and without the help of this technology, we would have spent our nights on this process, stressing over whether our managers have been given the right data. bob’s efficiency is helping us in resolving these and other upcoming challenges,” continued Ginex.
Hibob was built with the understanding that the world of work is changing. The company’s belief that the complexity of today’s human resource management goes far beyond the needs of a ‘system of records’ and necessitates a ‘system of engagement’, led to the creation of Hibob’s personalized, holistic and data-driven approach to people management. Available now to bob clients and new users, Hibob’s global compensation management solution is an added layer to the HR platform’s capabilities tailored specifically to mid-sized companies requiring a modernized approach to tracking salary and compensation.
“Especially in today’s constantly changing work landscape governed by the presence of new hires, salary increases for tenured employees, or even pay cuts, this new capability will provide our clients with the opportunity to collaborate and track compensation in a single, intuitive platform. Hibob is thrilled to bring this innovation to the market to help our clients navigate their planning in a clear and cohesive manner,” Zehavi concluded.