TL;DR:
- beqom introduces a Pay Prediction solution leveraging advanced Machine Learning capabilities.
- Helps HR and managers make data-driven decisions on compensation.
- Enables pay recommendations and smart pay ranges to retain talent and reduce employee churn.
- Integrates with Total Compensation Management solution for comprehensive decision-making.
- Simulations allow cost-effective analysis of proposed pay changes and their impact on pay equity.
- Ensures informed and fair decisions, optimizing talent goals while managing costs.
- Machine Learning brings new insights to employee rewards and pay scale alignment.
- Seamless integration within the compensation system eliminates data discrepancies.
Main AI News:
beqom, a prominent provider of cloud-based compensation and continuous performance management solutions, has recently introduced an innovative Pay Prediction solution that harnesses the power of advanced Machine Learning (ML) capabilities. This cutting-edge offering empowers HR professionals and managers to make well-informed, data-driven decisions concerning compensation. It is just one of the many exceptional features available on beqom’s AI-powered platform.
By leveraging this technology, companies can now generate accurate pay recommendations and establish intelligent pay ranges, enabling them to effectively retain top talent and attract skilled individuals in a fiercely competitive job market. Moreover, the Pay Prediction solution aids in mitigating employee churn by accurately predicting which employees are most likely to leave due to pay disparities.
In conjunction with beqom’s comprehensive Total Compensation Management solution, the Pay Predictor employs robust multivariate regression models to facilitate advanced decision-making regarding pay. This includes determining appropriate salaries for new job offers, evaluating merit-based salary increases or promotions for existing employees, and incorporating various factors such as job position, employee skills, geographical location, demographic data, existing pay scales within the organization, and industry benchmarks.
To ensure cost-effective decision-making, beqom empowers managers to conduct simulations that assess how proposed pay adjustments align with the market and calculate their associated costs relative to the budget. Additionally, these simulations provide insights into the overall impact on pay equity across the entire organization.
“beqom’s Pay Predictor instills confidence in companies, assuring them that their decisions are well-informed and equitable, enabling them to attract and retain the necessary talent without excessive expenditure,” affirms Tanya Jansen, Chief Marketing Officer at beqom. “By integrating this advanced capability into beqom’s compensation management system, pay decisions made during routine compensation cycles can be both data-driven and optimized, allowing organizations to achieve their talent objectives while effectively managing costs.”
Sébastien Baehni, Chief Technology Officer at beqom, emphasizes the compelling use cases for applying machine learning to employee rewards. He states, “ML offers an unprecedented level of insight, ensuring pay equality, reducing employee turnover, and ensuring that your pay scales remain consistently aligned with the market.”
Crucially, the Pay Prediction process takes place seamlessly within the compensation system itself, eliminating the risks associated with data discrepancies that may arise when exporting and importing data between separate analysis tools. This seamless integration ensures the accuracy and reliability of the pay prediction process.
Conclusion:
beqom’s introduction of the Pay Prediction solution marks a significant advancement in the compensation management market. The integration of advanced Machine Learning capabilities empowers organizations to make well-informed, data-driven decisions regarding compensation, ensuring they attract and retain top talent while optimizing costs. This innovative solution, along with its seamless integration within the compensation system, provides companies with the tools to achieve pay equity, reduce employee turnover, and align their pay scales with the market. By embracing this technology, businesses gain a competitive edge in the evolving landscape of employee rewards and compensation management.
