Thoughtful performance management and equitable compensation together make a people-first partnership that is essential in today’s business environment. When navigating the intricacies of the employee experience, it’s common to overlook compensation discussions and rely solely on performance and talent management processes to shape the employee’s path. That is an insufficient assessment of the employee journey.
Recognizing the need for a synergistic relationship between performance/talent management and compensation, WorkDove and Kamsa have decided to enter into a new partnership. By combining Kamsa’s global expertise in compensation with WorkDove’s cutting-edge performance management platform, this alliance launches a revitalization of how organizations make compensation decisions and effectively manage employee performance.
According to Gallup, organizations with highly engaged employees have 21% higher profitability and 17% higher productivity than organizations with a disengaged workforce. Research has also shown, according to SHRM, that 74% of HR professionals said inadequate compensation—pay, bonuses, profit sharing and the like—was the top reason employees leave their organization. Effective performance management and compensation are intrinsically linked; one cannot be optimized without the other.
Performance management (PM) by definition entails the ongoing exchange of communication and feedback between a manager and an employee, aimed at attaining organizational objectives. Of the 250 largest companies in the S&P 500, 83 percent tie at least some employee income to performance. When PM processes are combined with equitable compensation practices, organizations can drive higher overall levels of engagement and productivity. This holistic approach ensures that employees are motivated, satisfied, and aligned with the company’s values and goals. Most importantly, it shows employees they are valued by their leaders and organization.
Kamsa: Global Market Benchmarking for Compensation Reviews
Kamsa is a global compensation software, built by compensation experts, making it painless to pay employees fairly. Using proprietary global market data across 60+ countries, Kamsa’s hybrid approach (technology + data + consulting) to compensation helps companies define their compensation philosophy, job architecture and compensation ranges, and benchmark employees’ pay against the latest market trends.
WorkDove: One Integrated Performance Management Platform
WorkDove’s driving mission is to bring peace to YOUR workplace by addressing one of the most common organizational challenges: performance management. With one integrated, affordable platform, it streamlines performance reviews, goals, continuous feedback, leadership succession, and more. HR and business leaders choose WorkDove because it combines performance, engagement, and talent management into one single source of truth that improves people decisions and business results.
Strategic Performance Management and the Performance-Values Matrix
Through robust performance management processes, companies attain high employee engagement scores. Among the various tools available, WorkDove’s Performance-Values Matrix (PVM) allows organizations to map employee contributions against both core values and performance. This provides a comprehensive snapshot of where employees stand and how they align with the organization’s mission and vision. The data pulled from tools like the PVM further inform compensation decisions by highlighting areas of strength and opportunities for development. Using the PVM as their guide, organizations can feel confident that their compensation strategies are fair, objective, data-driven, and aligned with performance and behavioral expectations.
From Performance Reviews in WorkDove to Compensation Reviews with Kamsa
WorkDove’s tools provide the performance data which feeds directly into Kamsa’s Compensation Reviews for a holistic employee management experience across the organization.
With Kamsa’s Compensation Review Tool, you can seamlessly combine your performance process with you compensation strategy.
Simply complete your performance processes in WorkDove and import your final performance decisions directly into Kamsa’s automated budgeting tool.
Read more about Automating Compensation Reviews through Kamsa.
A Comprehensive Solution for Global Clients
The partnership of Kamsa + WorkDove offers a comprehensive solution that addresses one of the most critical success factors for any organization: its people. By aligning best-in-class performance management and compensation solutions, this partnership ensures that every aspect of the employee journey is considered. Organizations can enjoy peace of mind knowing that their performance and productivity data naturally informs and predicts compensation decisions. The result is an elevated employee experience where performance and behaviors are recognized, compensation is transparent, and organizational goals are achieved.
The collaboration between WorkDove and Kamsa marks a significant advancement in how organizations commit to being people-first without compromising on strategy. With this partnership, organizations can look forward to a more integrated, fair, and effective approach to performance/talent management and compensation. Kamsa and WorkDove together represent a powerful force that promises to drive success by getting the people part right.
