Throughout the years decision making has been through many phases. From the traditional tool kits to modern algorithms. But the basis of all these have been how you make decisions, the use of facts and calculations. The aim is to make it more relatable to HR scenarios. Addressing this need, the addition of Simulations to the PeoplesHR solution identifies the answers to your what if’s.
In simpler terms, one is able to conduct certain scenarios and see how best it suits your organisational needs.
For example, you may want to see what happens if you give increments or bonuses, hire new individuals or even the repercussions if someone leaves. The goal of simulations is to facilitate various types of decisions with the use of data.
The functionality of the system enables these decisions to be made with existing data available in your HR solution. Hence the what if’s are based on actual organisational data and given in a perspective that is based on specified parameters and one can attribute values and determine a certain outcome. As these are based on real data the results derived have a high probability of accuracy.
The PeoplesHR platform has a workbench which one can simulate 4 elements according to real scenarios.
Example 1:
Imagine a yearly budget given to a department head and how they would utilize it. In such a situation, the simulation workbench helps the department head simulate against different entities within the organisation. Another interesting feature is that these scenarios can be shared among colleagues for verification opening doors for collaborations and sharing of opinions.
In terms of yearly increments, organisations can tackle this annual concern by identifying how a certain increment can affect the bottom line and cost to the company (CTC). The platform allows simulations for different pay elements and sees the corresponding results with the generation of real-time figures.
When conducting the simulations, the system also indicates the fairness of the scenarios and if the compa ratios are met and is colour coded for convenience.
This also facilitates to carry out fairness among the organisation as when increment decisions are made with the use of peer level analysis to see if the decision made is just. This can be through performance ratings, talent ratings or even the criticalness of their job role.
Exits on the other hand is also considered important within the simulations framework
Exits too are a part and parcel of the daily HR environment and come at a cost. With employee data available in the system, simulations automatically calculate the cost to the company based on their service duration.
All these formulas are exact formulas used in payroll,which therefore gives your accurate figures.
Hence organisations can always think twice before any harsh decisions are made before it affects the CTC.
Did you know?
Another feature of simulations that is highly critical is what can be applied to the scenario of opening a branch or different entity where the system can derive the cost of new hires based on the headcount required. Hence giving you the cost upfront.
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PeoplesHR shows you how best resources can be utilised by creating future scenarios in a simulative environment that let you use the available information for future requirements. Here are some key features that enhance PeoplesHR simulations:
⦁ Get the full picture of your simulations, last two years vs the current year.
⦁ Know the difference between allocated and actual usage of your organisation’s cost of Increments, new joiner, bonuses and resignations.
⦁ Get a complete summary of all those budgeted, simulated and the variations that may come up in your increments, new joiners and bonuses.
⦁ Know the top 5 employees whose exits will significantly cost the organisation.
⦁ Compare the past three bonus allocations.
⦁ Know the cost spread across your organisations increments, new joiner, exits and bonuses.
⦁ View allocated salary, increments and bonuses with the options to adjust if necessary.
⦁ Identify maximum and minimum salary scale positioning.
⦁ Make required budget allocations, view remaining budgets and identify under/over paid employees.
⦁ View and share the created simulations with/to required individuals.
⦁ Dashboard view of utilised allocations, cost allocations, total utilisations for the past 2 years with current year.
So why risk your business with just a gut feeling, when simulations give you an actual snapshot of all the possibilities.
Sounds interesting? Get in touch with us.
