Ultimate HCM Glossary

Time, Labor, and Compensation

A comprehensive, automated approach to accurately tracking time for your employee will reduce errors and improve productivity, and having the right information and tools readily available is key to making informed compensation decisions. Your organization needs to be prepared for any variable, whether it be simply capturing hours worked and creating schedules or planning salaries and rewards for your entire workforce. Here we’ll teach you the terms you’ll often encounter in discussing timekeeping, attendance tracking, and compensation management.

Time Management Software - Administrative solutions that support time capture, scheduling, labor spending, coverage gaps, labor law violations and other aspects of hourly workforce management.

Time & Attendance Systems - Records when employees start and stop work, and in some cases other information such as the department where the work is performed, number of items produced, vacation time, compensation time, jury duty, and attendance issues such as sick time and tardiness. Also known as Time Tracking Software, Workforce Management Software, or Time Clock and Attendance Management.

Workforce Scheduling - Helps organizations accurately forecast and schedule workers to meet both customer service, compliance, and cost objectives.

Compensation Management - Refers to the process of salary planning, budgeting, allocating and administering all forms of employee compensation while ensuring performance, corporate goals and compliance. Also known as Compensation Planning.

Salary Planning and Budgeting Software - Facilitates salary increase administration by delivering the tools and information managers need to make future compensation decisions for individuals or teams, tying in the company’s salary increase process and business rules. Also known as Salary Planning & Compensation Software, Compensation Software, or Compensation Planning Software.

Performance Time Management System - A technique used by HR managers to acquire and preserve the best employees to assist in reaching the company’s goals and objectives. Through evaluations and career development, performance management systems provide HR managers a clear understanding of their employees.