CAMPBELL, Calif., May 5, 2016 /PRNewswire/ -- SpiraLinks, a leader in performance management and employee compensation software, announced today that NetSuite, the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, has implemented its compensation and performance management planning suite, FocalReview® to automate and streamline its employee compensation processes. With FocalReview®, NetSuite has been able to scale its compensation management process amidst rapid growth and provide managers and senior executives with an intuitive, role-based view into employee compensation.
As the #1 cloud ERP provider, NetSuite grew rapidly as businesses began to abandon on-premise software in favor of cloud-based business suites. NetSuite grew across revenues and employee head count, but their existing Excel-based processes for employee compensation could not scale with the business. In addition, manually managing spreadsheet data and integrating it with financial data was a lengthy, cumbersome process that introduced the risk of errors. In 2013, NetSuite deployed FocalReview® to streamline its employee review process.
"The FocalReview® software from SpiraLinks has improved our employee compensation process tremendously," said Kathy Zwickert, Chief People Officer, NetSuite. "We now have an automated system with tight controls that gives us the ability to create a strong pay-for-performance culture based on objective and transparent processes that align rewards with performance."
NetSuite's use of FocalReview® has provided the following benefits for its more than 4,500 employees:
Multi-currency, multi-payment support. FocalReview® allows managers and employees to see their compensation in all 12 countries where NetSuite has offices and provide rapid conversions into US dollar as needed, while also factoring in NetSuite stock compensation.
Improved visibility into the organization and talent pipeline. With the ability to access performance reviews on a role-specific basis, NetSuite management has deep visibility into its organizational structure to help compare and control labor costs.
Visibility into actual outstanding unvested equity value. FocalReview® provides visibility into actual unvested equity value at the time of focal recommendation, providing managers with access to each employees' real retention value and enabling well balanced decisions about total compensation recommendations to retain top performing employees.
Reduced errors. FocalReview® enables NetSuite to optimize budgets, improve compliance, reduce manual errors, and waste less time on fragmented spreadsheets throughout its multi-level approval process thanks to preconfigured compensation criteria by budget and department.
World-class support. SpiraLinks' support team has been instrumental in helping to customize the solution to NetSuite's specific needs, including integration with its stock compensation plan.
Tight financial controls. FocalReview® allows the NetSuite HR team to budget, recommend, analyze and approve changes in all forms and phases of compensation, even for multiple department management teams.
A significant step in NetSuite's HR process is to provide letters to each employee, alerting them of salary and other compensation. Previously, that work was done by manually exporting data from Excel into Word and creating .pdf files that managers would mail out. Now, FocalReview® automatically generates letters to employees and disperses it to managers for easy distribution—so the NetSuite HR team can be more efficient and aligned than ever.
NetSuite Inc. is the industry's leading provider of cloud-based financials / Enterprise Resource Planning (ERP) and omnichannel commerce software suites. In addition to financials/ERP and omnichannel commerce software suites, NetSuite offers a broad suite of applications, including financial management, ecommerce and retail management, commerce marketing automation and Professional Services Automation (PSA) that enable companies to manage most of their core business operations in its single integrated suite. NetSuite software allows businesses to automate operations, streamline processes and access real-time business information anytime, anywhere. For more information about NetSuite, please visit www.netsuite.com
SpiraLinks has designed, installed, and hosted secure web-based systems for human resources, compensation and finance teams for more than 20 years. With this deep understanding of compensation and performance management needs, we created our top-class compensation and performance management planning suite, FocalReview®. FocalReview® is a leader in compensation management for companies in the US and beyond, and can be tailored to what works for a particular business. We can partner with our customers to include the specific features they need for Total Rewards planning. To learn more about SpiraLinks, please visit www.spiralinks.com.
NOTE: NetSuite and the NetSuite logo are service marks of NetSuite Inc. Third-party trademarks mentioned are the property of their respective owners.
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SOURCE SpiraLinks Corporation