Quick, accurate salary forecasting to transform finance departments’ relationship with complex pay arrangements
MHR International, the HR, payroll and Finance experts, has launched a landmark solution to help organisations simplify and securely model, plan and forecast their complex pay arrangements. iTrent Salary Modelling creates and updates staffing budgets, generates forecasts and tests the impact of proposed pay changes, all in one place.
Drawing on MHR’s finance and HR data expertise, and powered by IBM Planning Analytics, the iTrent Salary Modelling application removes manual processes and human error from forecasting and scenario-building, saving significant amounts of time through automation. Finance professionals can create a collaborative approach to planning, budgeting and forecasting workforce and salary costs, enabling them to share data and insights securely with HR, finance and other departments in full compliance with GDPR and Data Protection.
Meeting the forecasting needs of public and private sector organisations, iTrent Salary Modelling empowers workforce planning up to twenty years in advance, even with the most complicated pay structures. By eliminating the need for time-consuming data collection and analysis, or the use of multiple spreadsheets for planning and reporting, iTrent Salary Modelling provides a one-stop-shop for accurate forecasting.
The solution offers industry-leading, user-friendly, what-if analysis capabilities, allowing organisations to compare and contrast the potential implications of financial decisions. This helps avoid costly mistakes and encourages evidence-based decision-making that leads to better outcomes.
“Accurate salary forecasting is a complex challenge, made difficult by factors such as pension entitlements, parental leave and discretionary allowances. Organisations therefore need a helping hand when it comes to medium and long-term budget-setting for employees. iTrent Salary Modelling is an important development to our People Analytics portfolio, making compensation planning easier than ever and giving our customers a single source of truth,” said Mark Jenkins, Chief Finance Officer, MHR.
