Competitive rewards benchmarking system and method
First Claim
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1. A computer-readable medium encoded with computer-executable instructions for performing steps of a method for managing competitive rewards data for an entity, comprising the steps:
- collecting raw forms of the competitive rewards data from the entity and from sources other than the entity with the use of a computer, the competitive rewards data comprising compensation and employment benefits-related data for employees of the entity and employees engaged by others than the entity;
mapping the raw forms of the competitive rewards data to employment-related benchmarks for incorporation of mapped competitive rewards data in a computer database, the mapping comprising an automated translation of the raw forms of the competitive rewards data to the benchmarks to achieve a correlation of each data element in the raw forms of the competitive rewards data with corresponding elements in the database; and
completing an analysis of the mapped competitive rewards data for one or more of the employees of the entity by comparing the mapped competitive rewards data to at least one of the benchmarks.
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Abstract
The invention concerns a system and method for implementing and/or administering a competitive rewards database. Member data is received from at least one member computer via a data feed. The (raw) member data is automatically mapped and incorporated into the competitive rewards database. A data capture tool, preferably coupled to a data network, is operable to adjust the mapping of member data. A rewards workbench, preferably coupled to a data network, is generally operable to query the competitive rewards database.
22 Citations
20 Claims
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1. A computer-readable medium encoded with computer-executable instructions for performing steps of a method for managing competitive rewards data for an entity, comprising the steps:
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collecting raw forms of the competitive rewards data from the entity and from sources other than the entity with the use of a computer, the competitive rewards data comprising compensation and employment benefits-related data for employees of the entity and employees engaged by others than the entity; mapping the raw forms of the competitive rewards data to employment-related benchmarks for incorporation of mapped competitive rewards data in a computer database, the mapping comprising an automated translation of the raw forms of the competitive rewards data to the benchmarks to achieve a correlation of each data element in the raw forms of the competitive rewards data with corresponding elements in the database; and completing an analysis of the mapped competitive rewards data for one or more of the employees of the entity by comparing the mapped competitive rewards data to at least one of the benchmarks. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A competitive rewards system comprising:
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a competitive rewards database, coupled to a computer system, operative to receive raw forms of competitive rewards data from an entity and from sources other than the entity, the competitive rewards data comprising compensation and employment benefits-related data for employees of the entity and employees engaged by others than the entity; means for mapping the raw forms of the competitive rewards data to employment-related benchmarks for incorporation of mapped competitive rewards data in the competitive rewards database to achieve a correlation of each data element in the raw form of the competitive rewards data with corresponding elements in the database; and a rewards workbench, configured to query the competitive rewards database in support of an evaluation of the mapped competitive rewards data, the evaluation comprising an analysis of the mapped competitive rewards data for one or more of the employees of the entity by comparing the mapped competitive rewards data to at least one of the benchmarks. - View Dependent Claims (12, 13, 14, 15)
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16. A computer-implemented method for administering a competitive rewards database comprising:
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collecting through one or more data feeds raw competitive rewards data comprising at least one of base pay data, long term incentive pay data, annual incentive pay data, and benefit plan provision data for employees of an entity and competitive rewards data from a plurality of sources other than the entity; mapping the raw forms of the competitive rewards data to employment-related benchmarks by completing a translation of the raw forms of the competitive rewards data to the benchmarks, thereby achieving a correlation of each data element in the raw forms of the competitive rewards data with corresponding elements in the database; incorporating the mapped competitive rewards data into the records of the database; analyzing the mapped competitive rewards data with support of a computer by performing a comparison of the competitive rewards data to one of the benchmarks maintained by the competitive rewards database; and generating a presentation of results for the competitive rewards analysis. - View Dependent Claims (17, 18, 19, 20)
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Specification