Introduction
Qatar Fuel (WOQOD) is the country’s primary fuel distributor and marketing service company. The company completed its IPO in 2002, and its shares are publicly traded on the Qatar Stock Exchange. WOQOD is the only company permitted by the government to deal distribution and marketing of fuels to various stakeholders across the country. The company concentrates on marketing and distributing fuel products such as Jet A1 fuels for all airports countrywide and Natural and Liquified gases. WOQOD is the pioneering company in converting fully loaded gasoline and diesel fuels with the lowest sulphur content across the GCC region. The company boosts a robust distribution channel that comprises airplane refuelers, bowsers, steel aluminum tankers, and a fleet of modern tankers. The company has various subsidiaries, such as WOQOD Vehicles Inspection (FAHES), Qatar Jet fuel company (Qjet), and WOQOD international.
Industry Profile
The company deals with retail services through its extensive nationwide distribution network. WOQOD holds a dominant market share in the petroleum and gas industry due to its sole concession in distributing and marketing fuel products and gases across the country. The company’s annual revenue is estimated at 3.6 billion US dollars indicating its extensive market share(Owler Inc, 2022). The company’s direct competitors include Abu Dhabi Oil Refining Company (TAKREER), Emirates National Oil Company (ENOC), EnLink Midstream, and Gulf Petrochem. WOQOD has around 880 employees who are vital in promoting the company’s success among its competitors.
Compensation and Benefits
A company’s success is attributable to the efforts of its employees. With 880 employees, WOQOD should have a robust Human Resource department which is vital in dealing with the issues relating to the employees’ welfare (Owler Inc, 2022). Compensation and benefits are essential HR functions because they are highly associated with employees’ motivation and productivity. Workforce compensation deals with the direct remuneration of workers for the services provided to the firm. At the same time, benefits are the indirect payment to the employees for their services to an organization. The compensation and benefits department is vital since it determines the wages and possible benefits for the workers.
Digital Tools Used in Compensation and Benefits
Oracle compensation software promotes efficiency and effectiveness in employees’ compensation and benefits. The software is essential since it helps a company to develop flexible payments and benefits packages which are vital in the changing business environment. The human resource department uses the oracle human resource management system to acquire the necessary information on wages management and whether the data should be used in payroll processing (Rietsma, 2022). The Oracle HRMS enables human resource managers to define the elements of compensation and the rules relating to the employees entitled to receive the various wage elements. Human resource managers can use the oracle tools to define the rules and formulas for different payment elements.
In addition, the Oracle HRMS is vital in administering and processing employees’ salaries and various benefits. Salaries administration involves making different wage entries related to a particular employee or class of employees. During salaries administration, the human resource managers use the oracle HRMS to record earnings, deductions, the number of days worked and any other information related to various elements. Finally, the human resource managers process the payments and benefits by running payrolls using the system’s written formulas and different rules.
Companies can use the Deel compensation software to manage employees’ salaries and other benefits. The Deel software is essential in preparing payroll by offering a robust self-service function for human resource managers. The system helps HR managers manage compensation and benefits for employees and contractors worldwide. The Deel platform is easy to use and incorporates different features which give HR professionals a comprehensive overview of multiple elements of compensation and benefits. For instance, the Deel platform overviews salary expenses, perks, and benefits for different employees. In addition, the platform has a research tool that enables companies to benchmark other companies’ restitution strategies (Rietsma, 2022). The HR managers can also use the Deel platform to integrate employees’ data into accounting software such as NetSuite, which is vital in helping the HR department make employee payments. The Deel Platform’s security features make it appropriate for companies because their data security meets international standards.
Effective compensation and benefits departments can utilize Xoxoday to send various benefits to the employees. The HR department can use Xoxoday to send different employee incentives to promote motivation and productivity. The flexibility of this platform enables HR professionals to offer flexible compensation and reward to their employees. For instance, the platform simplifies complex payments such as appreciation gifts, incentives, and annual bonus payments (Rietsma, 2022). Companies can integrate Xoxoday plum to make payments globally by depositing payments into the individual accounts of specific employees. The platform is efficient for making bulk payments to several employees. HR professionals can rely on Xoxoday to send employment benefits such as customized gifts for specific employees.
Emerging Business Models in Compensation and Benefits
Companies are adopting a digital transformation model in HR management to facilitate efficiency and improve their market competitive advantage. HR departments in various companies are adopting computerized services to reduce the bureaucracy associated with manual compensation and benefits schemes. Embracing innovative digital transformation is vital in improving human resource efficiency and transparency (The Texas Records, 2018). HR digitization aids in digitizing documents such as pay slips and evidence that a particular employee has been remunerated (Zehir et al., 2020). Additionally, HR digitization in compensation and benefits is essential because it helps promote the security of various documents stored in a computerized manner. Automating payments in the HR departments is beneficial since it encourages the accountability of the HR department in making payments to multiple employees. Compensation and benefits digitization help streamline processes hence overcoming challenges associated with vast loads of payment data under the manual payment systems (The Texas Records, 2018). Finally, digital transformation is vital in transforming operations and making data changes easily, improving the overall efficiency in processing payments.
Trends in Compensation and Benefits
Business enterprises are integrating modern technologies and Human resource systems to aid them in improving the overall effectiveness of the workplaces. Workforce payment is a dynamic process involving the employer’s determination of every employee’s salary (Zehir et al., 2020). Therefore, enterprises are adopting more transparent systems that focus on employees’ restitution, equity in the incentives process, and fair review of workers’ productivity which is vital in determining the pay rate. There is increased transparency in workforce payments because employees know market pay rates in related occupations in other companies. Hence, Employers need to integrate digital tools that promote transparency and fairness in employee remuneration. In addition, adequate revenue has enabled a hybrid work environment in several organizations. Efficient workforce compensation promotes employee motivation, flexibility, and development (Zehir et al., 2020). Efficient salary payments promote a hybrid work environment since proper salary payments promote the workers’ well-being.
Organizations that have Implemented Digital HRM
Various companies have integrated compensation and benefit Human Resource Systems to assist them in managing their payroll to improve their workforce effectiveness and efficiency. For instance, Meet Mixtiles, a company based in Tel Aviv, has incorporated the Deel software to manage its payroll (Amladi, 2017). Before the adoption of payroll management, the company relied on traditional payment tools, which were inefficient and involved a lot of bureaucracy, slowing down the operations of paying salaries to the company’s employees across various countries. However, the successful incorporation of Deel payroll management software has enabled the company to manage and process all its salaries under one platform (FeaturedCustomers, 2022). The platform has benefited Meet Mixtiles by helping it manage employees’ compensation in its subsidiaries in different countries.
Secondly, Zelos Gaming has successfully integrated Deel recruitment and payroll management software to optimize HR functions. The company started using Deel in July 2020 to help it deal with several recruitment and compensation challenges for its global team (Amladi, 2017). Before adopting Deel payroll management, the company relied on PayPal, which became challenging due to security risks in payments (FeaturedCustomers, 2022). Deel has transformed the company’s payment system by centralizing its global payroll to assist the company in making timely payments and promoting security in transferring payments to employees and contractors.
Finally, LG Electronics uses Oracle HRMS in the remuneration process. The company has been relying on the Oracle HRMS due to the software’s functionality, reliability, and security in processing payments to its workers worldwide. The company sees the software as ideal for processing its payments by creating a strong link between its HR department and its overall business strategies using Oracle HRMS to process its payments (Top10ERP, n.d). The system has been vital in improving employees’ satisfaction since they can use the self-service features in the system to view their pay slips. Hence, the HRMS has been crucial in promoting efficiency in compensation and benefits by promoting accelerated processing of workers’ information.
References
Amladi, P. (2017). HR’s guide to the digital transformation: ten digital economy use cases for transforming human resources in manufacturing. Strategic HR Review.
FeaturedCustomers. (2022) Deel Case Studies, Featuredcustomers. Web.
Owler Inc. (2022). Woqod’s Competitors, Revenue, Number of Employees, Funding. Web.
Rietsma, T. (2022) 10 best employee compensation management software in 2022, People Managing People. Web.
The Texas Records. (2018). e-Records 2018: Digital Transformation for the City of Georgetown. Web.
Top10ERP. (n.d). LG Electronics Case Study by Oracle E-Business Suite Erp. Web.
Zehir, C., KaraboÄźa, T., & BaĹźar, D. (2020). The transformation of human resource management and its impact on overall business performance: big data analytics and AI technologies in strategic HRM. In Digital business strategies in blockchain ecosystems (pp. 265-279). Springer, Cham.