22 Jan 3 Benefits of Using International Compensation Planning Software
For multinational corporations, having international compensation planning software is an absolute must. Compensation planning is complex enough to manage without factoring in differences from one country to the next. As the Society for Human Resource Management (SHRM) states, international compensation “has many moving parts and is difficult to standardize.” Yet, it international compensation planning can be done– as long as you have the right tools in place. Take a look at some of the benefits of using compensation software designed specifically for international firms:
It Factors In Regional Considerations
An equitable yet competitive approach to compensation encompasses many factors, one of which is the regional market conditions. Salaries for your domestic employees may look very different than those for your remote teams located overseas. To ensure you’re paying your people right, today’s international compensation tools allow you to automatically factor in regional market data.
It Makes Managing Currencies a Breeze
Are you still relying on calculators and Excel formulas for currency conversions? If so, you’re likely to see more than a few mistakes taking shape throughout your compensation plans. (In fact, a study published by the University of Hawaii shows that nearly 90% of spreadsheets have errors!) With international compensation planning tools, you can seamlessly switch between currencies to ensure total accuracy.
It Creates Room for Growth
Lastly, a final reason international compensation tools are so helpful is because they promote scalable growth. Maybe your company has its sights set on further expansion in the coming years. If so, you don’t want to have to worry about seeking out entirely different systems to help you manage compensation. Choosing a system with international capabilities already built in creates room for growth and will make acquisitions or expansions easier to navigate.
HRsoft is a cloud-based, High Impact Talent Management™ software company that specializes in improving employee engagement and retention for mid-large sized employers. Our High Impact Talent Management System™ includes modules for compensation management, applicant tracking, management software, total rewards, stay interviews, and content management. To learn more about our Compensation Management Software, COMPview, click the button below!