12 Feb 3 Challenges Solved By Multi Currency Compensation Planning Software
If your company has multiple locations throughout the world, implementing multi currency compensation planning software can make your pay plans much simpler to manage, update, and administer. Beyond solving currency conversion woes, there are some additional benefits provided by these unique solutions. If you’re considering compensation planning software for your business with international locations, take a look at the following key benefits to help inform your decision.
The International Human Resource Certification Institute (IHRCI) explains that in addition to the many components encompassed by compensation plans (such as fixed and variable pay, benefits, and total rewards), international compensation planning also requires you to look at salary scales based on location, regional laws and regulations, and other complex factors. It’s therefore essential that you find a robust multi currency solution that can effectively manage a broad range of data.
Of course, managing multiple currencies is one of the primary reasons for seeking out a multi currency compensation planning tool. With tools that update exchange rates in real-time and provide reliable calculators to ensure total accuracy, the time and effort required for managing international plans is greatly reduced. Spreadsheets certainly can’t automatically factor in different currencies! Hubspot also notes that spreadsheets are also difficult to share and lack adequate security features – certainly not qualities that multinational firms need.
Many multi currency solutions are also available in different languages, making it easy for international locations to adopt the same systems you’re using domestically. When every location is using the same unified solution, it leaves less room for communication gaps, errors, and confusion. While the language of the software will change accordingly, the general framework and functionalities can remain the same, allowing your remote compensation teams to enjoy the same powerful features your domestic teams do.
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!