07 May 3 Outcomes Only the Best Compensation Management Software Can Achieve
To design an effective compensation plan, you must manage a complex set of variables. This is further complicated by the fact that compensation has its own unique set of goals: to retain key employees, attract top talent, encourage strong performance, and maintain a balanced, fair approach to pay. It’s no wonder the role of compensation and benefits professionals is so complex. Luckily, the best compensation management software can be used to streamline the planning process, achieving the following key outcomes.
1 Automated Workflows
One of the most complex aspects of compensation planning is the fact that it typically involves so many different contributors. With compensation management software, you can establish approval hierarchies and automated workflows to ensure the right pay decisions are being made in a timely manner. You can even automate compensation statements at the end of your planning cycle, providing them for employees to deliver a comprehensive picture of the value of employment.
2 Control & Visibility
Leading solutions provide control over every aspect of the compensation planning cycle, from budget modeling to communication with employees. Your tool should enable the enforcement of rules for every plan and allow you to initiate and manage the compensation planning process with line managers. Awards can also be suggested based on pre-determined factors, giving managers an unprecedented level of support to make the best decisions to reward their people fairly. Moreover, powerful technology provides real-time visibility to ensure fair pay practices are being followed consistently.
3 Seamless Integration
The best compensation management tools are built with the ability to interface and align with your existing systems. This means it can seamlessly align with any HRIS, performance management, payroll, or financial software you use for a simplified and uninterrupted flow of data. As a result, line managers are empowered to incorporate all the data needed for better merit, bonus, and equity award planning.
HRsoft is the trusted global leader in compensation management software whose COMPview solution is proven to control and simplify the full process and allocation of merit, bonus and equity awards to drive manager and employee engagement.