09 Aug 3 Signs It’s Time to Consider Compensation Software
For compensation professionals, using outdated methods to calculate employee pay is tedious and inefficient. While upgrading to compensation software may seem daunting, making a change can go a long way in modernizing your practices and easing the administrative burden of the compensation cycle. Here, we take a look at three signs it’s time for your organization to consider implementing a compensation planning solution.
1 You’re Lost in a Sea of Spreadsheets
Using spreadsheets to manage compensation presents a number of issues. For one, offline systems are notoriously challenging to manage. From tracking multiple revisions to navigating through lengthy pages, spreadsheets aren’t ideal for storing critical compensation data. Another challenge presented by spreadsheets is the issue of data security. Cybersecurity issues have captured headlines around the world. Software designed for compensation planning makes your information simpler to manage, and it also keeps your compensation data protected against hackers and other threats.
2 You’ve Caught More than a Couple of Errors
Most offline compensation systems are also flawed because there’s no way to minimize the risks of errors. The human element of compensation planning presents inherent risks, but compensation planning software addresses these with built-in features like maximum and minimum ranges and other controls. These solutions help to catch typos and other mistakes before they become major issues.
3 Your Employee Engagement Scores Could Be Better
Compensation statements provided by compensation software break down the various elements of total rewards for employees. This helps to communicate the full value of employment, and could even make an impact on employee engagement. Research has even shown that there may be a link between total rewards and engagement: in a survey of more than 2,500 employees, 60% of engaged participants said their total rewards are above or well above what other employers offer. Yet, less than a quarter of disengaged participants responded the same. Reward statements are simple to generate using software, but can go a long way in increasing the perceived value of total compensation.
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.