07 Apr 3 Ways Software Can Simplify Compensation in HRM
According to the Society for Human Resource Management (SHRM), compensation/incentive planning is one of the top five most important responsibilities for HR. Of course, other critical duties also make the list, including policy development/implementation, business planning, employee communication strategies, and performance management.
It’s no wonder HR departments are overwhelmed. And, while compensation in HRM is may only be one component of their responsibilities, it’s certainly no less important than any of the other duties. In fact, compensation could be one of the most important HR responsibilities affecting business outcomes. When designed effectively, compensation will reward people who embody your organization’s values most completely, which can drive engagement and bottom-line results (source: Entrepreneur).
So, what can you do to make sure that your HR department is effectively achieving your company’s compensation goals, in addition to all of the responsibilities listed above? The answer is simple: implement a software solution to make it easy and hassle-free. When you do, you’ll experience the following benefits:
- No More Spreadsheet Mistakes
Consider how easy it is to make a mistake when you’re flipping between many different spreadsheets. One erroneous keystroke in a spreadsheet could wind up costing your company a great deal. Software tools make comp planning easy, accurate, and accessible.
- Worry-Free Security
Any good software system will limit security risks, whereas spreadsheets can be hacked easily. Keep your company’s most critical data secure by choosing a tool that meets Web Content Accessibility Guidelines (WCAG).
- Simplified Alignment With Organizational Goals
The tools provided by comp planning software allow you to implement your organization’s most important priorities with ease. Whether your goals are to attract top industry talent, impact bottom-line results by incentivizing top performers, or to simply find a healthy balance for a comp plan that’s both competitive and equitable, comp planning software features such as salary, stock, and variable pay options, cascading budget tools, and real-time functionality make it easy for HR to design, implement, and maintain comp plans that reflect company goals.
Compensation Software provides all of the tools listed above and more, so that your organization can meet its comp goals as well as its aggressive performance objectives, and HR can effectively balance all of its responsibilities.
HRsoft is a leading provider of strategic talent management software that improves manager effectiveness and business results. Our full suite of cloud-based HR software solutions includes applicant tracking software, compensation planning software, total rewards software, stay interview software, performance management software, and content management software. To learn more about our Compensation Management Software, COMPview, click the button below!