05 Nov 5 Features to Look for in Compensation Analysis Software
If you’re considering compensation analysis software for your organization, you may be shopping around to find the best fit for your needs. There are many factors to consider, including your company’s specific compensation planning processes and its technology budget. Yet, no matter which options you’re reviewing, it’s important to seek out the following must-have features.
5 Features to Look for in Compensation Software
1. Automated Workflows
Compensation requires input from multiple parties, but tasks like approvals often get caught up in inboxes and ignored for lengthy stretches of time. When everything is done manually, the process is complex and time-consuming. With workflow automation, the next task is automatically triggered. Data is routed to the appropriate parties to facilitate easy access and prompt action. And, automated workflows can save 30% of employees' time every work day.
2. Accessible Compensation Data
In order for automated workflows to be possible, your compensation data must be easily accessible to everyone who needs to see it. A wealth of data goes into pay decisions, including appraisals, incentive plans, and development goals. To ensure timely decisions are made based on all available information, look for a solution that makes compensation data access simple and efficient.
3. Pay-for-Performance Capabilities
Most organizations factor performance into their pay, merit, bonus, and equity award decisions. To do so, there must be a seamless flow of data across systems, along with the ability for managers to make pay decisions in real-time. These features can support a robust pay-for-performance program to empower and engage employees.
4. Seamless Integrations
One of the most important features in any solution is the ability to integrate with third-party planning sources. Without integration, your data becomes siloed, visibility is hindered, and you’ll find yourself wasting time with manual data entry. On the other hand, when programs integrate with one another, it allows for seamless data importing to ease your workflows.
5. Enhanced Security
In 2018, data breaches led to the exposure of 5 billion records. To ensure your sensitive compensation data is never included in that figure, it’s important to look for a program with built-in security features. The solution you select should have controls which allow you to determine who has access to what information, along with standard software security features.
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.