07 Nov 6 Noteworthy Benefits of Compensation Planning Software
The needs and expectations of today’s workforce are more diverse than ever. To keep employees engaged and to reward them appropriately, organizations must use robust compensation programs that go beyond base pay to factor in elements of total rewards. As compensation becomes increasingly complex, it’s essential to leverage tools that support streamlined processes and simplified pay decisions – namely, compensation planning software.
Compensation planning solutions provide a number of key benefits for organizations. If you’re considering implementing this technology in your organization, here are some of the most compelling advantages to consider:
Most compensation software comes with user-friendly features such as automated workflows, support tools for line managers, and seamless integrations with your existing systems.
- Enhanced Data Security
With access controls and robust security features, you can rest assured that your organization’s compensation data is well-protected against attempted hacks.
- Reduced Errors
The risk for human error is simply too high when you’re using multiple programs and spreadsheets for compensation planning. When all of the tools and information you need to make pay decisions is situated in one convenient program, that risk drops dramatically. To further eliminate human error, you can also use budget controls and value thresholds, so entering inappropriate amounts will automatically trigger an alert.
- Time & Cost Savings
Perhaps the most noteworthy benefits of all are compensation software’s ability to shorten the compensation planning cycle and help organizations save costs. According to SHRM research, one company reduced the time spent on its compensation planning process by 65%, while another organization saved upwards of $10 million by implementing compensation software.
- Improved Retention
Compensation is an important element in talent retention, the top workforce challenge for nearly half of all HR professionals. If you’re experiencing high turnover, a compensation management solution can guide you through the budget allocation decisions that make the most sense for retaining your top-notch, hard-to-replace talent, while also staying in line with your company’s compensation spend.
- Better Employee Engagement
Better compensation decisions powered by increased visibility and the additional features of compensation software can have a domino effect. They can create pay transparency throughout the workforce, which may lead to increased employee engagement, thereby facilitating better performance.
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.