05 Dec How Can Compensation Technology Help You Achieve Equitable Pay Practices?
In itself, compensation presents enough challenges for organizations. With tight budgets and a number of factors to consider for every pay decision, it’s difficult for companies to ensure they’re paying people what they’re worth while also taking an equitable approach. Yet, this challenge is further compounded by an increasing need to address pay equity concerns. With changing laws and regulations, many companies must rethink their pay equity practices.
The Challenge: Disorganized Data
To uphold fair and equitable pay plans, employers must look at both internal and external market data. From job description information to external market data, a wealth of information goes into every pay decision organizations make. With so many pieces of information to weigh for every pay decision, it can be difficult to ensure every relevant data point is being considered.
Plus, the more employees an organization has, the more this complexity is compounded. For organizations with hundreds or even thousands of employees (not to mention those that are located remotely), trying to collect, track, and interpret data for an entire company using methods like spreadsheets is not only time-consuming and stress-inducing, but it also leaves too much room for human error.
The Solution: Compensation Technology
Nowadays, compensation technology has the ability to integrate both internal data and external data into comprehensive reports, which can help you identify potential outliers and areas of concern. Today’s automated tools allow you to collect and organize data, and they can deliver invaluable insights through powerful reporting. For instance, by compiling a synergistic value of both your actual pay and your pay policy data, compensation technology can indicate any oversights in your pay practices, giving you the opportunity to proactively address any issues you find.
Through this data-driven approach to compensation compliance, you can rest assured you’re paying people not only what they’re worth, but also what they’re lawfully entitled to.
HRsoft is the industry leader for compensation planning and total rewards software. Our cloud based SaaS solutions combine best of breed features with an intuitive, easy-to-use interface that simplifies and automates the entire compensation process helping companies save time and their best employees. To learn more about our Compensation Management Software, COMPview, click the button below!