23 Nov Choosing The Right Compensation Planning Tools
Before choosing the perfect compensation management tools, it is important to understand what should be expected from such a platform. Comp planning has come a long way. More than ever, it is now about engaging and motivating employees and allowing them to perform with the drive and satisfaction that is required to produce top notch results. As a matter of fact, compensation planning systems do the following:
- Allows HR to execute the strategies they so painstakingly brainstorm
- Gives line managers the ‘at the job’ support they need to take intelligent decisions
- Drives employee retention by rewarding them for hitting their assigned goals & developing their skills
It goes without saying that compensation planning tools need to support the objectives that define Compensation Management. Good incentive software is:
- Intuitive and easy to use
- Powerful yet it respects the existing comp processes in place (re-inventing the wheel isn’t a good idea)
- Flexible & can accommodate future policy changes
Choosing The Best Compensation Planning Tools For Your Organization
Be cautious. But don’t be wary. Maybe you have had comp management software deployment projects overshoot budget and fall short of delivering the expected benefits. However, with a bit of planning and foresight mistakes can be avoided.
- Create an exhaustive list of business requirements that you would like the solution to tackle. Go ahead and even document what success for a particular requirement might look like given the unique circumstances of your business.
- Pull up your socks and get searching. Ask for referrals, google search best performers in the niche of compensation planning and just keep your eyes and ears open. Often proactive vendors hear the grapevine buzzing and may reach out to you of their own accord to pitch their software.
- Ensure vendor fit. Features and functions are important. But so is the expertise of the provider. Ensure that the one you go with understands your work culture and the importance of compensation planning to your company.
Choosing and implementing a compensation planning tool is a big step. Especially if the managers are used to cobbled together, in-house workarounds! Selecting a platform that embodies the principles that your company values makes the transition easier and in general worth the effort.
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 Planning Software, COMPview, click the button below!