19 Feb Should Your Company Consider Multi Lingual Compensation Planning Software?
Multinational companies have two options when it comes to compensation planning solutions: they can either implement a different type of software for each of their locations, or they can adopt unified multi lingual compensation planning software to manage pay on a global scale. For many companies, the latter option tends to be the better solution. To determine whether it’s right for your business needs, take a look at the following questions.
Does Your Company Have Locations in Other Countries?
For companies with international locations, compensation planning software with multiple languages is an essential tool. It allows compensation teams to all use the same system, so that confusion, redundancies, and gaps in communication are eliminated. While the language will be different depending on the user’s location or native language, the functions will all be the same. This allows multinational companies to effectively plan, execute, and update global compensation plans that are aligned precisely with the organization’s needs, goals, and compensation philosophy.
Are You Aiming for Global Integration?
If you already operate on an international scale, it may be unlikely that all of your locations are integrated with the same HR systems and software. Yet, to ensure each of your locations is as closely aligned with your company’s overarching compensation strategy as possible, it may be a good idea to aim for global integration. When all of your compensation professionals – both domestic and international – are using the same unified system, it will also be easier to solve inefficiencies and ensure that you’re paying people right, no matter the location. Additionally, updating pay will become simpler for your compensation teams, which is critical, since according to Mercer research, global salaries were projected to rise 6.4% as of late 2017. Ultimately, having a multi lingual compensation tool in place will alleviate the complexities of managing a global compensation plan, while also ensuring accuracy and effectiveness.
HRsoft is a cloud-based, High Impact Talent Management™ software company that specializes in improving employee engagement and retention for mid-large sized employers. Our High Impact Talent Management System™ includes modules for compensation management, applicant tracking, management software, total rewards, stay interviews, and content management. To learn more about our Compensation Management Software, COMPview, click the button below!