15 Sep Compensation and Benefits Software – Simplifying Compensation Management
We all know that compensation plays a critical role in keeping your employees engaged and motivated. In fact, in a study conducted, over 90% of employers recognize that the quality of compensation is one of the key points for consideration when crafting HR-related strategies. Yet, less than a quarter of them agree that their organization has done compensation planning correctly or effectively.
When you hire the best people for your company, you need to have a compelling compensation strategy in order to retain them. Top talents within a company are always looking for greener pastures, and it is your role as an HR manager to keep them aligned with the vision of the company. A raise alone does the problem at hand. Besides competitive compensation packages, more and more people are looking at intangible benefits such as flexible work hours, office culture and conducive working environments.
How Can Compensation and Benefits Software Help?
To create an effective compensation and benefits plan, you will most likely need to make use of powerful software to help you track data and make qualitative decisions. A compensation software system can offer the following advantages:
- Real time visibility of data
- Elimination of spreadsheets
- Enhanced accuracy and security of data
- Customizable to your existing compensation planning processes
- Transparency of data
Choosing the Right Compensation Software
There are many solutions out there that offer compensation and benefits management. However, every software may not be a good fit for your organization. Here are a few things you should look for when researching new software:
- Easy integration with other software for easy data importing
- Level of automation to reduce repetitive labor
- Excellent customer service
- Pricing range
Keep in mind that it is important for the functionalities and usability of the new software to align with the strategic decisions of your company. Choosing a management software that makes the compensation and benefits planning process easier, and not more complicated, is a must.
HRsoft – The Leader in Compensation Management
HRsoft is a leading provider of compensation management solutions for strategic HR departments. For more information on our compensation management software, COMPview™ click the link below!