11 Sep Does Your Compensation Management Software Protect Against These 3 Threats?
Compensation management software delivers on many objectives – it simplifies complex planning processes, makes it easier to link pay to performance, and allows you to maximize your compensation budget to get the best possible ROI. Yet, there’s one often-overlooked – yet critical – advantage that compensation planning software also provides: protection.
When comparing compensation management software vendors, be sure that the product you choose protects against the following threats:
- Errors: Compensation is one area in which you do not want to make any mistakes, but if you’re using spreadsheets to keep track of compensation data, there’s a significant chance that you’re making some errors. University of Hawaii Professor Ray Panko conducted a study that found 88% of spreadsheets contain errors. When you consider the complexity of your organization’s compensation planning, which could have a multitude of pages with hundreds of formulas, the chance for errors is only compounded.
The solution is to choose a type of software that eliminates the need for Excel spreadsheets altogether.
- Security Breaches: Your compensation information is likely some of your organization’s most sensitive data, but unless you have a secure compensation management system in place, hackers can access it with ease. Last year alone, more than 80% of U.S. companies were hacked.
Don’t fall victim to hacking due to poor compensation data security. Instead, choose a system that has a level of security greater than that of easily-hacked spreadsheets.
- Compliance Failure: One critical challenge of structuring an effective compensation plan is complying with both external regulations and internal policies. Overtime considerations, hours of work, and sick leave are just a few areas covered by legislature, and your company undoubtedly has policies and requirements that you must factor in as well.
To ensure that you’re complying with both external and internal requirements, choose a solution that has planning tools to support your organization’s needs.
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 Management Software, COMPview, click the button below!