15 Jul The Compensation Management Solution that Solves all of Your Business Problems
Compensation Management planning is wrought with complexities, and that’s before you even consider possible errors from spreadsheets and miscalculations. In rapidly growing and global organizations, compensation is even more difficult to keep up with.
According to Smart Business Online, while growth is certainly a good thing for companies, it forces businesses to invest more time in day-to-day operations, such as compensation management. Without a compensation management solution, it’s easy for the already-overburdened HR personnel to find themselves drowning in compensation planning activities.
The Risks of Poor Compensation Management
Neglecting to address the problems in your compensation planning practices could have disastrous consequences. Not only is it easy for spreadsheet errors to go undetected, but failing to leverage compensation as a tool to attract new talent, drive motivation, and reduce turnover is a major business mistake. As a result, you could lose your best talent to your competitors.
The Solution: Compensation Management Software
According to TechTarget, compensation management software is so powerful because it can “optimize salary, bonus, stock option, and benefits budgets to yield the maximum profit per employee or work hour.” And, if getting the most out of compensation planning doesn’t seem like reason enough to implement compensation management software, consider all of the ways it can solve your biggest business problems:
- Reduce Time: Companies that use compensation management software reduce planning time by 65%, according to HR Lab.
- Retain Top Performers: Reward your key players with by implementing a pay-for-performance model.
- Make Timely Reward Decisions: Real-time alerts make it easy for line managers to recommend rewards for high performers to continuously drive motivation.
- Protect Your Data: Use cloud-based compensation planning software that complies with web security guidelines to keep your sensitive compensation data secure.
- Eliminate Spreadsheet Errors: Compensation software eliminates the risk of spreadsheet errors that could wind up costing your company thousands of dollars.
Compensation software may be most beneficial for the individuals directly responsible for handling pay in your company, but it also has far-reaching benefits that impact key areas such as retention, engagement, and motivation to help solve all of your company’s most critical issues.
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!