06 Nov Compensation Planning Automation
Compensation planning plays a pivotal role in ensuring that your employees remain motivated to work for your company. This is especially true when you are looking to retain your top performing employees. Your best performers are always looking for the next best company where their talents can be better recognized and compensated for. A good compensation plan not only rewards them adequately for their performance, but also lets them know that your organization is the best place for them to continue shining.
Traditional Compensation Planning
Crafting a good compensation plan is always easier said than done. Traditional compensation planning processes are rather manual and painful to go through. In many companies, compensation planning is created on complicated spreadsheets that are manually maintained by people. Maintaining sensitive data on spreadsheets has its downsides which includes:
- Poor security and data leakage
- Complex and user-unfriendly
- Prone to human calculation error
- Not integrated to other HR systems
- Lack of data analytics capabilities
In other words, the traditional way of doing compensation planning is inefficient and slow.
Compensation Planning Automation
Automation of the compensation planning process can be achieved by eliminating spreadsheets and instead, using software built specifically for compensation management. Using compensation management software will allow your organization to achieve the following:
- Eliminate spreadsheet errors and risks
- Assist in budget planning
- Configure and optimize compensation planning workflow
- Faster & more efficient system for compensation managers
Overall, compensation management software helps to simplify and automate the complex compensation planning process. For managers, this means that their time can be spent more productively on other tasks and when the time comes, they know they can craft an excellent compensation plan with accuracy and ease.
HRsoft – The Compensation Management Software Leader
HRsoft is an award-winning talent management software company that specializes in cloud-based HR solutions built to improve manager effectiveness and business results. Our complete suite of configurable HR SaaS software integrates with any HRIS and include best-of-breed solutions for applicant tracking, compensation planning, total rewards, performance management, stay interviews, content management and more. To learn more about our Compensation Management System, COMPview™ click the button below!