10 May 5 Things to Look for from Compensation Software Vendors
Recently, more and more business leaders have been turning to compensation software vendors to help them with the challenging demands of developing an effective compensation plan in international and fast-growing organizations. While compensation planning software is indeed the most useful tool available to compensation managers right now, each type of software has different capabilities.
Although some companies may require specific compensation management software tools based on their needs, the best compensation software vendors should always provide the following:
- Demos of the Product: In his article “What to look for when buying HR software solutions,” author Alan Baren recommends viewing a presentation or demo of the product you’re considering. Seeing it in action will give you a concrete idea of whether or not the functionality of the compensation software matches with your team’s needs and processes.
- Cloud Technology: Cloud-based technology is not only more reliable than other software options, it’s also a better choice financially. A Nucleus Research study found that cloud applications deliver 1.7 times more ROI than traditional software applications. Plus, when you have information as critical as compensation data, you can’t risk even the slightest chance of losing it.
- Configurability: A compensation planning software tool can be well-designed and easy-to-use, but that means very little if it’s not configurable with your company’s existing workflow. The best tool for your compensation team is one that will work to enhance your current processes, instead of requiring major changes.
- Eliminated Error Risk: Errors within your compensation plan can wind up being costly and difficult to fix. With programs like Excel, it’s easy to make mistakes in formulas and calculations. Ideally, the compensation management software you choose should eliminate risk of errors.
- Security: HR Lab considers failure to secure data one of HR’s five biggest mistakes. By nature, compensation data is sensitive. Therefore, it’s critical that the compensation software vendors you’re considering are all compliant with Web Content Accessibility Guidelines. This will ensure the utmost security for your company’s most sensitive compensation data.
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!