20 Aug How Does Compensation Management Software Help Employers?
In large organizations, the compensation planning cycle can be complex and resource-intensive. To minimize the administrative burden on HR teams, companies can implement compensation management software. Featuring easy-to-use tools, this solution can improve the efficiency of your HR professionals and help your company maximize the monetary investment in your workforce. Here are some of the many powerful ways compensation software helps organizations.
Empowers Line Managers
With software, managers can take a more active role in pay decisions for their direct reports. From suggested pay ranges to budget allocation tools, the features of compensation software make it simple for managers to ensure their top performers are being compensated fairly.
With tools such as currency conversions and dashboards that are easy to navigate, software makes traditionally complex processes simple and efficient. Managers can make pay decisions and submit to their supervisors for approval; or, if an employee is unavailable to make pay decisions, their manager can make decisions on their behalf. The end result is a more convenient, streamlined process with less time spent waiting and a reduced workload for your busiest employees.
Spreadsheets are notoriously error-prone, and when it comes to something as important as compensation, there simply isn’t room for mistakes. Keeping track of various versions of documents can lead to confusion and oversights. With compensation management tools, updates are automatically stored in a shared system. Plus, the system can alert users when entered data exceeds recommended ranges, thereby helping your teams catch mistakes as soon as they happen.
Finally, companies can expect to see reduced labor costs as a result of implementing a compensation management tool. Several case studies have even demonstrated significant cost savings with the software. One organization was even able to reduce their salary planning process by 65%, cutting the process from eight weeks to three weeks. This reduction in time can translate to tremendous cost savings in midsize to large organizations.
HRsoft is the trusted global leader in compensation management software whose COMPview solution is proven to control and simplify the full process and allocation of merit, bonus and equity awards to drive manager and employee engagement.