31 Oct How to Make the Case for Compensation Management Software
If you’ve determined a need for compensation management software in your organization, one important step in your journey towards implementation is getting your C-suite on board. Making the case for a technology investment is always likely to meet some resistance, especially at first. Yet, if you go in prepared by completing the following steps, you’re much more likely to gain approval and support.
1. Do Your Research
To make a case effectively, you’ll want to be as informed as possible. You might research previous implementations in your company to see which factors led to a successful project. Additionally, you’ll need to provide compelling evidence indicating a clear need for new technology, research potential vendors, and describe the payoff of an implementation.
2. State the Problem
Executives are unlikely to back a technology investment just for technology’s sake. Instead, you’ll need to describe the business problem that you’re seeking to solve. This could be inefficient compensation workflows. On a larger scale, you might also describe how employee engagement and retention are being affected by your existing compensation processes, and how they could improve with new technology. The more people you can get on board to back your case, the better. Consider recruiting fellow HR professionals as well as interdepartmental support to help make your case.
3. Explain It in Their Terms
Many executives operate best when they have hard-dollar figures to consider. Some prefer pie charts while other respond well to graphs. Find out which types of presentations your C-suite expects, and prepare it in a way that aligns with those expectations. You’ll want to be upfront about the time, money, and other resources needed to execute the project, too.
4. Showcase the Solution
Next, allow your executive team to see the solution in action. Describe its key benefits along with the features that will make the greatest impact in your organization. If they agree to it, schedule a demo with the vendor for a time when your C-suite can be in attendance.
5. Offer Ongoing Support
Your executives will also want the peace of mind that the technology will be rolled out effectively. While this will depend largely on cross-functional collaboration, you can offer to spearhead aspects of the project such as being the point of contact with the vendor and overseeing employee training.
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.