01 Apr Is Comp Management Software Right for Your Company?
How is compensation management working in your company right now? While some business leaders tend to perceive compensation as a static event, HR managers know that in reality, it’s about much more than simply calculating compensation. Compensation must be managed – therefore, it’s an ongoing series of activities; not simply a “one and done” annual event.
The Burden On HR
The issue, of course, is that HR is already expected to do so much. Not only must they manage compensation, but HR personnel are also responsible for maintaining safety in the workplace, overseeing recruitment and training, ensuring positive employee relations, and enforcing workplace policies (source: BBC). This burden is further complicated by the fact that every one of these facets is crucially important for maintaining a healthy, sustainable organization.
Why Comp Management Is So Important
While each of HR’s functions is important, comp management is unique in the fact that it is one of the key motivators for attraction and retention of high performers. It’s also critical to get it right, because it must be maintained properly in order to keep the organization’s personnel budget under control (source: SimpleHRGuide).
But It’s Not So Simple
The goals of compensation management are to attract, retain, and motivate your employees (source: HR.com). But as you know, determining compensation that’s competitive for every job title and level is a complex challenge. It’s also important to ensure that once you’ve identified a competitive compensation plan, it’s equitable for your company, too.
As such, there are many variables to take into consideration when designing a competitive compensation plan that will fit well with your organizational goals.
How Much Time Does it Take Your Company?
Specifically, how much time is your HR department spending on comp management? Creating and managing spreadsheets can take between three to four times the amount of effort than a more streamlined, user-friendly approach, such as comp management software.
If you’re not using a comp management software tool, it may be time to consider it. You’ll eliminate the spreadsheet headaches, establish a more secure method of comp planning, and reduce the amount of time and effort needed to create and maintain a plan that’s competitive and equitable for your company and its employees.
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!