02 Oct Mitigating Compensation Planning from Spreadsheets to Software
It is not a secret that compensation planning plays a critical role in engaging and motivating your best employees. With that said, it is equally important that companies should conduct compensation planning the “right” way in order to see the best results from their efforts. However, this is not always the case. It is interesting to note that a vast majority of companies in the market still conduct compensation planning using spreadsheets instead of software.
Dangers of Using Spreadsheets
Using spreadsheets to manipulate numbers and data has its inherent dangers. Here is a list of pitfalls, which we believe happen quite frequently.
- Human error: Manual input of data inevitably results in human errors, which can be difficult to track.
- Bad integration: Spreadsheets are often used as standalone tools, which means it cannot integrate with other solutions.
- Logical mistakes: Writing formula on spreadsheets can result in unintentional logical errors.
- Lack of common standard: Spreadsheets are extremely versatile, which means there is often no common standard to govern how they can be used. This results in confusion between users.
Mitigating Compensation Planning from Spreadsheets to Software
Migrating from spreadsheets to a dedicated compensation planning software will eliminate most (if not all) of the pitfalls and hassle. Having a dedicated software simplifies and streamlines the calculation process and ensure that your data is accurate and secure. Besides this, here are some other the benefits a software brings:
- Ensuring compliance to protocols
- Boost engagement through clear representation of data
- Automation of manual processes
Choosing a good compensation planning software can make your managers’ lives much easier by saving many hours of labor that can be otherwise used for more productive tasks. Empower your organization to make smarter decisions with a compensation planning today!
HRsoft – The Leader in Compensation Management
HRsoft is a leading provider of compensation management solutions for strategic HR departments. For more information on our compensation management software, COMPview™ click the link below!