23 Jan Should You Build or Buy Compensation Planning Software?
If your company has an advanced IT team or software developers, you may be considering building compensation software to fit your organization’s evolving needs. Yet, any time a new technology initiative is on the horizon, most business leaders find themselves facing the build versus buy debate. Should you consider purchasing compensation planning software instead of building it internally? In most cases, purchasing an existing solution is the winning choice – find out why below.
The Build vs. Buy Debate
Many organizations build software when they feel that their company has very specific needs which can’t be met with out-of-the-box solutions. Yet, today’s compensation software has come a long way, and is now more configurable than ever. They’re also highly flexible and pair with your existing systems for a seamless, hassle-free integration.
Here are a few other reasons to consider investing in an existing compensation management solution:
- Scale with your business: Compensation planning solutions are built to grow with your business, and will accommodate new plans as they’re introduced along with any existing plans you have in place. Some even allow for unlimited plans, which is useful for especially large organizations.
- Leverage intelligent features: Tools such as real-time currency conversions make traditionally challenging compensation planning steps simple and quick.
- Gain control over compensation: Compensation solutions give you complete control over the compensation cycle, including everything from budget modeling to employee communication. With support tools, parameters, real-time visibility, and audit trails, your managers will have the features they need to make the best pay decisions from the start.
- Save your company time: Since compensation management software is highly configurable, it comes with everything your company would need to accommodate specific workflows and strategies. This means your software developers and IT teams can free their time up to focus on other important initiatives, and you can begin implement a pre-built solution with minimal time and effort.
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.