15 Jun The 3 Rules for Choosing the Best Compensation Planning Software
To help align their processes and handle the complexities of today’s growing, fast-paced work environments, businesses are turning towards automated, strategic solutions. One such solution is compensation planning software. When an organization implements compensation management software that meets their unique needs, they are able to build an aligned and accurate compensation planning process.
While every company is different, here are some must-dos that all professionals should consider when seeking out the best compensation planning software for their companies:
- No More Spreadsheets
Data published by MarketWatch suggests that 88% of spreadsheet documents have errors, and for spreadsheets with many formulas, there could be dozens of errors that are easy to overlook. Case in point: according to Forbes, JP Morgan lost “several billion dollars” after they cut and pasted data from one spreadsheet to another. There’s simply no room for errors with something as important as your company’s compensation plan, so seek a solution that provides an effective alternative to Excel spreadsheets.
- An Ability to Reward & Recognize the Workforce
Rewarding and recognizing individual contributors for their above-and-beyond performance is an integral tactic for driving high employee engagement levels. To have the greatest impact on employees, recommends rewarding them in a specific, timely, and personalized manner. Automated compensation planning solutions that have real-time alerts and active advice can help managers make quick decisions about awards so that high performers are recognized and rewarded, and thus more likely to stay engaged and committed.
- Complete Security
Your compensation data is some of the most sensitive information that your company possesses. As such, your compensation planning software should have stringent security features that adhere to Web Content Accessibility Guidelines.
Searching for software that meets the above criteria will not only make compensation planning processes run more smoothly, it will also help your company keep its people engaged while ensuring that your compensation data is accurate and secure.
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!