15 Feb Should You Use a Multi Language Compensation Planning Software to Achieve a Centralized Compensation Structure?
If your company has international locations, chances are, it also employs a broad range of employees whose first languages are not English. Thus, it becomes challenging for compensation teams to use the same tools your domestic facilities rely on. To solve this issue, many companies with centralized compensation structures are turning to multi language compensation planning software.
According to a Watson Wyatt Worldwide study, 56% of multinational companies intend to shift to a more centralized compensation structure. The reason behind this objective is largely due to the fact that, despite variations in regional conditions, many companies now aim to maintain the same pay philosophy across the entire organization. And, according to Aon Hewitt, for the overwhelming majority of companies – 88% – this means linking pay to performance.
Indeed, the concept of rewarding employees based on their efforts is a concept that can transcend differences in regions and languages – but only if you have the proper tools to administer it successfully. Trying to translate an entire system or using a different compensation tool for each of your multiple locations are not viable solutions for multinational corporations, whose compensation plans already feature complex data.
Using a multi language compensation planning tool can significantly reduce the administrative burden on your compensation team, and it can also align your multiple locations with your overall compensation strategy more effectively. Additionally, with tools such as currency convertors, you can rest assured there will be no errors made in your compensation plan. Contrast this with spreadsheets, of which 88% have errors (according to University of Hawaii research). Moreover, sharing spreadsheets across the globe can be cumbersome as they are difficult to update, and nearly impossible to protect against breaches in data security. The better alternative is to simply adopt a single, unified system which users across all of your locations can access with ease.
HRsoft is a cloud-based, High Impact Talent Management™ software company that specializes in improving employee engagement and retention for mid-large sized employers. Our High Impact Talent Management System™ includes modules for compensation management, applicant tracking, management software, total rewards, stay interviews, and content management. To learn more about our Compensation Management Software, COMPview, click the button below!