26 Nov What Makes Compensation Planning Software Unique?
If you’re looking for technology to support your compensation planning process, you may be comparing different types of solutions. While you might wonder whether you can continue using spreadsheets or choose a more basic type of HRIS software, the fact is that compensation planning software has unique features which help you make pay decisions more effectively. Here’s why you should look for a best of breed solution to power compensation management in your organization.
If you have multiple compensation plans, you may struggle to maintain control over each. Compensation planning solutions allow you to establish predetermined rules for each plan, and can also initiate and manage the process with your line managers to facilitate simpler collaboration. Plus, you can achieve ongoing visibility into pay decisions with audit trails and keep track of awards as they’re made in real-time.
Compensation technology is meant to integrate with your other tools and systems. It allows you to pull data from sources such as pay-for-performance systems, payroll, and your HRIS software so you can enjoy a seamless flow of data. This eliminates redundant, time-consuming data entry, thereby also minimizing the risk of human error to improve accuracy in pay decisions.
Support of Global Currencies
While spreadsheets may work for smaller organizations, multinational companies need a compensation solution that supports global currencies. Software designed exclusively for compensation comes with advanced features, such as up-to-the-moment currency conversions to help you make pay decisions for any of your locations. This will prevent you from having to toggle between tools or apps, so you can save time and rest assured that your pay is being allocated accurately.
If employees don’t understand how their pay is broken down, they’re not understanding the full value of employment in your organization. This could lead to disengagement, and ultimately, increased turnover. Compensation software is equipped with features that can help you drive communication around total compensation, including benefits statements, to drive transparency and employee engagement.
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.