04 Apr What to Look for in the Best Compensation Management Software for 2019
Technology evolves quickly, as do the needs of your organization. The best compensation management software should therefore leverage up-to-date technology and have the ability to scale with your business. As you browse through options to fit your company’s compensation planning needs, here are a few key qualities to look for.
Easy Access to Compensation Data
HRlab.com urges employers to seek out a solution that provides convenient access to compensation data for all users – not just compensation professionals. After all, one of the main reasons to consider implementing compensation management software is to empower your managers to take a more active role in pay decisions. You should therefore seek out a solution that makes data access simple and efficient.
One of the most important features of compensation management technology is the ability to configure the solution according to your enterprise’s unique needs. Whether you need to convert global currencies into USD or you’re looking to automate some of your more time-consuming manual compensation processes, configurability is a key must-have qualities to look for.
Robust Security Features
The majority of data breaches occur through external means, which is why it’s essential to seek out top-notch security in your compensation management solution. Your compensation data is among your enterprise’s most sensitive information, so it’s critical that your solution has a strong line of defense to keep hackers out. Moreover, there should also be access control measures in place to ensure only authorized parties within your organization can locate pay data.
Advanced Reporting Features
The ability to see allocations by divisions or departments, among other critical compensation data points, is tremendously useful for following a cohesive planning cycle. Reports should also be sharable and configurable to meet the needs and expectations of key stakeholders. For added convenience, you should be able to filter information as needed to achieve both holistic overviews and drill-down capabilities.
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.