08 Apr Your Company Needs a Compensation Solution. Now What?
Many HR professionals find themselves facing down complex compensation plans, and are left wrangling error-prone, cumbersome spreadsheets. If this sounds familiar, your organization is likely an ideal candidate for a compensation solution. Software designed exclusively for compensation planning can streamline and automate tedious processes, while reducing errors and meeting the precise needs of your enterprise. Yet, once it’s determined that you do in fact need a better way to manage compensation, how do you go about actually implementing a solution?
Change isn’t always easy, but it is worthwhile. Here are the steps you can take to get your stakeholders on board with a technology investment for compensation management.
1 Identify Your Needs
First and foremost, you must pinpoint the challenges you’re facing within your compensation management practices. Perhaps you’re struggling to keep track of different versions of spreadsheets throughout the organization, or maybe managing global currencies has become too complex. Define your needs, and then obtain financial information about your enterprise to determine if there is a specific rate of return, or hurdle rate, needed to pursue a technology investment.
2 Research Vendors
When making your argument in favor of a tech investment, it’s important to be as informed as possible. To that end, you should perform thorough research to seek out vendors whose products can meet the needs of your organization. Gather as much information about different solutions as possible, and consider viewing demos to see the tools in action.
3 Make a Compelling Business Case
To build a business case for HR technology, you’ll need to not only define the positive outcomes of the investment, but also outline the facts, costs, and ROI of the project. The information you’ve gathered from the first two steps should guide you. Once you have the data you need, present it in the way key stakeholders like to see it, whether that’s charts or graphs, so you can “speak their language.”
4 Seek Buy-In at Every Level
A new software implementation may seem daunting, but if you can get your colleagues to see the big picture of how a new solution could benefit the business overall, you’re more likely to get support through every step of the process. After you’ve developed a compelling business case, share it with those who will actually be using the system, including managers.
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.