Compensation management is a crucial aspect of HR, but many organizations struggle with the limitations of HRIS/HCM compensation modules. These modules have proven insufficient for managing anything more than simple compensation strategies, creating compensation chaos.
As a result, organizations are faced with making one of two choices:
- Eliminate specific, differentiating compensation strategy elements in favor of vanilla approaches. Making organizations less competitive in their management of human capital.
- Manage the compensation lifecycle in conjunction with outside the HCM/HRIS—in Excel—to accommodate customization. Leading to major OpEx exposure due to errors – estimated at 1-3% of total comp spend annually.
There is a third option.
Compensation Chaos Solution
HRSoft brings order to compensation chaos by digitally transforming the ongoing lifecycle of compensation management. HRSoft’s COMPview provides a digitized, integrated solution for designing, launching, collaborating, and optimizing even the most complex compensation strategies.
COMPview brings all disparate compensation-related data into a single unified system, with the right level of transparency for stakeholders across the organization and adjacent HR systems.
With HRSoft, organizations can confidently design customized, multi-faceted compensation plans that reflect their values, entice new hires, align employees to value creation, and reduce costly turnover. Additionally, by eliminating the risk associated with spreadsheet-based management of compensation cycles, organizations can recapture of OpEx that’s as much as 1-3% of total comp spend annually.
HRSoft also offers increased speed and agility in iterating compensation approaches in response to market dynamics, emerging hiring outcomes, financial conditions, and competitive pressures. By unifying workflows that typically happen in spreadsheets and over email, HRSoft eliminates slow manual efforts and frees up HR teams to focus on compensation strategy and optimization.
Furthermore, by integrating employee performance metrics within compensation management workflows, teams using HRSoft gain unmatched precision in aligning compensation drivers to employee performance. This increases return on overall compensation spend and aligns resources to value creation, bringing the power and business impact of digital transformation to the least automated process in HR, allowing organizations to bring order to compensation chaos.
See a short self-guided tour of our product to see how we can help eliminate compensation chaos.