Looking into the near future, it’s clear that automation will soon become a prominent part of all of our lives. Everything from the highway (whether it’s a simple sedan or long-haul truck) to restaurants and grocery stores will be run by computers within a couple of decades. But automation isn’t just a wistful potential when it comes to compensation management. SaaS compensation management solutions can automate many different processes in compensation administration, making the process smooth and efficient rather than long and arduous.
With an SaaS compensation management system, managers can securely log in to the system through a web browser, enter the data about his direct reports into the system, and from there it’s automatically incorporated into the system at large, as well as sent up the approval chain automatically. First, this means that users don’t have to wait for data to be sent over unsecured email to be added to a spreadsheet document by the user. This means that there’s less chance of some mistake being made along the way, derailing the whole process as you try to determine what went wrong and where.
This also means that there’s less chance that someone will gain unauthorized access to the system. Based on a user’s access level they only see what’s necessary to complete their part in the compensation process. User auditing also allows administrators to see who accessed the compensation management system, when they accessed it, and what they did as they were accessing it. Not only does this increase the security of your data, but also allows you to track down discrepancies or other errors that may have popped up along the way. Users no longer have to pore over giant spreadsheets trying to find errors.
When data is automatically added to the system as a whole, any relevant totals and balances, such as merit or bonus pools or the comp budget as a whole, are automatically updated to reflect that data. The HR or Comp department will be able to see at-a-glance if they’re on budget and what they’ve got to work with. The compensation management system also performs any necessary calculations and conversions (such as currency conversions).
Our cars may not drive themselves yet, but automation can still make the compensation management process as painless as possible.