Making the decision to invest in a compensation management solution is only the first step of the process. After this, your organization needs to consider which compensation solution is the right choice based on your specific needs and goals. While there’s no one-size-fits-all solution, there are a few key things to keep an eye out for when searching for the right compensation solution.
- Accessibility: If you’re going to invest in a compensation management solution it’s a good idea to make sure it’s easily accessible by everybody in your organization who will need to be using it. SaaS solutions accessible through web browsers are a good idea, because it doesn’t require any sort of specific hardware to be usable. That means you don’t have to make sure your computers have the right specs to run the solution, nor do you have to worry about server hosting or maintenance. All that’s needed is a web browser and the user’s credentials, making it easy for managers and executives alike to access the system quickly and easily when the need arises.
- Automation: One of the main reasons to invest in compensation management solutions is how much easier they make the compensation process, and automation is a huge part of that. The less that the user has to calculate and manage, the better it will be for everybody. Everything from the approval chain to updated totals in merit and compensation pools should be automated so that users don’t need to make calculations or hassle other employees for necessary data. In essence, the compensation solution should take all of the busywork out of the equation for the end-user. Not only does this save time by cutting down on the need to perform menial tasks, but also because it greatly lessens the chance that an error will be made somewhere along the way. And if an error is made, it’ll be easier to see where it is so that it can quickly be fixed.
- Security: Compensation data is sensitive, and should be protected as such. It’s probably a good idea to ask the developers where the servers are hosted, what manner of security they use to protect their clients’ data, and so on. User auditing is also an important feature, because it allows you to see which user accessed which part of the system and when they did it. This makes it easier to find mistakes (as mentioned above) but also lets you keep tabs on who is getting into your system and what they’re doing when they’re in it.
Finding the right compensation management solution may seem daunting, but if you keep these three key features in mind when searching for the right fit for your organization then you’re off to a good start. Remember that you want something robust yet simple to use, as the reason you’re searching for a compensation solution in the first place is to add some much-needed simplicity to the compensation process.