If you’re working in an HR or Comp department, administering compensation to employees can sometimes seem like a necessary evil rather than a normal and vital part of your business. Tracking down employee data from managers, glancing back and forth at spreadsheet programs while painstakingly entering endless amounts of data by hand, and having to go back and find out where the inevitable mistake was made – the very thought of all of this is enough to raise one’s blood pressure. But compensation management doesn’t have to be such a hair-pulling experience. Compensation management software can make the compensation process (and your life) easier. How, you ask?
- Compensation Management Software Saves Time: With a compensation management solution, you no longer need to pester managers to cough up the data on their direct reports and wait for them to find the time out of their busy schedules to do so. All they have to do is access the system through a web browser, enter the necessary information, and that’s it – it’s in the system, ready to be used. Which means no going through by hand and manually entering the data into a master spreadsheet file. And with an automated approval system, each person up the approval chain is notified whenever their input is needed.
- Compensation Management Software Reduces Errors: The problem with maintaining and updating a master compensation spreadsheet by hand is that at some point an error’s going to occur. Even something as miniscule as misplacing a single digit can require poring over reams of data in order to find the offending variable, gumming up the works and bringing the entire process to a screeching halt. Also, budgets and amounts are updated in real-time, so you’ll be able to more quickly and easily see if something has gone amiss and fix it before it gets buried under all of the other data in the system.
- Compensation Management Software Saves Money: Yeah, it may be cliché to say that time is money, but when you’re dealing with business this is often quite literally the case. Not only does a prolonged and problematic compensation period take away time from other aspects of running the business, it also necessitates overtime pay in some cases, which can really make the compensation management process more expensive than it needs to be. Compensation management software saves you time so you can get back to your day to day operations and don’t need to put undue pressure on employees. Which leads me to my final point…
- Compensation Management Software Reduces Stress: By taking all of the hard, menial, tedious work out of administering compensation, compensation management software can turn what was once an arduous and dreaded task and make it fast, easy, and painless.
If your organization looks on compensation season like a dog looks on going to the vet, it may be time to start thinking about a compensation management solution to ease the pressure and make your life a little bit easier.