When you started in business, chances are your compensation management system consisted of a spreadsheet or small out-of-the-box solution. As your business grows (and that is the goal, afterall!) you may find yourself in a position where that spreadsheet is no longer manageable and that out-of-the-box solution just isn’t getting the job done.
Congratulations! This “problem” is a direct result of your solid business strategy and continued hard work. Now it’s time to embark on a better way to manage compensation and benefits for your company.
No Time for Status Quo
Limping along on the old manual methods is tempting, because change is “hard.” The truth is, the sooner you invest in a configurable system to manage compensation and benefits, the sooner you can focus on other ways to grow your business.
But, how will you really know if it’s the right time to invest in a SaaS-based compensation management solution?
There will be signs.
For most companies, there are plenty of signs that point to the need for a more robust compensation management solution. Some of these are obvious pain points, while others may be a little more subtle. Here are a few of the things we’ve found that indicate your business is ready for a next-level management solution:
- SO Many Spreadsheets. If your team is managing multiple spreadsheets for compensation and benefit information, and struggling to do so, this is sign number one.
- Time (Maybe Even Overtime). In addition to the difficulty of managing multiple spreadsheets, this does not take into account the time it takes to enter manual data, retrieve information, troubleshoot or respond to employee questions about their compensation and benefits. Creating and accessing reports can take days (or months!) and by the time you see them, may even be obsolete.
- Unhappy Staff. When you rely on manual processes for comp and benefits, your staff is engaged in a continuous cycle of always trying to catch up. They may be working many hours to attempt to do so and can quickly become unsatisfied with their roles. Unhappy employees are more likely to leave, which only adds to your HR staff workload.
- Mistakes. Manual entry and data errors just go together. It is reported that 88 percent of all spreadsheets have “significant” errors in them. Even the most meticulously created spreadsheets contain errors in 1 percent or more of all formula cells. A majority of errors reported were caused by human error—meaning they could have been completely avoidable. Errors are never good, but they are especially
egregious when it comes to the compensation and benefits your employees expect and deserve.
- One-Size-Fits All Isn’t Working. Home-grown or manual spreadsheet systems are a bear to change, but you are well aware that business growth requires change. Anytime you offer new or additional benefits, or implement a different insurance program, it requires reinventing the wheel to manage the resulting data. Or even more likely, you are living with a system that really isn’t configured to your specific needs and just trying to make it work. You don’t have to live this way!
If you recognize any of the signs mentioned above, you should at least begin a fact-finding mission to find a better solution. You don’t have to go it alone. Complogix provides compensation management software to help organize your HR comp and benefits data, getting sensitive and private data off of those spreadsheets and into an accessible system for easy management.
When you are ready to discuss your options, contact CompLogix. We are a small business with big solutions that can be configured to your business’ specific needs.