Smart Compensation Planning Softwares are in demand. And here’s why!

Smart Compensation Planning Softwares are in demand. And here’s why!
“Today, we have robust cloud-based compensation software that can completely automate the entire complex activities of the Total Rewards teams.”

The endless impossibilities of crunching numbers to create that perfect model (and yes, accompanied by equally endless possibilities of making errors); spending months together to prepare the roll-out of the compensation review process; incorporating last-minute comp change requests from the management; racing against time to catch the month-end payroll; spending sleepless night to distribute e-letters…well, well, well…this is the story of every C&B professional around the world who has not leveraged best in class HR Tech solutions.

It’s quite intriguing that a high-impact function such as “compensation planning” (that almost always consumes a sizable part of the organisation’s budget) is accorded the least priority in the Digital HR journey. Wonder why? Well, the answer is Total Rewards specialists believe that it is almost impossible to automate the complex function they manage. Is that true? Well, definitely not.

Today, we have robust cloud-based compensation software that can completely automate the entire complex activities of the Total Rewards teams. And these smart HR Tech solutions can effectively deliver on the following compensation planning activities seamlessly:

  • Dynamic compensation modeling year-on-year,
  • Manage a variety of rewards programs simultaneously such as Salary Review, Bonus Plans, Sales Incentive Plans, Equity Programs and Instant Rewards.
  • Change the processes as and when required.
  • Manage last-minute changes by stakeholders and sometimes even during the process
  • Enable seamless communication to employees to share full value propositions and create the right perception.

Key benefits of leveraging Compensation Management software:

  1. Strategic pay scale decisions (including an analytics-based rewards approach) can help organisations increase talent attraction, workforce satisfaction, and engagement, and reduce employee turnover dramatically
  2. Simplifies global implementations of complex total C&B policies, procedures, regulations, etc.
  3. Drastic reduction in paperwork and spreadsheet management time, thereby increasing the efficiency of the HR team manifold
  4. Provide a centralized place to manage all tasks related to employee compensation, giving all users a common experience for various programs.
  5. Support accurate and timely pay-related decisions through product features such as review and reporting tools, automated budget controls, manager decision support, and centralized planning dashboard.
  6. A dollar saved is a dollar earned. Valuable dollars for the organisation are saved as manual calculation and resultant errors become a thing of the past

Globally, while the pandemic has provided a strong flip to performance management solutions, there has been a resultant downstream spurt in the interest for compensation software solutions too. This has been triggered mainly due to market-shifting factors such as data-driven decision making, and an increasing need for efficient compensation policies and talent retention models. Organizations are increasingly deploying such smart HRTech solutions to view and alter related policies if required, and efficiently plan rewards, bonuses, and promotions for their employees.

Compport is one such cloud-based HR software that focuses on Compensation Management, backed by People Analytics & Employee Surveys. Compport offers a tailored fit solution to precisely meet your needs through:

  • 100% configurable modelling and process management capabilities
  • One software to design, simulate and roll out end-to-end compensation plans such as Salary review, bonus and sales incentives, equity/LTI plans and instant recognition plans
  • Intelligent analytics to view the impact of your compensation models even before you launch them, both employee wise and segment-wise, enabling fair and equitable reward distribution.
  • Highly intuitive and informative manager and employee screens, that helps managers make a better decision
  • Total Rewards Statement module which helps you to create a stronger and better perception of rewards through a holistic picture of your employee value proposition
  • Availability of thousands of pre-built reports including basic analytics (such as headcount, turnover, employee cost), compensation analytics (such as population distribution in comparative ratio ranges, or compensation plan-based budget distribution vs utilization), productivity analytics, talent analytics and predictive analytics.
  • 50+ ready-to-launch employee surveys throughout the employee lifecycle or by creating your own customised survey, all of which can be launched in 3 steps within 3 minutes.
  • Any much more….

Compport’s existing and growing capabilities to manage your compensation programs not only aim to bring enormous efficiency in processes and efforts by HR and managers but will also strengthen and accelerate your journey of creating an empowered culture. Learn, test, deploy to see the SEA of advantages through Compport.

This post was originally published here

Find out how Compport can help you manage all your Compensation process, book a demo today!

Share this post

Recommended articles

May 3, 2024

Rethinking Rewards: Continuous Reviews for the Equitable Workplace

It's time for companies to shift gears and use continuous compensation reviews to fuel engagement and fair compensation at the workplace
Read More
April 1, 2024

Understanding Total Compensation: Beyond the Salary

Discover the holistic view of total compensation beyond salary. Learn its components, importance, and how to calculate it effectively.
Read More
April 1, 2024

The Future of Work: 4 Key Total Rewards Trends You Can’t Ignore

The landscape of total rewards is evolving. For the younger generation, the emphasis is on personalization, instant recognition for their efforts, and a holistic well-being focus. HR leaders need to design a data-driven total rewards program to match the employees' preferences
Read More

Learn how Compport can help your team

Get a Demo
!-- Start of HubSpot Embed Code -->