So you think your compensation software has what it takes to handle your organization’s compensation data? It may seem robust enough to take what you throw at it, but there may be certain areas where it’s lacking. Certain areas where it’s not performing as well as it could – resulting in a loss of productivity, time, and ultimately money. If you really want to make sure your compensation management software is up to snuff, make sure it has these things:
AUTOMATION:
How much manual work do you have to put in to your compensation management software to get to the desired end result? Can compensation and merit pools be updated in real-time? Can your compensation software convert currency and taxes based on which parts of the globe your organization operates in? Do you have to wait on emails from managers on direct reports, and then input that data manually into your compensation system? And what about your approval chain – do you need to wait for emails to be sent to each person along the chain and wait for them to okay changes or adjustments to your employees’ compensation? A good compensation management solution should be able to automate all of these tasks, and more. Can you say the same for yours?
COMPATIBILITY:
How easy is it for your employees to access your compensation management software? Is everything hosted in-house, requiring them to log in to a specific company machine that lets them input compensation data? Does your compensation software require a large amount of processing power, meaning costly equipment upgrades and server fees? With the introduction of SaaS compensation solutions, in-house hosting has largely become a relic of the past. These days, any compensation management solution worth its salt will be cloud-based. It will be accessible by any device provided the user has access to a web browser and the proper login credentials. Which brings us to…
SECURITY:
Just how secure is your compensation management software? Does it have user auditing capabilities? In order to ensure complete security, your compensation software should allow you to see every time the system is accessed. Not only that, but it should show you who accessed it, when they accessed it, and every exact change they made while they were accessing it. How does your compensation software handle encryption? Are the servers hosting your solution US-based? And how much sensitive information are you still sending over unsecured email, rather than directly into your compensation system?
These are just a few questions to ask yourself to make sure your compensation management software is performing up to par. If you can’t find satisfactory answers to these questions, it might be time to invest in a better compensation management solution.