Every business is unique and has different needs when it comes to compensation management. However, regardless of the industry, all compensation services must be managed accurately, efficiently, and securely. Organizations that use multi-module HCM solutions are often unable to manage the complexities inherent with today’s rapidly changing variable pay demands. Organizations use compensation management software to design and execute their compensation goal.
Compensation management software is used to administer pay using an administrative dashboard, create compensation reports and manage compensation payments to employees.
Here are the top 3 reasons you should upgrade your Compensation Management Software today.
Unfortunately, the majority of data breaches occur within an enterprise. According to Verizon’s 2015 Data Breach Investigations Report, individuals within a company are responsible for about half of all security breaches, while staff mistakes are responsible for 30% of all cases, such as sending confidential information to the wrong recipient. A short email from a hacker posing as the CEO could cause a massive data breach at your organization.
Furthermore, many workers are either unaware that spreadsheets can be password protected or do not believe it is essential. Compensation Software improves the security, reliability, and efficiency of your organization.
Automating your compensation program with compensation software allows your business to cut down on lengthy, complicated processes and workflows, freeing up your employee’s time to tackle more critical company goals. Compensation Management software can help your organization evaluate data in a centralized environment, allowing for control by maintaining oversight at a corporate level, saving managers time.
Compensation software allows for audit and access controls, which are essential for regulatory compliance. It’s an easy matter for management to obtain details quickly to comply with regulatory requirements. The framework can generate personalized notices instead of sending unsecured emails back and forth about salaries, promotions, and overtime permits.
Many companies believe that compensation software is an unnecessary expense and are hesitant to implement it. Compensation tools can result in significant cost savings for an enterprise. Implementing compensation software reduces or removes errors. This saves the organization money by avoiding overpayment and reducing the number of man-hours needed to resolve the issues.
For many compensation and HR departments, spreadsheets became the go-to for managing complex compensation packages. While it may seem simple, an over reliance on spreadsheets can dramatically increase the risk of major errors in your compensation process. Spreadsheets can be accidentally or maliciously edited to reflect incorrect numbers, and can be easily misread leading to inaccurate reporting.
Decusoft Compose delivers the future of compensation automation, today. Power your compensation planning, administration, and management with a secure, web-based centralized platform designed specifically for compensation professionals. Contact us today for more information on Compensation Management Software.