Every day we talk with compensation professionals who share with us that they can no longer rely on spreadsheets because of their inability to find data quickly and efficiently; not to mention the potential for inherent calculation errors, version control, and security issues.
Many companies purchase an HCM/HRIS system and choose to customize it beyond the preset standards. Take Workday for example. This gold standard software is designed to address critical HR Management, Recruiting, Talent Management, Learning, Performance Management, and Benefits Planning needs. However, after implementation, users who have complex calculations in their Total Reward programs – such as Merit, Bonus, Long Term and Short-Term Incentives – may wish to add additional functionality.
Taking this into account, their ideal scenario would be to have a customized high-performance add-on that serves as a central repository for compensation functions that provides greater flexibility. This would include tools that allow them to create custom grids versus using standard templates as well as modeling capability. It would also allow for yearly plan changes/configurations and direct preparation of compensation statements (from the same platform versus a separate module), reporting and analytics, etc.
In other words, goodbye to spreadsheet limitations.
We designed COMPOSE compensation management software to easily integrate with an HCM system like Workday, allowing users to leverage their investment in existing processes and infrastructure. It’s a highly functional, flexible tool that’s a centralized repository for compensation management regardless of what HCM/HRIS system is in use.
A compensation management/total reward program that covers all the bases is critical to your company’s success. Having a tool that’s easy to use, customizable, and comprehensive isn’t only an optimal solution, but the right choice that helps attract the best talent, increases employee engagement and fosters productivity.