3 Reasons You Should Implement Compensation Management Software

If you’ve landed here to learn about compensation management software, then chances are good that you’ve got your compensation strategy 101 down pat. (But feel free to review this earlier post for a refresher course!) So now, you may be deciding whether your company needs compensation software to accompany the strategy. Let us give you three good reasons why you do.

1. Compensation software enhances the effectiveness of your compensation and benefit strategy, and allows the necessary players within your company to get involved. You see, when everything is stuck in Excel mode – or even old-school paperwork – efficiency is lost, your people get bogged down with busywork, and key decision-makers can get excluded. By putting the proper software in place, like SuccessFactors Compensation, everyone who needs to be involved gets a streamlined view at the plan you’ve put in place, and the necessary steps needed to meet objectives.
2. Compensation management software helps you attract and retain top employees by allowing you to make any necessary adjustments to compensation plans and reward spot bonuses for achievements when they happen. Rewards and adjustments will be digitally tracked for faster distribution and provides employees with a view of their compensation statement.
3. Compensation management software enriches your other HR operations and complements your existing software. Annual reviews, performance assessments, forecasting and budgets, succession planning, recruiting, recognition, reviewing organizational structure, and more can tie into your compensation management software, allowing for more accurate and personalized reports, data analysis, and other ways to funnel pertinent information to optimize your day-to-day processes. 

Implementing a new compensation management software is always easier with an expert by your side. Look to the pros here at AltaFlux help walk you through the process from start to finish — contact us today.