Priorities of employees within an organization tend to change with time. This implies that there is a requirement for a reliable compensation software solution within the organization to help meet the respective priorities. A reliable compensation planning software or tool is aimed at planning as well as streamlining employee compensation.
Employers make use of the best workers compensation software tool to plan as well as budget for non-monetary and monetary employee benefits. They help in managing the overall employee benefits through the administrative dashboard of the software while also developing key performance indicators.
What is Compensation Software?
A compensation software or system is helpful in providing seamless management of the respective compensation packages. Ultimately, it leads to higher performance, employee job satisfaction, and a higher employee retention rate.
A number of both small-scale as well as big organizations of the world are embracing the wide range of applications of the compensation software solution over Excel. According to a study report, it is estimated that the adoption of a feature-rich compensation management software solution is going to reach the market value of around $2.3 million. At the same time, the CAGR growth tends to be 8.6 percent. This implies that more employers across the world are adopting the high-end features of a compensation planning tool to execute the respective compensation strategy.
7 Benefits of Using Compensation Software Over Excel
Microsoft Excel serves to be a great software solution for ensuring seamless data organization. At the same time, Human Resources is known to incorporate huge amounts of data. Therefore, anyone working in the HR field will require basic Excel knowledge and skills. While Excel delivers access to a wide range of features, there are several more advanced features offered by a dedicated compensation planning software solution.
Some top benefits of reliable compensation planning software or tool are:
An effective employee compensation software solution can help in providing managers with accurate data and reports. Employers make use of such reports along with detailed compensation statements to ensure the right decisions.
For instance, the system makes use of relevant data to predict cash flow. This helps in making the right plans for future purchases of assets or prioritizing allocation of employee compensation. The use of relevant data in the process of decision-making can help in eliminating the overall guesswork. It also helps in allocating budget required for competing items in a proper manner.
Most of the HR or Human Resources platforms feature all HR-centric information. The interface serves to be a dedicated dashboard or control panel. Employees are able to access the same with any connected device. As they would clock in for their shifts, they can do it with the help of the portal. Upon requiring HR information, they can obtain the same from the dashboard.
Employees are also able to access time cards, PTO accruals, and benefits information. These are specialized tools for requesting time-offs and shift changes. Workers can also go ahead with updating direct deposit information without heading to the HR every time. In this manner, the overall scenario of employee self-service improves significantly.
Minimal Learning Time Required
Like Excel or spreadsheets, the initial installation process of a reliable compensation software solution will also require entering data and uploading formulae. However, once the process is complete, the entire payout process becomes highly efficient. Moreover, it takes minimal time and resources to set up the entire software or application.
With the help of a feature-rich compensation management software solution, an average organization will take only around three weeks to complete the entire payout process.
Improved Team Performance
When you have access to a single platform responsible for accessing information to all the involved members with respect to commissions lost or earned, it helps in encouraging everyone within the department to work harder towards achieving the specific goals.
When everything is well-defined in a single platform, it helps in minimizing unnecessary conflicts arising because of the overall lack of information exchange amongst its members. When you get rid of complicated Excel spreadsheets, it will ultimately make things easier for both the parties involved.
Minimal Data Entry
As you hire a new employee, you will enter basic information about the employee. It is the last time you are expected to do it. A reliable compensation software solution is capable of leveraging the data for performing all other core functions. For instance, the time & attendance feature of the application will create the automated time card. The onboarding function will send an email to the employee. The payroll system will go ahead with issuing the check.
HR managers are no longer expected to collect and rectify time cards at every instance. This is achieved with the help of minimal data entry through a feature-rich compensation software system.
Easy to Analyze Data
Leading programs are known to offer access to real-time reports. With only some mouse clicks, it is possible to compile in-depth reports on HR-centric KPIs. It will take ample Excel knowledge to create such detailed reports.
Improved Team Productivity
A reliable incentive compensation management system can help in saving both time & money as there is no longer requirement for manual work. Therefore, it helps in minimizing potential errors due to data entry or human errors. It also helps employees to waste less time in analysis, computation, and other relevant tasks.
What Makes FutureSolve’s Compensation Software Ideal for Your Business?
FutureSolve extends a feature-rich compensation management software system help you manage the entire compensation process in a single, unified platform. CURO Compensation Management software by FutureSolve is a highly configurable cloud-based solution offering both complex and easy salary review processes, long-term incentive awards, and bonus processes -all under a single roof. CURO ensures that compensation recommendations remain in line with the right governance while being fair, risk-aligned, and equitable.
The Pay Equity software solution by FutureSolve also helps in analyzing pay equity gaps. This allows you to create an inclusive and equal workplace.