A white paper on eliminating spreadsheets by Decusoft
Every business is unique and has its own special needs and requirements when it comes to compensation management. But where all businesses are alike is their requisite for a compensation program that is managed accurately and without error. Organizations that use multi-module HCM solutions are often unable to manage the complexities inherent with today’s rapidly changing variable pay demands. They are forced to work outside of the HCM suite employing manual processes and homegrown solutions.
According to a study by the IOSR Journal of Business and Management, “Human Resource Information Systems and its impact on Human Resource Planning: A perceptual analysis of Information Technology companies,” Human Resource Information Systems (HRIS) help organizations in planning their human resources, both quantitatively and qualitatively and quantitatively. By employing HRIS, companies can store data about the employees, make healthier HR decisions, reduce costs and make more informed decisions with regard to salary planning
and performance management.
According to Ventana Research, one out of four organizations use spreadsheets as their primary tool for compensation planning, with an additional 35 percent who report using spreadsheets often.
Research also shows that more companies are looking towards compensation management products than ever before, with 76 percent reporting that compensation and talent management systems are important or very important, and lack thereof is the most widespread impediment to successful compensation management.