Compensation management is one of, if not the most complicated process handled by an HR Department. In Financial Services and other select industries, it becomes even more complex. Although many firms use similar approaches to structuring their plans, at the end of the day, they all have very unique ways of managing compensation.
For most, a difficult process becomes more frustrating without the right tools. As firms explore the best way to handle their unique configurations, there is often a natural urge to try and build a custom solution to solve the issues yourself. In this document, we take a look at some of the unforeseen pitfalls that can await you down that road and offer a perspective on the benefits of finding the right web-based (SaaS) best-of-breed solution.