How much time, effort and money is your firm spending on data security?
It is no exaggeration to say that you cannot be too careful with corporate information today. The stakes are higher than ever and there are endless ways that you can run into problems.
Any combination of malice, negligence or happenstance can produce catastrophic results. Malware. A typo in an email address. A hard drive failure. A phishing victim. There are so many vulnerabilities.
Unfortunately, so many firms are still leaving themselves exposed with their compensation data.
If your firm uses Excel for compensation, I’m sure you understand the risks and you probably know that it is not the most secure way to process this type of information. But the reality is your program evolved to this point. You either started with something easy and it has gotten more and more complicated or you went with Excel on purpose to custom build the exact, complex program that you couldn’t get from your HCM.
Being committed to your Excel solution is completely understandable, but there is another way. A safer way – that doesn’t concede any of the functionality. An automated compensation system will allow you to replicate the Excel set-up that you are used to while getting all your data into a secure, centralized system.
Your firm is spending money and resources to secure your client data to the highest standards. Your employees deserve to have their information secured as well.
For more insight, see our recent whitepaper, “How to Best Manage a Complex Variable Compensation Program in the Financial Services Industry“.