Many of our customers toil with the endless stream of manual processes, spreadsheets, outdated homegrown systems, or perhaps even an HCM solution that might not meet their unique needs or allow for the flexibility they need.
Based on the current compensation trends, I predict that the implementation and administration of variable pay programs is slated to grow for the foreseeable future. As employers look for win-win compensation strategies that will enable them to attract and retain top talent while making the most of the new tax environment, next year compensation pros may find themselves with more sophisticated plans to administer.
Of course, if you’re one of the lucky ones who are using systems that actually reduce the time it takes to manage this compensation cycle – Congratulations!
If not then perhaps it’s time for you to consider a better way, in time for the next compensation season. It might be beneficial to consider fine-tuning your current process to be smoother and less time consuming whether it involves spreadsheets, an HCM suite, or an internally developed solution.
I’ve witnessed firsthand how compensation professionals put themselves in a position to raise their value to their organizations, once they begin using the right tools that provide immediate access to compensation data and modeling scenarios.
Contact me at Bob.Laurenzo@Decusoft.com if you’d like to hear how our COMPOSE team can help prepare you for a more streamlined administration strategy for your 2018 variable pay incentive compensation programs including merit, bonus, short and long-term incentives.