Despite the foundational role compensation plays in talent strategies, many organizations continue to manage compensation market analysis, strategy development, and program administration using spreadsheets. Managing compensation processes in spreadsheets can be done, and can even be done well in some cases. But the pitfalls of handling complex compensation tasks in spreadsheets are well known: spreadsheets are prone to human error, require a high level of expertise to move beyond simple analysis, and are not scalable across decentralized groups.
This paper explores the five areas in which organizations can improve via the adoption of compensation technology solutions: efficiency, consistency, visibility, transparency, and trust. Leveraging technology for compensation market analysis, program design, and administration provides tactical gains such as time-savings, risk reduction, and increased productivity, but may also impact larger organizational outcomes like profitability and employee engagement.
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