If you’re still using a spreadsheet, or some other manual process, to manage your employee’s compensation allocation, it’s likely due to one of two reasons.One, your company’s compensation plan is unique, and you’ve never found a tool that works for you. Or, you have a small to medium-sized business, and you simply can’t afford the software that are available in the market.
Let’s delve into these scenarios and look at a potential solution.
Scenario #1: Our Employee Compensation is Too Complex
Today’s workplace has changed significantly compared to 20, 10, or even five years ago. People are more mobile, and businesses have embraced a global economy.
The result is that businesses, no matter where they’re located, have employees that aren’t necessarily in one location. Some people are in the office, but others are working remotely in a different city, state, country, or region. And that means a very complex employee compensation plan that most worksheet simply can’t handle.
Even if your employees are all in one place, you might have a uniquely structured bonus or commission plan. You may also offer stock options as part of compensation, and the only way to track it is by using a huge, confusing spreadsheet.
The problem with this scenario is that using this method to calculate compensation exposes you to big liability potential. Using a spreadsheet is subject to human error. If one number gets entered incorrectly, then you could easily pay someone wrong. And, the more employees you have, the more confusing your plan and spreadsheet will become, which only poses more opportunities for error.
Scenario #2: Employee Compensation Software is Expensive and Takes Too Much Time
Most small-mid businesses have a tight budget. One way that you might save money is by using a self-created worksheet which is basic and can’t handle complex compensation plans.
Or, you’ve tried to upgrade to a better compensation system. However, you found out that it would either take too much time to implement or cost too much to customize.
The problem with this scenario is that to manage a complex spreadsheet is likely consuming more time than it should. Plus, as mentioned previously, you’re also risking the potential for human error, which can cost you more in the long run.
Solution: Affordable, Customizable Software for Any-Sized Company
Instead of wasting time trying to manage a large spreadsheet or working around expensive compensation software, you can have access to a more efficient and affordable system.
CompensationCloud is a customizable system that works for any sized company in any location. The software is designed to:
- Easily streamline and manage complex employee compensation plans
- Configure rules and regulations for employees in multiple locations
- Maintain compliance and set rules to assist with HR audits
- Create customized reports to analyze data and track company goals
CompensationCloud is an affordable alternative to calculate compensation that comes with free initial setup and training, and there are no surprise fees. It’s sleek, modern design features drag and drop functionality that’s easy to learn and manage.
Discover how to stop wasting time with a confusing spreadsheet and start saving time and avoid risk with customizable software.
If you’d like to learn more about CompensationCloud or request a free demo, click here to contact us today.