If you’re exploring compensation technology (CompTech), you’ve likely discovered just how many options are out there and how different they are.
Some tools specialize in salary survey data and market pricing decision mangement. Others are built to manage the annual compensation cycle which includes capturing merit increase decisions, bonus payouts, and long-term incentive grants. Then there are platforms that help with pay equity analysis, job description management, pay range modeling, pay communications, and aggregated job posting data.
So how do you decide what’s right for you?
Start with this question: Do you want a best-in-class tool or one that integrates with your Human Capital Management (HCM) system?
Sometimes you can get both but often, you’ll have to choose.
Next, define your priorities. Consider:
Data security and role-based access
Approval workflows that match your org’s governance
Ease of use for both HR and business leaders
Analytics and reporting capabilities
Pay equity features: Can it support proactive real-time analysis or is it a point in time analysis tool?
Complexity support: Does it handle complicated pay programs or just basic ones?
Flexibility: Can it manage multiple types of pay programs, or is it narrowly focused?
Once you’ve clarified what matters most, you’re ready to schedule demos and rate each vendor’s ability to meet your current needs and your needs as you grow.
There are some amazing tools out there and some that overpromise and underdeliver. The key is finding the one that fits your needs, compensation programs, and governance model.
Need help? My team works with employers to evaluate CompTech solutions and identify the right fit based on your goals.
Let’s get your comp programs the tech support they deserve. That way you can focus your time and energy on providing consultative advice to business leaders.
Here is a link to the NovoInsights CompTech Category Assessment Reports that provide the user’s perspective on the CompTech available. https://www.novoinsights.com/comptech
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