22nd May 2015
“I know nothing stays the same…. But if you’re willing to play the game…..It will be coming around again…coming around again”
Ah yes, Carly Simon’s wistful lyrics will have parallel meaning for most Reward Managers at this time of year……Comp Season is coming around again and in today’s business environment nothing truly stays the same…..
So most of you are now probably working on planning budgets, processing market data and kicking off the compensation review season. Three key questions before your heads are completely emerged in the season:
Am I empowering line managers to make informed pay decisions?
I need to do this to ensure their decisions are fair and consistent but can only do this by providing them with relevant information in a user intuitive fashion. Spreadsheets are not great for this; they don’t easily support collaborative use and do not allow line managers to easily calibrate key information on employees, their market positioning, their performance and compensation history.
Do I have the required Governance in place for appropriate approvals and to ensure recommendations are made in line with corporate guidelines?
Spead sheets don’t offer you the ability to track submissions and approvals or ensure that appropriate levels of approval have been achieved in a manner that is not administratively burdensome. Similarly, while many organisations say they pay for performance many do not provide any guidelines to managers on allocation in line with performance outcomes.
At the end of the process will I be able to accurately report on what are we spending and are we getting maximum impact for what is spent?
Or will all my time be spent managing data and spread sheets that I won’t have the time to lift my head above the parapet and add real value and insight to Senior Leaders.
If you answered ‘No’ to any of these questions it’s probably time to consider a better way or managing your compensation review and considering introducing Compensation Planning Technology. Don’t worry that you are too late for this year’s compensation round you are still in time to win budget for implementation for next year. Because you know what next year …… It will be coming around again…coming around again