4 Best Practices for Automating Complex Compensation
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Transcript of 4 Best Practices for Automating Complex Compensation
TalentTakeawayswebinar & podcast series
4 Best Practices for Automating Complex Compensation Planning
AGENDAThe Series
Talent Takeaways | Automating Comp Planning
TalentTakeawayswebinar & podcast series
AGENDAThe Sponsor
Talent Takeaways | Automating Comp Planning
AGENDA
Brian SharpChief Marketing Officer, HRsoft
S. Austin MuzumdarSenior Vice President Products & Services, HRsoft
Our Presenters
Talent Takeaways | Automating Comp Planning
The Core of Compensation
Productivity
Retention
Innovation
Profitability
Talent Takeaways | Automating Comp Planning
It started with a simple mission…
Get the most motivation out the allocated budget.
How Compensation Got Complicated
Pay Structures
Globalization
Regulation
Spreadsheets
Talent Takeaways | Automating Comp Planning
The Comp Automation Approach
Streamlining: How to avoid workarounds by building the right automated workflow
Simplifying: How to use automation to delegate & provide decision support
Systems: Leverage automation to improve checks & balances, auditability & scalability
Strategy: Utilizing automated & integrated data to maximize compensation budgets
Talent Takeaways | Automating Comp Planning
EVALUATE
Talent Takeaways | Automating Comp Planning
Evaluating Your Comp Planning Process
What is the current documented process?List out the entire process
What are the most critical components?Challenge anything not working
What steps/processes could be trimmed?Zero based budget model
Goal: Automate a better, more strategic process.
Talent Takeaways | Automating Comp Planning
STREAMLINE
Talent Takeaways | Automating Comp Planning
Building the Right Workflow for Automation
Build a workflow that works for 90% of scenarios
Create a linear approval chain
Utilize reporting for planner accountability
Trust your managers & approvers
Talent Takeaways | Automating Comp Planning
SIMPLIFY
Talent Takeaways | Automating Comp Planning
Using Automation for Delegation & Decision Support
Identify tasks that can be delegated with technology What 3rd party integrations could be used?
Introduce performance based guidelines Easy to understand & execute
Use reporting for manager accountability Empower your managers but hold them accountable
Talent Takeaways | Automating Comp Planning
SYSTEMS
Talent Takeaways | Automating Comp Planning
Build the right reports planner status, budget adherence, etc.
Ensure all user actions are auditable Track all decisions, overrides, etc.
Build flexible processes Applies to strategy and technology.
Talent Takeaways | Automating Comp Planning
Leverage automation to improve checks & balances, auditability, and scalability
STRATEGY
Talent Takeaways | Automating Comp Planning
Utilizing Automated & Integrated Data to Maximize Compensation Budgets
Identify the strategic comp focus What part of the organization is most critical?
Leverage data from performance management Allocate budget in the right places.
Identify values for support & revenue driving roles Retain top performers throughout the organization
Talent Takeaways | Automating Comp Planning
Talent Takeaways
StreamliningAutomate a better, strategic workflow
SimplifyingUse guidelines & 3rd party technology
Systems Build flexible, auditable processes
Strategy Identify org focus & system for valuing
Talent Takeaways | Automating Comp Planning
AGENDAGetting Started
From This… To This
Talent Takeaways | Automating Comp Planning
COMPview™High Impact Compensation Planning Software
HRsoft.comTalent Takeaways | Automating Comp Planning
answer questions
share resources
offer solutions
Strategy Session
Resources & Support
Talent Takeaways | Automating Comp Planning
TalentTakeawayswebinar & podcast series
4 Best Practices for Automating Complex Compensation Planning