Compensation management is one of the most critical and complex processes for a global company: Why is it critical? Not only because it often represents the largest part of your company’s total costs, but more importantly because it is one of your company’s most effective tools to drive its human capital. Why is it complex? Because local markets vary in terms of talent expectations, pay practices and local regulations, not to mention issues of language, currencies, and culture. To get local buy-in while retaining control and meeting business objectives requires a compensation management system that provides a consistent framework, but with flexibility to adapt to local needs.
If you are a global company, you have likely outgrown the ability to use Excel to manage compensation. Excel is not designed to be an enterprise platform, and so requires substantial manual effort and presents challenges in terms of data accuracy and reliability, security, scalability, maintenance, reporting, transparency, and auditability. It also requires you to use additional methods to handle related compensation processes such as plan communication, workflow and approval tracking.
The limitations of Excel, manual processes, and inflexible home-grown systems place limits on your ability as an HR business partner to use compensation effectively to support company strategy.
In this session, we will see how an enterprise solution can be deployed to optimize global compensation management and improve flexibility, while retaining the benefits of Excel and putting compensation management in the hands of HR business users, without compromising on functionality and flexibility, and without relying on IT to build and maintain a system.
We will be looking at several global industry leaders who were using Excel before switching – in the last few years – to global enterprise systems, with or without global ERP implementations.
Excentive International, a company whose mission is to allow large enterprises to address compensation management with state-of-the-art enterprise solutions, will present this session.
In this session, we will analyze the issues these large companies were facing while using Excel. We will then review what actions they took to replace it with a state-of-art automated solution. Finally, we will review the outcome, in term of benefits and issues of such implementations.