When it comes to compensation management, we all hate the idea of being buried in piles of paperwork, wasting our time producing reports, staring at spreadsheets and being trapped in an endless cycle of overprocessing and errors.
Acting as a lifeline to hold on to in the rough waters of HR management, businesses can alternatively choose to hop on board the digital transformation train and enjoy HR software that can make compensation practices ten times more efficient.
Selecting and eventually acquiring a cloud HR software is a trademark of any modern business. In Deloitte’s 2019 Global Human Capital Trends survey, 74% of respondents claimed that HR technology is an essential or very essential topic while 21% dubbed it as one of the three most pressing topics faced by their organization as they moved into 2019.
So once you’ve finally decided to give HR software solutions a go, here are some tips and tricks on choosing the most suitable HR software solution for your company:
1. Determine your goals
The first step in selecting a human resource management software is setting your corporate goals. Are you getting an online HR to get started on total rewards statements? Are reducing risk and eliminating errors your top priorities when it comes to improving your compensation cycle? Are you looking for a single platform that caters to all your compensation needs?
Once your goals have been set straight, you can narrow down your options among the HR software solutions laid out in front of you. Be sure that the one you choose is aligned with your business’s strategic goals. Some HR software offer flexibility and adapt to the needs and objectives of organizations. Usually, these platforms work best, since they integrate well with your company’s vision.
2. Simplicity is key
As philosopher and poet George Santayana said, “The spirit’s foe in man has not been simplicity, but sophistication.”
When picking among HR software systems, look for a human resource management system software that possesses a user-friendly interface and provides simple solutions that are easy to implement. Scout for an HR management software that gives you instant visibility to your company’s compensation data and transforms your compensation cycle.
Simplicity saves time and cuts complexities since users don’t have to be tech experts to fully grasp the software. You’re looking for an online HR so you can reduce the time spent on reports and spreadsheets. Don’t waste any more time trying to understand what’s supposed to boost your productivity.
3. Enhanced reporting and analytics
Because all of the company’s data is stored in a centralized and highly secure database, users can rely on accurate and real-time reports at the tip of their fingers. Precise and up-to-date analytics are important as they enable HR professionals to make data-driven decisions that can engage, facilitate and retain employees. These decisions help shape the organization’s work environment and optimizes employee efficiency.
Hiring decisions can be difficult to make, so improved reporting brought by a reliable compensation management software means more well-informed decision-making. It also means better forecasting, since you can view past hiring needs to predict future necessities.
Managing compensation is like walking on a tightrope. Over and over again, research has proven that compensation has significant positive effect towards job satisfaction and employee performance. A recent research from the Mahasaraswati University in Bali, Indonesia shows that compensation, along with a healthy work environment, have a good influence on employment satisfaction and employee performance.
Employees need to be paid well and need to receive due benefits so that they can perform productively and feel satisfied about their work.
Meanwhile, your company also needs to stick to its budget and avoid overspending on compensation. You can successfully walk the tightrope with accurate reporting and analytics, so make sure to consider this feature when choosing among HR software solutions.
4. Reasonable pricing
Businesses want to save as much as they can when it comes to budgeting their investments, and while there are HR software systems that can be found for free, spending a moderate amount on a reliable cloud HR software can give you upgraded features and better support.
Don’t be afraid to spend, you’re investing in people and talent that can equate to organizational success, so when picking the right HR software, choose one that won’t burn a hole in your pocket but would still deliver the high quality service you expect.
5. Dedicated support
Last but not the least, be sure to choose a cloud HR software that has a reliable support team that is ready to assist you in integrating the software with your current compensation cycle. A huge chunk of the amount you’re spending on an online HR goes into technical support, so make sure that the human resource management software you pick can effectively manage the entire building process. Check their knowledge and consistency before availing their services. You wouldn’t want a software support team that’s just there for you at the beginning, right?
Investing in people: Always a great choice
A new age of compensation management is on its way, and it ushers nothing but productivity. Although the tried and traditional still works, this new era of opportunity can give you the right technology you can invest in for your company’s most valuable asset: your workforce.