Comp Planning

Planning for a Successful Compensation Cycle

By: Bella Chow, Director of Client Delivery at CompTrak Whether you are just finishing your year-end compensation cycle or starting to plan for the next, it’s never too early or late to plan for your upcoming cycle to ensure its success. Regardless of company size, proper planning will prepare you to identify risks or opportunities early on, align your compensation …

Compensation Management Strategy

How Compensation Can Be a Strategic Lever for Organizational Growth

By: Perry Doody, Chief Product Officer at CompTrak Too often, organizations see HR as a purely operational function, rather than a strategic lever. Successful companies, however, are shifting away from this mindset and viewing the role of HR as a strategic one, not purely tactical or operational. A strategic lever refers to a strategy, function, or initiative that enables or …

What You Didn’t Know: 3 Ways Remote Work Affects Compensation Planning

By: Perry Doody, Chief Product Officer at CompTrak Remote work is here to stay. Across many industries organizations are being forced to embrace digitization as they implement long-term work from home (WFH) strategies. World-leading companies, such as Google, Facebook and Amazon have already announced that employees can work remotely for the long-term future. But there is something that many of …

4 Strategies to Successfully Manage your Bonus Cycles

By: Perry Doody, Chief Product Officer at CompTrak Like a smoothly revolving wheel, any company’s bonus cycle should operate with fluid regularity. But sometimes, you can encounter obstacles in the road.  Managing bonus cycles can be complicated by the increase in remote working, missing or outdated data and by shifting market conditions. Any one of those factors can easily confuse …

Trends in Compensation Management for Forward-Thinking Organizations

By: Perry Doody, Chief Product Officer at CompTrak As an HR professional its imperative to keep an eye on compensation management trends as you strategize and prepare for each new cycle. So far, 2020 has seen significant disruptions to normal business operations that few anticipated. For many, it has meant reprioritizing and taking a new perspective on compensation. Here are …

From Legacy Systems to SaaS – Compensation Management in the Cloud

As SaaS (software as a service) and cloud technology become more commonplace in Compensation Management, it’s important for companies to understand how the cloud can bring security, transparency and increased focus to their organization. With an increasing trend towards a remote workforce, the importance of the cloud and SaaS Compensation Management will continue to grow over time.   Pros of …

CompTrak

How to Choose the Right HR Software for Your Company

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 …

CompTrak

What Makes a Great Compensation Plan

Perry Doody, CompTrak Co-Founder and the Compensation Guy. I often get asked what makes a great compensation plan? Over the course of the last twenty years, I have had the privilege to see many compensation plans. There are two key elements that stand out for me. Alignment with Strategic Goals The first key element to a great plan is the …