8/18/2021 0 Comments How to buy an automation software for gender pay reporting and total people cost reporting Managing compensation and reporting in spreadsheets require hours of manual input, and maximize the risk of personal information getting into the wrong inbox, and data fragmentation. This is why HR capabilities need to become increasingly strategic to address modern business challenges like gender pay reporting and total people cost reporting. For that reason, many major organizations decide to abandon their cumbersome spreadsheets and invest in automated pay equity reporting software. However, buying compensation management software can be difficult. This blog highlights 3 key tips to help you choose an automated pay equity management software that suits your company needs. 1. Decide what you need- The most common mistake when purchasing a compensation management software solution is not considering your requirements first. This often results in opting for inferior products and ultimately adjusting the compensation process to "fit" the way the software works. This should not be the case, instead, the software should be versatile and efficient enough to function as per your requirements. Therefore, it is recommended to take advantage of the opportunity to see how future reward strategies will change, and how you want to adapt to those changes. This helps justify the business case, your investment should also be capable of supporting current as well as future compensation plans and policies. 2. Ask the vendors for webinar or workshop- Asking a potential compensation management vendor to hold a workshop can help you leverage and understand their expertise in automating the compensation process, and in some cases help you distinguish between true compensation professionals to partner with. Ultimately, a set of clear requirements with an understanding of what a vendor is offering you will help you thoroughly evaluate your vendor and choose the right software for purchasing. 3. Engage all stakeholders- To ensure the successful adoption of automation software, you need to involve all stakeholders and ask what are their expectations from a compensation solution. It will help you understand the main benefits for the various stakeholders like managers, human resources, employees, Execs and Rem committee. Conclusion- Buying a reward management software that suits all your company needs and requirements will help you save your own time and money and remove the guesswork from your gender pay reporting and total people cost reporting process. This can significantly improve employee productivity, team goals, and corporate culture ultimately resulting in the company’s growth.
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