Incentive compensation planning is a complicated endeavor that can be time consuming and costly. Whether a company is big or small, VPs of sales and HR representatives have enough on their plates without also having to fully develop an incentive compensation management program on their own. More and more VPs of sales and managers are choosing to use incentive compensation software to help with the process. Keep reading to see how ICM software can help a company save time and money: Automatic processing Tracking daily employee performance numbers can become a full-time job if an office still relies on manual processing. Spreadsheets and email communications take up valuable time and distract individuals from other important work. Details often slip through the cracks when working with manual processing or outdated technology. ICM software, on the other hand, sets up automatic processing, which saves time and improves accuracy. Sales numbers can be uploaded automatically at the end of each day or several times a day, depending on each company’s preferences. This cuts down on wasted time and guarantees accuracy, leaving VPs of sales and HR professionals to focus on more pressing tasks like targeting high levels of achievement. Save money Incentive compensation software cuts out the need for unnecessary staffing and outsourcing. Rather than relying on expensive, external IT services to conduct business analytics and performance tracking, VPs of sales can keep costs low and use incentive compensation software. These programs are subscription-based and before implementing a plan, VPs of sales can manipulate data and run different scenarios using the software at no extra cost. This means a VP of sales can select the perfect ICM plan on their own without having to pay for expensive consulting services, and when he or she wants to make a change to an existing plan, they can do so without spending any extra money and use the software they already have.
