Many companies today still use spreadsheets and manual processes to plan out their compensation programs. While this traditional route may get the job done, the work of gathering data, inputting information and analyzing the numbers can be time consuming and tedious. That’s why many are switching to automated processing using business analytics software and incentive compensation software. These programs take much of the hard work out of developing a compensation strategy, without taking up valuable resources. Keep reading to find out how automated compensation planning can improve business. Smart resource management Total rewards, including base pay, benefits and incentives, usually comprise the largest expenses for most companies. Because these practices can be expensive, it’s important for businesses to streamline the compensation process as much as possible to ensure that no money is wasted. Incentive compensation software can help managers and executives plan out salaries without taking on other exorbitant costs. Rather than outsourcing to expensive IT companies or using up the valuable time of already busy employees, ICM software automatically updates information on a daily basis. No time or energy is wasted on spreadsheets that are prone to error when a company chooses to use ICM software. Centralized management Automated processing allows VPs of sales and other executives the ability to centralize management practices, saving time and money. Managers can simply log on to the program and will have instant access to each employee’s sales record, incentive compensation plan and information on industry trends. This information is extremely valuable to decision-makers – they can keep up to date and know the information they are using is reliable and current. ICM software uses state-of-the-art technology to mine data and place results in one centralized location. With everything in one consolidated place, managers can make efficient and informed decisions that will benefit a company in impressive ways.
