Blog

COVID-19 Business Survival: Compensation Management Tools Are Key

Written by Daniel Garcia

June 29, 2020

COVID-19 Business Survival: Compensation Management Tools Are Key Hero

Our partners at WorldAtWork recently published an article explaining the importance of compensation management tools as companies continue to adapt to the rapidly changing business landscape. 

The past few months have proven especially difficult for HR professionals. Many organizations have had to make some tough decisions in the face of the pandemic – notably seen through widespread furloughs and lay-offs. As some businesses are just trying to stay afloatit may be difficult to think past what is directly in front of them; however, it is important to consider how their workforce will impact their all-around business objectives. 

 

Employee Retention  

A pressing issue for many HR departments is how they are going to retain their most expensive – and most valuable – assets: their employees.

A lot has changed in such a short time span, and WorldAtWork posed the following questions to HR professionals: 

  • When your employees come back to work, how competitive will your compensation package be relative to your competitors that are also looking to replace the talent they lost during the downturn?  
  • How can you leverage this crisis as an opportunity to improve the way you manage employee compensation, and to better communicate to your staff how much they are valued?  
  • How do you manage merit budgets and salary planning processes to properly allocate precious resources and retain your business’ most valuable components with ongoing shifts in the business environment outside of your control? 

 

Compensation Management Solutions  

Employee retention strategies and compensation management software tools go hand-in-handThe right compensation management platform provides a strong base to build employee retention strategies upon during the pandemic.

Working with HR professionals daily, we’ve seen firsthand how HR departments are leveraging compensation management tools to manage the shifting landscape of employee turnover and retention. 

 

Three Factors to Consider  

Managing a compensation plan can be an intimidating task – nonetheless during a global pandemic. Beyond having a compensation tool that meets your functional requirements, WorldAtWork listed three factors for an optimal compensation management solution in this crisis:   

  • Flexibility 
  • Turnaround time 
  • Resource (people) requirements.

Rapid changes are no longer surprises, but rather expected nowadays. WorldAtWork is suggesting that the right tool for these times must be as fluid and adaptable as we need it to be. 

HR compensation solutions should not be an added distraction during the pandemic, but rather a valued tool for helping you retain and attract top talent for your business. WorldAtWork suggests evaluating your HR technology from a new perspective during the COVID-19 crisis. Now is the time to review your options and find a solution that offers you the data, software, and agility you need to move your business forward. 

 

Want to learn more about our compensation management software? Book a demo of CompAnalyst to see it in action. 

Embracing Fair Pay in the War for Talent

Download our white paper to further understand how organizations across the country are using market data, internal analytics, and strategic communication to establish an equitable pay structure.

about the author
Daniel Garcia is a product marketer who loves telling Salary.com’s story and communicating the value of compensation management to the HR world. When he’s not working, he’s usually travelling or playing soccer!
Copy and paste this HTML to share this article on your site:

Insights You Need to Get It Right

The latest research, expert advice, and compensation best practices all in one place.
Ask This Question Before Transitioning Your Team to Long-Term Remote Work
Ask This Question Before Transitioning Your Team to Long-Term Remote Work Blog
As companies plan their return, some find there may be benefits to maintaining WFH.

Read More

2021 Trends: Compensation & Workforce Transformation
2021 Trends: Compensation & Workforce Transformation Guide
We're seeing a renewed sense of optimism and workforce innovation in 2021.

Read More

DE&I Panel Discussion: Moving the Conversation Forward
DE&I Panel Discussion: Moving the Conversation Forward Webinar
In this panel discussion we will cover what the issue is when improving DE&I.

Read More

Differences Between HR-Reported and Crowd-Sourced Compensation Data
Differences Between HR-Reported and Crowd-Sourced Compensation Data White paper
To make decisions about the value of a job, you need data from a range of sources.

Read More

CompAnalyst Market Data: Smart Matches, Fast Prices, and New Insights
CompAnalyst Market Data: Smart Matches, Fast Prices, and New Insights Product Sheet
The CompAnalyst Market Data platform is easier to use than ever before.

Read More

It's Easy to Get Started

Transform compensation at your organization and get pay right — see how with a personalized demo.