COVID-19 Business Survival: Compensation Management Tools Are Key

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 afloat, it 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-hand. The 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.