Capitalizing on Technology to Enhance Compensation Planning

Is your annual compensation process a little like the story of Humpty Dumpty? Do you start with one large spreadsheet that you break into pieces for the different businesses/functions in your organization? When the process is nearing the end, can all the king’s horses and all the king’s men (i.e., you and your compensation team) put Humpty Dumpty (i.e., the master spreadsheet) together again? At any point during the compensation planning process (other than at the very end of the process, when you have finally put Humpty Dumpty together again), do you know exactly where the organization stands versus budgeted merit increases, incentives or LTI grants? Are you dreading the next compensation planning process because of the amount of time and effort involved? Does any of this sound familiar? If so, then it’s time to start thinking about a technology solution that can bring your compensation planning process out of spreadsheet mode and into the 21st century.