In honor of National Workaholics Day in the US on July 5th, we invite you to consider whether your job as a compensation administrator, executive, analyst, or specialist is turning you into a workaholic.
Be careful how you respond to that—one of the hallmarks of workaholism is a tendency to deny or justify it! But to be fair, if you are in a compensation role, your job really may put you under a lot of pressure to work long hours to make sure people get paid correctly and on time, and everyone gets the information they need. The good news is, technology can remove a lot of that stress—there’s an app for that!
The Workaholics Day idea sounds like a joke, but as Forbes points out, workaholism can have serious consequences for the individual, affecting your health, productivity, and relationships.
Grueling tasks make for late nights
If you are involved in managing compensation processes at your company, you likely are no stranger to late nights spent compiling numbers, searching for missing data, dealing with version control issues, ferreting out mistakes, checking spreadsheet calculations, running reports, and checking those calculations again. You may also be pulling data from different sources to try to generate and distribute total rewards statements for employees and to produce the data and analysis required by management, the board, and auditors.
All is not lost
Fortunately, these are exactly the kinds of grueling tasks that compensation automation software is designed to handle. For example, customers using beqom have reported that digitizing their compensation processes yielded results like:
- 80% reduction in spreadsheets used for compensation tracking and management
- 65% less support needed from HR to resolve compensation data quality issues
- 35% reduction in salary and bonus error rate
- 6x faster salary review processes
- 100% elimination of night work to support compensation data quality
Do more, work less
Just because you are diligent in your job doesn’t mean you have to be a workaholic in order to keep up with the basic mechanics of performance reviews, merit increases, bonus cycles, long term incentives management, and sales commissions. A digital rewards platform can greatly improve the efficiency and accuracy of those processes, and integrate smoothly with your HR software environment. Not only that, the advantages of having a centralized compensation platform and data store mean that compensation administrators can execute sophisticated rewards strategies, analyze compensation effectiveness, do detailed benchmarking, create models and what-if scenarios for compensation planning, and easily produce accurate budgets, forecasts, and accruals.
The right digital rewards solution can also help you to ensure fair pay, solid governance, and global compliance, with transparency and traceability. Audits no longer need to be a source of stress and late nights, since data is clear and accessible, and the whole approval workflow can be easily traced. Plus, a system with greater accuracy and transparency means that employees can see exactly how their compensation was calculated, increasing trust and reducing disputes and the need for HR support.
Even something like a pandemic doesn’t have to mean complete chaos if you have the means to change compensation plans on the fly to adapt to changing rewards strategies.
It’s not only about you
If reducing the stress levels in the compensation team is not enough of a selling point to make the move to a digital rewards platform, consider that the same things that are causing your stress may be holding your business back as well. Check out our free eGuide, 8 Signs Your Compensation System is Holding Your Business Back to see where there may be opportunities for breakthroughs for your business.
beqom’s tag line is “to make your people happy” and that starts with you, the compensation practitioner. We aim to make your life easier by automating compensation processes, making them consistent and transparent. So get the right tools for the job. And give yourself—and your company—a break.