The founder of Slack, Stewart Butterfield, says he believes in the adage “never waste a crisis.” A crisis can be a great catalyst for change. Given that remote work is now a mainstream phenomenon, what should compensation teams do to adapt?
If all or part of a company is working remotely, including perhaps the comp team, how can you ensure that compensation-related processes are not disrupted? Is it feasible to implement and maintain your rewards systems remotely?
It’s not just about payroll, but the full range of compensation processes, like performance reviews, merit increases, bonus approvals, total compensation statements, and commission statements. These processes are key to motivating employees and driving performance and need to be done efficiently and effectively.
Technology rises to the remote challenge
Just as tools like Zoom, Slack, and Google Suite have helped us remain productive during a health crisis lockdown, so a cloud-based compensation management platform can help rewards programs run smoothly, no matter the circumstances. And thanks to cloud technology, compensation systems can be implemented, maintained, and run, anytime from anywhere.
Why have an automated cloud-based rewards system?
With a centralized rewards platform, all of your compensation and rewards processes can be run without regard to where people are physically located. This is relevant not only during a pandemic, but in any situation where employees are in different locations, whether that is in different offices around the globe, in the field or shop floor, or working from home. With cloud computing and mobile technology, all of your compensation processes can run smoothly, with location removed from the equation.
Aside from cloud-enabled support for remote work, an automated platform gives you control and consistency, increased employee engagement, and levers to drive performance, efficiency and cost savings.
For some companies, an HRIS software suite might include enough compensation functionality if their comp processes are simple enough. But many companies prefer a dedicated rewards platform to achieve the flexibility needed to operationalize their compensation strategies.
Implementing a new compensation system while remote
If you have not yet implemented an automated rewards platform, take heart. It can be done even during a pandemic, as proven recently by HR services leader The Adecco Group. Adecco chose the beqom total rewards platform, implemented it while working remotely, and rolled out its annual salary review process during the height of the pandemic in early 2020.
“After surveying the market, we found that beqom was clearly the best solution to automate our total remuneration processes,” said Audrey Vissac, Director of Compensation and Benefits at The Adecco Group, France.
Running comp processes remotely
Adecco demonstrated both the ability to implement a system and run operational processes with project teams and employees working remotely. “In April 2020, we were in the midst of lockdown AND in the middle of an HR review period,” said Romain Debroize, Compensation and Benefits Manager at Adecco, as the firm ran its first beqom-managed process. “Our platform worked perfectly even when working remotely and is totally secure.”
“We naturally had some concerns about working remotely, but in hindsight, the entire project team was very efficient,” said Debroize. “We have met all our objectives. Now, completely remotely, the beqom solution allows us to operate at 100%, without any additional cost, loss of performance, or security risk. [In a lockdown,] our managers and employees have improved their productivity and reliability.”
The pandemic forces digital transformation
To adapt to the present and be aligned with forward looking trends, many companies are accelerating movement of systems to the cloud.
In an April 2020 article in Forbes, Rani Johnson, CIO of Solar Winds, said that more companies will gravitate towards the cloud, and with digital transformation happening now in real time, the cost of failing to adapt will become greater than the cost of implementation.
Auto parts maker Faurecia recently moved to the beqom cloud platform to manage the bonus plans for its managers worldwide. Other companies like Swiss investment firm Banque Pictet likewise decided that now was time to put its compensation management onto a cloud platform.
Never waste a crisis
COVID-19 is not what anyone wanted, but it can be a catalyst for change. Comp teams can take advantage of the current crisis by accelerating their move to digital transformation of their compensation platform.
Watch our free on-demand webinar Post-Pandemic Mantras for Agile Total Rewards with beqom and Alight Solutions, to learn how to adapt your rewards strategies and digitize your processes to succeed in the post-pandemic world.