Discover our new leadership video series, "Leading People" | Episode #01 available now!

All Articles
Comp Management3 min to readOctober 6, 2021

The Secret to Managing Compensation, Your Way

Written by Naoufal FillaliReviewed by Fabio Ronga

The critical nature of rewards, and the importance of managing them effectively and efficiently, is not lost on most total rewards practitioners. Yet many companies still struggle to manage compensation, with long and difficult compensation cycles, disjointed data, limits on functionality, and a lack of flexibility. This is a lost opportunity.

The answer is not just technology, but the right technology. To manage what is arguably the largest and most important business driver in many companies requires fit-for-purpose technology that does not require compromise or workarounds. The right technology allows you to do more to make the company successful.

The case for compensation technology

If you are managing compensation with spreadsheets or the limited functionality of HR suites, your compensation system may be holding back your business.

If you really were able to manage compensation your way, with all the functionality you want and without system limitations, what might be possible? The answer to that may give you the rationale for implementing dedicated compensation technology.

Bottom line benefits

Technology can greatly reduce the inefficiency in HR processes like compensation administration, freeing up staff time and reducing their stress during compensation cycles. Without the right technology, a lot of time can be spent chasing data, reconciling numbers from disparate sources, correcting errors, dealing with disputes, and pulling reports. Making changes to compensation plans can be difficult and costly. Auditing and compliance reporting likewise can consume a lot of time and resources. Technology can increase efficiency, eliminate many errors, and reduce costs.

Top line benefits

Technology can enable you to implement more effective total rewards strategies, tailored such that compensation plans can be adapted to the needs of different labor markets, different demographics, and even different individuals. With manual or limited tools, this challenge is too complex. But with dedicated compensation management technology, it is possible to individualize compensation strategy at scale to get the most from your people and generate improved business results.

Hiring and retention benefits

With dedicated rewards management technology, you can ensure that you are paying your people fairly and competitively, as benchmarked internally and to the market. The ability to tailor rewards to meet the needs of specific employee populations and employees not only helps performance, but it also helps to attract and retain talent. Our research on employee expectations shows that pay is important but that job seekers often will accept below-market compensation in exchange for lifestyle benefits that make their lives work.

Culture and brand benefits

That ability to tailor rewards packages to the needs of the employee leads to increased motivation and loyalty. It helps to establish a company culture that values employees and shows it. In today’s world of transparency and social media, culture quickly becomes the employer brand. With sites like Glassdoor, Indeed, and Comparably, employee views of the company are in the public domain and can affect your ability to attract talent.

Audit and compliance benefits

A dedicated total rewards platform can provide visibility into all rewards processes, from planning to approvals to payments, providing the accountability, transparency, and reporting necessary to support audit and compliance, while ensuring good governance. Machine learning and predictive analytics help you identify anomalies in pay that might be due to bias, giving you the chance to act quickly and reduce your legal risk. Dedicated compensation technology can provide this.

Questions to ask

Your compensation strategy today needs to be flexible, mobile, and diverse. Can your reward system keep up? Here are some questions to consider:

Can your compensation system anticipate change so you can adapt your rewards strategy to changing business priorities? Is it then easy to make the needed changes?

Does your compensation system support equal pay? Can it identify and predict pay equity gaps across your workforce, reducing risk and attrition by solving problems before they even begin?

Is your compensation system centralized yet flexible so you can standardize global compensation while allowing local adaptation? Does it support individualized compensation planning? 

Does your compensation system provide transparency, security, and compliance? Does it support audits and global regulatory requirements?

Finding the right technology

beqom was designed to provide total rewards management that allows you to manage compensation your way, without compromise. Contact beqom today to speak with one of our compensation experts about how you can begin to manage compensation your way.

Using an HCM suite for compensation? Wondering if it is right for you? Try our free assessment, Evaluating Your HCM Platform for Compensation.

Rewards Maturity Assessment

More insights from the beqom blog

Explore other recent blog posts to stay updated on key trends and strategies in HR. Our blog provides expert insights to help you drive success in your organization.

Three people in an office setting talking in front of a computer.

Mastering Data Challenges in Pay Equity Analysis

6 min to read

Effective pay equity analysis hinges on mastering complex data challenges that many companies struggle to overcome—here's how technology can bridge the gap.


Read more
Man in an office setting smiling with arms crossed.

Drive Excellence with Incentive Compensation Management Software

6 min to read

Discover how incentive compensation management software can streamline incentive programs, boost performance, and support scalable compensation strategies for business growth.


Read more
Graphic with two hands holding a piece of paper and a magnifying glass.

Navigating Pay Transparency: A Complete Handbook

8 min to read

This go-to guide covers the what, why, and how of pay transparency, and it offers best practices and some insight on the EU directive. Throughout, we provide links to other pay transparency resources so you can take a deeper dive.


Read more
Hand drawn Tin can telephone.

Our newsletter

Sign up for the beqom newsletter to access exclusive resources on topics like Pay Equity, Compensation Management and Sales and Employee Performance. Our regular updates ensure you’re always informed on the latest trends in HR and compensation.

Some of our latest resources

Broaden your understanding with our curated selection of recent articles. Explore best practices, gain insights from industry thought leaders, and stay up-to-date with the latest trends to help drive success in your field.

Graphic with Checklist Booklet

Preparing for the EU Pay Transparency Directive: A Checklist for your Organization

When it comes to getting the EU Pay Transparency Directive, it’s important to be proactive and prepare in advance. Our checklist helps you identify the broad goals and specific actions you need to get your organization ready.


Read more
A hand drawn graphic showing 2 birds on a line.

Get to know the beqom product line

For over a decade, we’ve partnered with some of the world’s leading organizations to tackle their unique compensation and performance challenges. We understand that every business has distinct needs, not a generic approach.

Connect with a beqom expert to arrange a personalized demo that addresses your goals directly.

Request a demo today

The beqom products

Unlock the full potential of your comp.

beqom has been purpose-built to handle the breadth and depth of global total compensation management, with a proven track record of success for leading companies across all industries.

Compensation Management Software graphic
Pay Management iconPay Management

Total compensation without compromise.

Pay Transparency iconPay Transparency

Clear reward, clear purpose. For every employee.

pay-equity iconPayEquity by beqom

Put fairness first: close pay gaps for good.

pay-intelligence iconPay Intelligence

Always pay the optimal amount.