How many companies have an unused comp planning module?
Despite the fact that over 65% of organizations use Excel as their main tool for financial planning and modeling, people still consider you a tech laggard if you use Excel for compensation planning. The reality is much more nuanced.
HR Software Suites are built to appeal to as many potential buyers as possible which is why you end up with 20-40 distinct products under one umbrella. The problem is, just because a suite can check the compensation planning box, doesn’t mean it will deliver improved business performance through higher employee retention and engagement.
The organizations that allow their HR system compensation module to define the limits of their compensation tactics are following the market not leading it. Those who value agility have linked their business performance to compensation practices formulaically. That usually requires data storage and formulas that a bare-bones compensation module doesn’t support. For many (most?) compensation professionals today, maintaining agility means running the process manually, in Excel. Again.
Now, the problem with doing it in Excel is obvious: time. It’s tedious, you spend days/weeks copying, pasting, and staring at rows and columns until you have sore fingers and bleary eyes. It’s not a fun process. But agility in comp planning is non-negotiable.
Which leads many weary souls to conclude:
• Excel is tedious and manual
• Excel is the best option for agile compensation planning
But what if you didn’t have to choose between agility and automation?
What if you could eliminate the manual work without sacrificing your uniqueness?
Meet CompXL – Excel-compatible compensation software. No more copying, pasting, or bleary eyes. Add some automation to your agility, request a demo of CompXL today.