Combining Compensation Management Software with Third Party Systems

  

In any effective system, it's critical for every element to work collectively as a cohesive unit. A perfect illustration would be compensation management systems. While you might be utilizing any of these systems in place of a spreadsheet program, may you would still want some or all the data in Excel so you can reorganize, evaluate, and study it further.

However, you wouldn't want to re-feed all the data manually from your compensation system into a spreadsheet. Thus, it is essential that your compensation management system can export data into a spreadsheet file without difficulty in order to save available time. How does this relate to performance ratings? As you define salaries and merit increases, it's extremely necessary to have a good grasp of employees' performance in the process of compensating and rewarding them sufficiently. However, several utilize an independent solution to monitor their workers' performance.

This means they have to keep at cross referencing different programs, manually keying in data into a spreadsheet or any other third source so as to merge important data and get a unified view. By selecting total rewards software that can be integrated with their performance management program, such information consolidation will be done automatically, producing savings of time and effort on an otherwise mundane task. 

Another crucial element to consider is ease of integration. Are you equipped with the right internal resources allowing the integration? Do you have to outsource this to a third-party supplier? What kinds of integration are offered by your performance and compensation vendor? All these are all key questions when you talk about integration, and the answers must be known prior to integration project.

Lastly, how does this impact payroll? The salary planning process ends up with finalized plans being delivered to payroll where the actual process of employee compensation occurs. If compensation management system software does not come with a feature that allows direct export of data to payroll, time could be wasted and employee morale decreased. Either way, loss of cash could result. Perhaps the system can export but in a format that is not compatible with your Payroll program. Do you have to constantly manipulate the data in order to adjust payments properly? Again, is your team able to manage the data or do you need a third party to do it? But rather than of segmenting the data merged with a compensation management tool to be used with payroll software, an easy-to-integrate program can import as well as organize the relevant data instantaneously into your payroll system.

Discover more about compensation software at http://www.britannica.com/technology/software.