Compensation Technology: Is Excel Up to the Modern-Day Task?

Press Release from SimplyMerit by MorganHR

By Neil Morgan, Managing Partner at MorganHR and Creator of SimplyMerit


Human resources has evolved over the last 40 years. Gone are the days of being the personnel office and only helping people resolve their health insurance issues. HR must be able to make optimal business and human capital decisions to allow the business to operate in a financially secure and productive way. We are no longer relegated to being a personnel department. We have become a true strategic partner with the C-suite. HR leaders must have the knowledge and the expertise to develop best practices across the spectrum to enable business success.  


How HR has evolved 

In the 80s, HR leaders wanted to move from the back office to “be at the table.” In the 90s, HR leaders established partnership roles to help managers consider the risks of decision-making and hosting critical conversations with their employees. The new millennium brought in technology across the spectrum replacing Lotus Notes (remember that?) with SAP, PeopleSoft, and many heavy systems to collect, sort, and build comprehensive reports to evaluate the performance of human capital. Finally, we are here in the 2020s with handheld devices, AI, and an ever-growing list of technology providers that can deliver that one amazing tool that is designed to perfection for that specific need. And then, we still have many leaders holding firm to their ever-precious homemade excel spreadsheet routed across insecure email channels to collect confidential information. With so many excellent, catered-to-business-sized budgets, and with cloud-based security, when should Excel be used? 


What are the current challenges? 

The benefits of automated systems are clear, but as this evolution has occurred, there has not been a consistent stream of innovation within these systems. Additionally, it takes time for people to adapt to new technology and the learning curve is usually steep. The complexity of traditional employee-related processes has grown with the recognition of new roles, responsibilities, and compensation models. While many companies and individuals have built on technology over the past several decades, it hasn’t resulted in many new strategic benefits. Managers and employees need a simple, consistent, and reliable system.  


How SimplyMerit fits the bill 

SimplyMerit is a cloud-based compensation tool that is easy to implement and intuitive to use. Managers have real-time access to their team’s compensation data, which allows them to make informed decisions faster and more accurately. We help you save time during your compensation cycle by putting all of the necessary data in front of you while leaving everything else behind the scenes. You will no longer have to worry about the security of the personal compensation information of your employees, nor about digging for mistakes in the error-prone spreadsheets. Excel is great for advanced data analysis, but when it comes to total reward decisions, it’s time to upgrade to a configurable tool that simplifies your compensation management cycle.  


The future of compensation technology 

The dynamic world of technology advancements is driving HR departments to adopt digital tools. The last thing you want is to be stuck in the stone age of managing your compensation cycles by hand. Having the support of an intuitive compensation tool will allow you to save time and make informed decisions about your employees’ compensation. Upgrading your compensation management process is the first step to stay afloat in the ever-changing tide of business technology.  

 

Companies Mentioned in this Press Release: