Is it Time to Refresh Your Compensation Tool?

Do any of these sound familiar?

• ‘Calculation times take forever’
• ‘We’ll have to find another workaround’
• ‘These reports don’t tell us anything’

If you’re nodding along, it might be time to consider giving your compensation tool a much-needed refresh. In this blog, we’ll delve into the signs that indicate your system could benefit from a Health Check, exploring how a simple update can be the game-changer your compensation management needs.

What is a Health Check?

A 'health check' is a comprehensive system evaluation offered by select managed services providers. It aims to assess both technical and strategic aspects of your system, including:

    
• Performance & Flexibility
• Configuration & Scalability
• Reporting Capabilities
• Ease of Maintenance
• Workflow

Interviewing key stakeholders is another fundamental part of this process. These interviews are tailored to understand the benefits, challenges, and desired features you wish to incorporate into your model. This evaluation sheds light on the overall health of your system. Conducting a health check ensures the efficient operation of your model and provides valuable insights to benefit your sales organization.

Is it Time for a Health Check?

Here are some questions to consider:

1. Has your system been around for more than 5 to 10 years?

Depending on your system’s complexity, 5 to 10 years can be a long time to go without reevaluating your configuration. Softwares can advance significantly over time, introducing new features you might not be fully utilizing. Multiple updates during maintenance cycles can result in systems becoming patchy, affecting overall performance and complicating troubleshooting.


2. Do manual calculations play a role in your payroll process?

Perhaps you have new components that don’t fit your current setup or weren’t included initially due to budget constraints. Navigating clunky, inefficient systems is a hassle for compensation teams. Constant workarounds not only slow down processes but also raise the risk of errors. Health checks identify opportunities to enhance system performance, ensuring your team is set up for success.


3. Is your sales team empowered to surpass targets?

In today’s competitive business landscape, providing the right tools for both your compensation and sales teams is vital. Health checks reveal valuable sales insights, ensuring peak performance and maximizing revenue. This transparency reduces inquiries, lessens stress on your compensation team, and enhances employee satisfaction, minimizing the risk of losing top talent.


4. Not sure where to begin?

Health checks seldom offer a simple, one-size-fits-all solution. Systems are complex, often requiring an assessment of multiple factors to pinpoint the root causes of inefficiencies. Comprehensive health checks can uncover aspects that may have gone unnoticed. They also highlight potential solutions, empowering you to evaluate different options and consider costs before making significant decisions in managing your system.

Ready for a Health Check?

Investing in health checks isn't just a strategy; it's a proactive step towards ensuring efficiency and success for your organization. Having the right managed services partner is essential - they should follow clearly defined steps and processes that align with your expectations and company goals.

Ready to take the next steps? Contact us today for a health check consultation, where we can share our expertise to help optimize your compensation tool.