When evaluating compensation scenarios, you need costs calculated quickly and accurately, so you can compare options and make decisions. Using Excel is time intensive, inevitably leading to errors, and auditing is hard.
Don’t Use Excel For Compensation Modeling
You build complex spreadsheets with the compensation schedules, benefit options, taxes, and retirement contributions for each position. You then add employee information and connect it to the right schedules.
When changes happen, you must run projections, proposals, and understand how a variety of scenarios could affect the spreadsheets you’re using.
Pay raises, benefit premium increases, changing retirement contribution, collective bargaining negotiations, pay for performance impacts, hourly wage adjustments, early retirement evaluations: they all mean more work and further adjusting your spreadsheets. You either go back to your existing spreadsheets and wade through them, adjusting data and formulas, or you will need to build completely new spreadsheets.
Once calculations are done and decisions are made, you have to update other systems like accounting and payroll with the new data. Can you export that out of your spreadsheet? Or is manual manipulation and data entry necessary?
Using spreadsheets, the time you spend in building or modifying them wastes a lot of your time, and the time of decision-makers waiting for calculations to be performed. All of this plus accuracy can suffer. How do you know everything is perfect? How do you find errors?
That's exactly where CompPro can help.
Compensation Management Made Easy
CompPro makes compensation management and planning fast and easy. We customize CompPro with all your current compensation structures: pay, benefits, retirement contributions and taxes. Then we upload your employee data and CompPro instantly connects each employee to their compensation costs
You to see exact costs (not estimates) for groups of employees or individuals. CompPro also easily exports data that you can use to update your other systems like payroll and accounting.
Ready For A Great Compensation Modeling Solution?
CompPro is compensation management software that, along with an support team of compensation experts, provides all that you need to effectively and efficiently build scenarios or proposals, adjust costs, and make confident decisions. Schedule a conversation with the CompPro Team to learn more, or sign up for our newsletter to stay informed about our services.