Compensation management: the future is simple

When I joined Hibob as a product manager, that marked a shift in my career. Before that, I was in HR for fifteen years, specializing in compensation. I know the challenges of the compensation management process. I know the moment of stress before you send Excel spreadsheets to managers, the sleepless nights hoping nothing was missent or misplaced.

And the long hours. The endless cycles. Pulling information from countless sources.

This is why I moved from compensation management to product management at Hibob: so I could use my knowledge to build effective solutions for complicated HR processes.

Learn more in the detailed guide to workforce management

Reimagining the compensation management experience

Compensation is a critical part of retention, engagement, and recruitment strategies. When surveyed about job satisfaction, SHRM reported that employees ranked compensation as the second-most important contributor. To hold onto top talent, rewarding them in a fair and competitive manner should be top of mind—whether or not you’re working remotely, and even in this tough climate.

The compensation management process, however, doesn’t lend itself to an employee-focused view. With its endless complications and rules depending on data from countless sources, we spend so much energy making sure all of our information is in the right place (and right hands) that we don’t have much left to think about ways to improve.

Imagine if those roadblocks were removed, though. Imagine being able to run your entire compensation process without a single email or spreadsheet.

How much time would you have for creative thinking? Collaboration? Reimagining tired processes?

You could have a calm workday: the kind you can’t get when you’re worried that the wrong manager was CCed on that email, and you’re going to have a big mess to clean up tomorrow.

What tech-supported compensation management looks like

The Hibob solution—the one I’ve used my experience as a compensation manager to help build—removes guesswork and manual labor from the compensation management process. We’ve designed an experience that’s not just faster and easier to manage, but that invites collaboration, streamlines global compensation, and helps you reward the right people.

When working with Hibob’s compensation solution, you’re running compensation management inside your existing HRIS, where all of your people data already lives. bob’s compensation management isn’t smart because it incorporates what you know—it’s because it can bring you new insights and incorporate your own outside data to superpower what you already know.

Empower managers. You can spend months building worksheets that incorporate all of your people data, only to send them off and have managers respond with their changes and demands. Using bob, those conversations will be smoother—collaborators have access to the data they need, without needing you to do more work.
Encourage collaboration. bob’s intuitive UI makes it easy to get up-and-running in a flash. Without spreadsheets to update and reminders to email, your stakeholders can do what they need to do to utilize budget and reward people the right way.
Mitigate human error. When you’re switching between screens and systems, it’s nearly inevitable that there will be a miscommunication or mistake somewhere along the way. Without that context switching, though, there’s no copy-pasting or room for mistakes. The information exists where you need it.
Pay parity. The pay gap is real, and many of us aren’t aware of how it impacts our organizations. Not only is closing this pay gap the right thing to do, it’s our legal obligation. Using bob, you can easily identify pay parity issues and resolve them quickly.
Performance. While not every organization chooses to connect compensation and performance, those that do will benefit from performance data living just a click away from compensation. Easily flag top performers within the platform so you can reward them accordingly.

Take advantage of bob’s all-in-one compensation management solution to let your work tell the whole story: performance, location, tenure, and every other employee characteristic.

Speaking for myself—I’m proud of the product we’ve created. The solution is simple, and simple is brilliant. Without needing to spend months collecting data and updating spreadsheets, we can sleep better at night—and serve our people better during the day.

See our additional guides on key HR tech topics

Together with our content partners, we have authored in-depth guides on several other topics that can also be useful as you explore the world of HR tech.