Like keeping up with technology, you need to keep up with your compensation plan in order to not be left in the dust by your competitors’ updated comp plans. As with technology, keeping up with your comp plan can seem to be an impossible task at first. Relating your experience of adapting to tech to modernizing your comp plan will help you be successful.Modern compensation is just like exploring a new technologyClick To Tweet
Don’t believe us? Check out how modernizing your comp plan is just like adapting to new technology.
Changes leave people skeptical
People can be skeptical of the direction technology is moving in and how quickly it is getting there. Technology doesn’t need to be scary. With the proper training and research, technology can be exciting and leave us thinking about how we ever lived without it—think Google Maps. There are so many ways that we can use technology to our advantage. Realizing those opportunities is the challenge.
The same thing goes for changing compensation plans. As pay is more than just a dollar amount, people are inherently skeptical of changing their compensation plans. Completing your due diligence by properly researching and clearly communicating guarantees that the plan will be successful. HR is beginning to embrace technology that actually enables transparency. Creating an open culture around compensation that is intriguing to both current employees and new talent.
At some point, you have to pick the best and move on
Even though there is always new technology released, there is value in making a decision that is best for you. Otherwise, you are constantly in the process of analyzing all the different technology that comes out. At some point you need to draw a line and realize that there will always be something new, but new gadgets don’t always save you time.
The same thing goes for compensation plans. There is always more compensation data to uncover. With new data, professionals often get stuck in the analysis phase. At some point it is more important to focus on making clear data-driven choices and taking action, rather than constantly gathering and analyzing. Once you’ve established your plan, you can upgrade as often as necessary, definitely more frequently than you upgrade your cell phone.
Make it about the user
Technology developers aim to make technology accessible and usable—at least that is what they should be doing. Successful technologies are human centered and easy for people to use.
Like technology, your compensation plan needs to be about the people it impacts. Afterall, the pay business is the people business. The end goal is to make sure that your compensation plan is beneficial to your current employees, future employees, and the organization overall.
Need help modernizing your compensation plan? Make sure your compensation plan isn’t the equivalent of an AOL account. Schedule your free comp analysis today.