1 – Automate Manual Processes
Do you process compensation changes manually?
It may not seem like a lot of work, but manually processing your Annual Compensation Cycle once a year can be more complicated than you think. Many customers today create excel spreadsheets that are sent out to managers for capturing merit increase percentages. The process of creating these spreadsheets, sending them out to managers and waiting for them to update and return the spreadsheets to your compensation team can take weeks. Once compensation receives the updated spreadsheet, they have to verify, make adjustments as needed, then load the data into your PeopleSoft HCM Job Data tables. From start to finish, the whole Annual Compensation Cycle might take you anywhere from one to four months to process.
Automating this cycle saves 90-100% of manual work and improves the quality of the data by 80-100%.
2 – Third Party Software and the Cost of Integration
If you’re using a Third Party software package to manage your compensation, you are most likely dealing with hurdles to integrate this information to your PeopleSoft HR Job and Payroll tables.
If you currently have your compensation processes automated in a third party software package, then manual processing is not as big of a concern. However, using a third party package means you must extract your HR data from PeopleSoft and send this information to the Third Party. Changes are then imported back into PeopleSoft. These integration points cost money and increase risk.
By implementing eCompensation, you avoid paying for a third party system and the integration points between that system and PeopleSoft.
Figure 1: Streamlined Process Flow
3 – Reduce your Annual Merit Process Timeline by 50% or more
Does your annual compensation process for merit, adjustments and promotions take longer than 2 weeks?
Most BTRG eCompensation customers have reduced their current annual compensation process timeline by over 50%. Organizations who took three to four months to prepare and process these yearly merit increases now enjoy a three week process. Automating annual compensation within your PeopleSoft HCM system streamlines the process and improves the accuracy of your data.
Figure 2: Manager Self Service access to enter Merit Increases; Summary of funding, proposed and balance remaining
4 – Utilize your current PeopleSoft Investment
You already own Variable Compensation as part of your core HCM product. Why not process incentives, bonuses, and other compensation related payments using software you already own?
The Annual Compensation Cycle, in many cases, includes the ability for managers to give bonuses, incentives, or other compensation payments to their employees. You already OWN the Variable Compensation (VC) module as part of your Core Human Resources product. You do not need to purchase anything in order to use these features.
Figure 3: Bonus Plan – Manager Self Service access using delivered Variable Compensation integration
5 – You aren’t the only one!
BTRG has recently implemented eCompensation Manager Desktop and eCompensation Self Service for 6 customers.
We have seen an increase in implementations of eCompensation over the last 18 months. Many customers have finally reached a stabilization period with their PeopleSoft HCM core systems and are now looking to make major improvements in their Manager Self Service features. When properly utilized, eCompensation improves HR efficiency in a significant and measurable way.
Average Level of Effort to Implement eCompensation
eCompensation projects typically take about 3 months to implement if you are using the delivered features. Enhancing the product to meet your specific business needs could add up to an additional 3 months to your project timeline. Several of our clients are capitalizing on this opportunity to use their investment to the fullest extent and so should you.
Contact us for more information on BTRG’s PeopleSoft HCM Solutions.