The context Anyone leading a compensation team or function is keenly aware that ‘comp planning’ activities can take the most time, and surrounding complexities can be plentiful. This is largely due to featuring the most ‘what if’ iterations, and involving the most reviewers, approvers, and communications protocols, all governed by extreme data confidentiality and sensitivity. These aspects speak to process complexity, and that’s before we bring in many other dimensions. These include new or changing comp elements, eligibility rules, salary increases and total comp guidelines, and the processes needed for collecting, matching, and incorporating market pay rates. Additionally, adjustments to market data guidance might be necessary to reflect the pressing or urgent needs of a business, such as when internal/external skills shortages exist that require […]
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