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Maximize organizational efficiency with pain-free compensation management
Companies need an edge to keep talented employees motivated and rewarded while keeping up with business changes. With powerful compensation management software like CaptivateIQ at its disposal, businesses can improve the efficiency of their sales compensation programs and mitigate the risks of manual compensation management along the way. These solutions enable organizations to:
- Create performance-driven compensation structures that motivate teams to work towards desired business outcomes
- Streamline administrative tasks like data entry, record-keeping, and reporting with automated workflows, promoting a focus on strategic planning and higher-level tasks
- Enable data-driven decision-making
Leveraging compensation management software isn’t just a smart move for your business — it helps you create a culture that encourages employees to thrive, ultimately resulting in improved business performance!
The power of no-code technology
If you know how to use a spreadsheet, you’ll be familiar with CaptivateIQ from day one. Our user-friendly interface is built on a powerful cloud infrastructure that gives you the flexibility and scalability you need. We mirrored the syntax and taxonomy of spreadsheets so you can manage any commission plan with our compensation management software without needing to hire costly consultants.
Design and automate any incentive compensation plan
With CaptivateIQ, you can streamline compensation management from start to finish while improving overall adaptability. Our flexible, easy-to-use modeling platform makes it possible to design and adjust any unique compensation plan as your business changes — without the constraints of pre-defined templates. All you need to do is import your employee data, set up your plan logic, and automate commission calculations on the fly.
Our compensation management platform allows you to:
- Upload or connect your employee information and reduce data entry.
- Define team hierarchies and reporting structures.
- Connect sales pipeline and deal data in real-time to keep calculations up to date.
- Set up quotas and targets so everybody knows how they’re measured.
- Customize plan mechanics — SPIFs, accelerators, clawbacks, etc.
- Clone plans and make necessary updates to quickly roll out new plans.
[QUOTE
| quote: With CaptivateIQ, we found that we didn’t have to change our plans simply to conform to the system. There was no boxing ourselves in, and there were no limitations.
| name: Ashley N.
| title: Controller, JMAC Lending
|]
Transform compensation data on the spot
Our powerful data ingestion layer lets admins massage the data into a commission-ready state directly in our compensation management platform to save hours cleaning files ahead of time. With a library of pre-built formulas and tooltips, anybody can set up calculations with speed and confidence.
- Choose from a library of Excel-like formulas, including custom ones designed for commissions.
- Quickly troubleshoot formulas with our built-in formula guide to reduce miscalculations.
- Work off columns instead of rows to save time and errors referencing other data tables.
- Connect multiple data worksheets to create unified data sets for more robust calculations.
- Transform your data in any way without altering the raw source data.
- Reduce legal risks by capturing every formula creation or change in our audit log.
[QUOTE
| quote: As soon as we started using CaptivateIQ, we went from 2-3 full business days to run calculations and closing out a month to at most 2 hours.
| name: Sean E.
| title: Sales Operations Analyst, Planview
|]
Automate your incentive compensation calculations in seconds
Run and see your incentive compensation plan calculations across any rep, plan, and pay period in real-time. Don’t wait until you finish building your plan to see the results. Our compensation management software's calculation engine runs dynamically so that you can catch any potential errors straight away.
- Apply filters to see specific payouts for any employee, commission plan, or payout period.
- Timestamp the start and end of any commission for any individual to account for promotions or team changes.
- Choose from over 75 global currencies to work with any region or market.
- Provide your teams real-time visibility into their commission earnings to keep them on track.
- Run custom calculations using our formula library to track attainment, earnings, and other metrics.
- Design compensation statements using any data points from your commission plan to keep everyone aligned.
[QUOTE
| quote: Commissions calculations now happen in seconds. We went from spending a few days calculating and sending statements to reps to spending just a few hours on this.
| name: Jeff M.
| title: Head of Finance, Harness
|]
FAQ
Compensation management is a term used to describe the processes and strategies businesses use to determine employee compensation structures that align with company goals, objectives, and budgets. Incentive compensation management often includes (but is not limited to):
- Determining how much an organization should pay to retain top talent and attract new employees
- Determining what types of incentives performance-based teams and individuals should receive
- Determining how performance will be measured and rewarded
- Calculating the incentive compensation each period
- Ensuring compensation practices comply with federal or state laws and regulations along with revenue recognition standards
Compensation management is important for a company to attract and retain high performers, motivate teams to perform at their best, and remain competitive. By offering competitive wages and benefits, organizations can attract top talent while promoting a fair workplace where everyone is compensated based on their performance above all other factors. Compensation management plays a critical role in employee engagement and motivation by providing incentives to work harder and increase productivity, ultimately leading to greater organizational success. Finally, establishing a fair and compliant compensation system allows organizations to protect confidential compensation information, adopt relevant data privacy and security measures, and conduct annual audits.
The four principles of compensation management are internal equity, external competitiveness, market pricing, and cost containment. Internal equity refers to the concept that employees should receive pay commensurate with their level of contribution and experience. External competitiveness ensures that an organization's wages remain competitive with other organizations in the same industry or geographic region. Market pricing involves establishing compensation levels based on what other employers in the same industry pay for similar positions. Finally, cost containment controls total personnel costs to ensure they fall within predetermined budget limits.
Compensation management practices can be complex and involve factors such as industry norms, individual performance metrics, market competitiveness, internal fairness considerations (equal pay for equal work), budgetary concerns, etc. Good compensation management practices are essential to achieving strategic business objectives in today's competitive market. They often include:
- Clear and transparent communication: When employees understand how their compensation is determined and what factors affect pay decisions, they're more likely to feel valued by the organization.
- Benchmarking: Survey your company's compensation packages regularly to ensure they are competitive with other companies in the same industry.
- Business alignment: Deploy incentive programs that inspire employees to achieve business outcomes, such as growing revenue or enhancing customer satisfaction.
- Compensation adjustments: Review employee compensation packages regularly to ensure fair, equitable, and competitive compensation.
Compensation management tools enable companies to manage their compensation programs more effectively and efficiently, giving them control over their plans so they can drive results. A compensation management tool typically includes data integrations, automated real-time calculations, robust commission reporting and dashboards, enterprise-grade security and compliance, and so on.
With compensation software, companies can unlock crucial benefits across the organization. For example:
- Providing increased transparency to the sales department and executives on sales performance
- Automating commission administration
- Unlocking insights that can help inform business decisions and ensure continuity
Sales compensation software makes it easier for businesses to navigate the complexities of compensation management and helps ensure that employees feel valued and rewarded for their contributions!
A well-designed compensation system is crucial for organizations to attract, retain, and motivate talented employees, which in turn helps drive meaningful business results. Besides providing incentive compensation, effective compensation systems have several benefits beyond monetary rewards. It simplifies administrative tasks such as administering commission statements, tracking sales performance management, and compliance with accounting regulations like ASC 606. Additionally, it can help organizations adapt to changing business needs and better align sales rep behavior to desired business outcomes.
To sum it up, an effective compensation system can help drive smarter decisions, promote a productive sales culture, and ultimately lead to improved business results.
