Article: All about leveraging technology to make the compensation role more strategic

HR Technology

All about leveraging technology to make the compensation role more strategic

A glimpse into our insightful roundtable discussion, in association with CompUp, where the evolution of Compensation & Benefits was at the forefront. Leaders discussed how tech-enabled tools are replacing manual processes and ensuring fair, data-driven compensation decisions.
All about leveraging technology to make the compensation role more strategic

What if a simple shift to AI-driven compensation tools could yield as much as a 20% efficiency boost? This was just one of the compelling insights from our exclusive HR roundtable, ‘Leveraging Technology to Make the Compensation Role More Strategic,’ hosted in association with CompUp, where panellists explored how technology can empower leaders to enhance C&B’s strategic contributions. 

The evolution of Compensation and Benefits (C&B) has traversed from being a back-end operation to a pivotal function shaping organisational dynamics and paving the way for business success. Over the last few years, the corporate space has seen the C&B function navigate humongous challenges, ranging from data-driven making to adapting to technological changes and evolving employee expectations. The goal is to transform compensation management from a reactive to a strategic and proactive function that can drive meaningful impact by embracing technology.

Transforming compensation with tech

In his compelling keynote, Anurag Dixit, co-founder and CEO at CompUp, highlighted the transformative power of technology in making the compensation function a strategic imperative. Drawing from CompUp’s journey, he shared how leveraging Artificial Intelligence and language models has enabled them to automate labour-intensive processes, giving leaders the enhanced space to focus on strategic decisions.

Making compensation strategic

Next was an exclusive roundtable discussion that explored how technology can be leveraged to elevate the compensation role from a transactional to a strategic function. Moderated by Kevin Freitas, CHRO of Dream 11, the panel discussed how advanced technology, data-backed tools, and AI are shaping the decisions made around compensation, promising an agile and advanced function. 

These key takeaways highlight the essence of the discussion on making compensation a strategic imperative:

  • Evolving Benchmarking Practices: Current compensation strategies must function beyond benchmarking and policy adherence. With enhanced transparency, the reliance on external sources for market comparisons is dwindling, prompting organisations towards more real-time and dynamic compensation strategies. The consensus in the room reflected that the future of C&B lies in transparent, publicly available data replacing traditional benchmarking processes.
  • Shift from Manual to Automated Insights: Emerging tools such as predictive analytics, regression, scenario-based simulations, tailored compensation models, and AI-enabled models can forecast attrition risks and ensure equitable compensation structures. The panellists also highlighted that instead of relying on manual data entries and complex spreadsheets, HR teams are now using CompUp’s interface to manage compensation operations efficiently. 
  • Hyper-Personalisation in Compensation: The integration of AI and machine learning enables hyper-personalisation in compensation strategies, tailoring rewards to respective employee preferences and performances. This approach elevates engagement and ensures C&B are in sync with individual contributions and market trends. 

Customer success stories

An insightful case study presented by Sneharika Mede, Head of Talent Management at HCC shed light on how CompUp empowered their organisation to enhance their C&B operations significantly. She highlighted their successful transition to a more standardised, controlled increment cycle, and enhanced consistency across salary adjustments. An interesting concept of incentivising performance through PLI- Performance Linked Incentives significantly boosted employee engagement and operational efficiency. 

Another success story by Philip Lopes, Associate Vice President at VFS Global underscored the role of CompUp in streamlining their compensation management and enhancing transparency in processes. The organisation successfully managed compensation across multiple regions, ensuring compliance with international regulations. 

Harnessing technology the right way

Towards the end of the insightful session, Manoj Prabakaran, Director of Sales at CompUp, reflected on the pivotal and strategic role of the HR function in driving organisational growth. Leveraging technology can transition the role of HR from a support function to that of a strategic imperative. CompUp, with its advanced compensation management solutions, offers a fresh and updated approach that enables HR to streamline operations and enhance efficiency. 

As technology continues to reshape the landscape of compensation and benefits, its role in enhancing organisational functions will only deepen. By leveraging an advanced and innovative solution like CompUp, organisations can facilitate a seamless transition and align HR functions with overarching business goals. With technology at the helm, CompUp is leading the way - helping organisations stay ahead of the curve in a highly competitive landscape.

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Topics: HR Technology, Compensation & Benefits, Strategic HR

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