Despite understanding this potential, most companies are challenged to deploy effective incentive systems that reflect the intent of their compensation plans. This is primarily due to the lack of innovative compensation arrangement features in current human resource information systems. Resultantly, organizations are forced to rely on spreadsheets and other legacy systems to manage complex compensation plans. To revamp this manually-driven process, Perry Doody, an innovator with a career in managing compensation plans, and Lasse Silegren, a senior IT executive, co-founded CompTrak. With the vision of transforming the way incentive, equity, and merit review compensation plans are managed, the company developed a highly secure cloud-based infrastructure allowing companies to customize and manage multiple compensation plans that are linked to their corporate goals while providing the necessary agility and flexibility.
Doody believes that compensation management is essential for an organization to achieve its long-term business objectives and a key strategic lever. Managing the right incentives plan can help reward employees and induce desirable behavior. CompTrak, therefore, simplifies complicated compensation processes and provides management with much-needed visibility as they go through the process of setting up specific goal-oriented targets for their employees.
Using a highly secure cloud-based infrastructure, CompTrak can be implemented within a few weeks. CompTrak’s subject matter experts work as an extension to a client’s existing HR and compensation team and help them in designing a personalized compensation management solution.
CompTrak has four core offerings that include incentive and merit review, equity plan management, total rewards statements, and compensation plan governance. “We want our clients to see CompTrak as a solution that can be embedded within their organization across every hierarchical level to improve efficiency in the workplace,” says Doody. Unlike other vendors that cater to specific areas of compensation management, CompTrak is an all-encompassing solution. What makes CompTrak different is the fact that the solution can be tailored to the specific needs of a company rather than being limited to as a standardized model. Moreover, the solution ensures maximum security as a client’s sensitive data remains in-house instead of some third-party databases.
With such innovative features in place, Doody affirms that CompTrak has been able to maintain a 100 percent client retention rate. Among their various clients, Doody recalls a case where a multi-national financial institution faced challenges in complying with the changing compensation regulations of different countries. During the last financial crisis, some countries developed a series of new rigorous policies regarding the compensation of executives whose decisions had high-risk implications for the organization. With the help of CompTrak, the firm was quickly able to adjust their compensation model and ensure compliance in awarding equity and bonuses to their employees. Besides, the solution is also able to help administer compensation plans across the globe taking into consideration the different regulations, currencies and languages. “We love complexity and working with our clients,” says Doody.
As more companies look to adopt cloud-based simplified compensation management solutions, Doody believes that CompTrak will emerge as a partner of choice for all business leaders. Thus, preparing themselves for the road ahead, the company plans to upgrade CompTrak with features that would provide greater visibility into the effects of compensation plans on employee behavior.