CompTrak: What Sets Us Apart

Perry Doody, Chief Product Officer, CompTrak
Perry Doody, Chief Product Officer, <a href='' rel='nofollow' target='_blank' style='color:blue !important'>CompTrak</a>

Perry Doody, Chief Product Officer, CompTrak

For most companies, staff are the driving force of performance, innovation and organizational growth. A compensation plan that can motivate employees, and retain the best talent, is an essential tool to gain and maintain a competitive advantage. CompTrak provides compensation management software to mid to large size enterprises, across a wide range of industries; from financial institutions, to retail and hospitality, to construction. It is the adaptability of Comptrak’s fully configurable platform that makes all of that possible, with software that can be shaped to the unique aspects and nuances of any organization.

Compensation strategies can vary widely, composed of any blend of base pay, bonuses, commissions, overtime pay and profit sharing. They can be based on the performance of an individual, a team, or a company as a whole. At a closer level of inspection, the different types of compensation can vary too, with bonuses awarded on a quarterly, semi annual or annual basis, or as long term incentives like equity, which can take years to come to fruition. The flexibility of CompTrak’s offering gives its global clientele control of the whole range of options, with self-serve capability, and a platform that can evolve as organizations grow and change.  

The CompTrak solution consists of three products that can help modernize and centralize companies’ compensation payments systems.

Compensation Management

While it may look simple on the surface, compensation can refer to a wide span of reimbursement methods. Even within one organization there may be a number of different ways of rewarding employees. Bonuses can be based on corporate, business line or on individual results,in some cases relying on manager discretion. Sure to say, if an organization wants to develop a sophisticated compensation process, the level of complexity can quickly spiral out of control.

Many organizations use spreadsheets or legacy systems to calculate and distribute bonuses, which turns out to be an extremely inefficient method at scale. CompTrak’s Compensation Management system is a cloud based software, with a full suite of configurable modules that enable you to manage and operationalize all components of your compensation program. An unlimited number of managerial personnel can use the same system with the same data at the same time. The possibilities for collaboration, and the guarantee of consistent, up-to-date information will quickly consign to the past any confusing criss-cross of spreadsheets.

Transitioning to a CompTrak compensation management system can be done without commotion. It fits perfectly within the company’s HR ecosystem and integrates with any HRIS, helping to fill in the gaps that off-the-shelf human resource systems were never designed to provide. Once integrated, the Compensation Management system is constantly active, collating data on the organization’s compensation program, which can then be analyzed to help leaders make data driven decisions.

Equity Plan Management 

The Equity Plan Management platform is for organizations whose compensation strategy is focused around awarding equity. The platform automates and streamlines the tracking and awarding of equity and long-term incentives with an interactive employee portal. That keeps individuals fully informed of the exact value of their incentives. 

Long term incentives, like equities, are being offered by more and more organizations to attract and retain the best talent. It is a growing trend to offer such incentives to an ever wider base of employees. That can mean different equity offerings for employees in different positions, adding a further level of complexity. Consequently, a flexible, multifaceted system is required, like the Equity Plan Management platform.

Total Rewards Experience

When employees do not have real insight into what their bonus is composed of, and precisely how it is calculated, miscommunication and even mistrust can ensue. The Total Rewards Experience helps organizations articulate the total value of compensation to their employees. It explains all of their monetary allowances, and allows them to easily understand the ins and outs of the compensation they receive. 

The on-screen presentation also communicates benefits data, and other perks, which are often not considered when workers think about their salaries. This can improve employee retention, as staff members have a better understanding of the full value of all the different facets of their compensation. Such benefits include medical insurance, vacation allowance, profit sharing, benefits, retirement contributions and tuition reimbursements. 

The Total Rewards Statement also encourages transparency in the organization. The employees have access to precise data on their compensation, and importantly, how it is calculated. The information is attractively presented to employees and easy to interpret, ensuring that their compensation is received with all of the positive impact that it should. 

The Results

CompTrak equips organizations with the tools to win the talent war, and the best opportunity to maximise their organisational performance.

Data collected through the compensation platforms allow CompTrak to provide advanced analytics, measuring the effectiveness of a specific compensation plan on organizational performance. The data is presented through dashboards and custom reports, allowing users to analyze if compensation plans are functioning effectively, and whether employee performance is improving as a result.

A new feature called Market Pulse, set to be introduced in the platform’s next release, will use AI to identify potential gaps in an organization’s pay structure. It will analyze internal compensation relative to the wider marketplace, with the aim of identifying any outliers. That way high performers can be isolated, and correctly rewarded, ensuring key individuals stay in the organization. 

The CompTrak offering ensures all sensitive data is stored on a secure cloud-based system, ameliorating a plethora of cybersecurity risks.

CompTrak offers an all encompassing end-to-end management tool for compensation. Automating and streamlining the compensation processes is the sure fire way to ensure your compensation strategy is effective, extending precious time to business leaders to focus their attention on forward planning and innovation.