By Austin Kellner, Customer Success Engineer of SimplyMerit at MorganHR
What is spooking you as your merit, bonus, and equity cycles approach? Using spreadsheets to collect compensation recommendations from managers? Ensuring managers submit their teams’ requests on time? Helping leaders quickly track their target and actual budgets? Efficiently creating and distributing upcoming compensation statements? If any of these questions sound familiar, SimplyMerit can help!
SimplyMerit is a cloud-based compensation planning tool that allows organizations to efficiently plan and manage their merit, bonus, and equity cycles. Unfortunately, using spreadsheets to manage comp cycles is inefficient, stressful, and error-prone. It has been estimated that 88% of spreadsheets contain errors! Spreadsheets can also crash, causing progress to be lost. Spreadsheets are also difficult to track down from managers and often contain recommendations that far exceed their allocated budgets. To add further complications, HR and comp teams are often forced to work outside of business hours under strict timelines to attempt to overcome these challenges. Fortunately, SimplyMerit can eliminate error-prone spreadsheets and simplify the process of planning and managing compensation cycles.
SimplyMerit allows managers to reference the recommended increases ranges quickly, then their team requests can be submitted to the one-up manager to be reviewed. At the end of the cycle, leaders can view the submitted recommendations under their span of control and decide to approve, reject, or modify the submissions. As leaders review the recommendations under their span of control, they can easily reference built-in budget summaries to ensure they remain within budget and track their actual spend against their targets.
When the compensation cycles conclude, SimplyMerit can automate the process of creating and distributing personalized adjustment letters (compensation statements) for managers to distribute to their teams, regardless of the required language or currency! Additionally, SimplyMerit’s adjustment letters can save time and reduce errors by eliminating mail merges or the process of manually creating letters.
G2 has recognized SimplyMerit for “Easiest Setup,” “Easiest Admin,” “Easiest to Use,” “Users Most Likely to Recommend,” “Best Support,” and “Best Estimated ROI.” Are you ready to eliminate “spook” from your merit, bonus, and equity cycles? Now is an excellent time to set up a 1×1 demo with the SimplyMerit team.