Salary Planning

Compensation must be done on time and without error. But the tools of the trade, often spreadsheets and email, lend themselves to human error. As a result, many HR professionals work late into the night, struggling with outdated tools to audit the data and keep compensation processes on track.

Salary Planning Challenges

  • As you do salary planning for more and more employees both annually and based on performance or merit, the time and effort needed to complete the salary-planning process can be quite long and hence not completed in a timely manner
  • If your organization has many layers of management across multiple regions and departments who need to provide information on their direct reports, a large number of data elements need to be organized and managed which introduces inefficiency and risk
  • If you have different groups of employees being compensated under different pay programs, different currencies or evaluation cycles, or merit-bonus plans, this can make salary planning more difficult to manage manually
  • Rewards program, stock options, and other compensation complicates the process data which can exponentially increase the amount of time needed to plan and manage salary data
  • The number of separate data silos is often very large because HR starts the process with a data dump from their HRIS system and then must manually break up the data into pieces that can be sent to each manager
  • The distribution of the isolated data and tracking their timely return by email can create serious headaches for HR
  • With all the variables above, it’s not unusual for companies to spend 2 months on the salary planning process instead of two weeks which means your HR staff is spending a lot of time shuffling files rather than focusing on more important tasks

Using Boardwalk Digital Ledger for Salary Planning

HR professionals know the key to retaining and energizing employees revolve around basic management practices such as showing employees they are valued, giving them clear goals, and ensuring compensation fairly rewards performance. With Boardwalk, you can now easily scale, secure, and trust what you do manually today for salary planning

  • Boardwalk can directly fix the broken parts of compensation management processes, without disrupting managers by introducing needless change or having them work in a difficult to manage web-form environment
  • You can create a secure, centrally managed digital ledger data environment for your salary data that automates the distribution and collection of compensation information
  • The required smart contract workflow, including the execution chain of the approval process, can now be handled leveraging Boardwalk’s patented cell-level access control capabilities
  • Managers and HR are able to continue using desktop environments without having them embedded or re-platformed into a web-based application which is cumbersome to work with a single record at a time
  • Centralize the administration of employee relationships, reporting structures, and salary information with a trusted and verified blockchain data environment including a direct integration to backend HRIS system data

Benefits of using Boardwalk for Salary Planning

  • Directly digitalize existing manual planning processes without re-platforming ensuring the highest user adoption
  • Put in place a digital ledger database technology that can be used to handle even the most complication compensation matters
  • Insure that data integrity, security, and trust is in place so everyone only sees and can validate their access controlled data
  • Leverage the automatic versioning and audit trail for an on-demand view of who changed what and when, the ability to easily compare and evaluate salary planning trends, and blockchain verified data integrity