Managing compensation plans through emailed spreadsheets can be a cumbersome and error-prone process. This blog series explores the limitations of traditional methods and how SecureSheet’s software offers an effective compensation management solution.
Challenges of Compensation Management
Emailing spreadsheets of compensation plans around your company has more than likely introduced a number of challenges and management issues, such as:
- Data Protection: Sensitive employee data can be exposed if spreadsheets are shared with unauthorized users.
- Data Accuracy: Errors and inconsistencies can occur due to individual modifications in multiple spreadsheet copies.
- Data Timeliness: Collecting data from numerous versions and chasing down incomplete submissions can be time-consuming.
- Auditability: Tracking changes and identifying the source of errors becomes challenging with multiple versions.
- Compliance: Maintaining data integrity and adhering to regulations can be difficult with traditional spreadsheets.
SecureSheet’s Solutions For Your Compensation Management
Ditch your traditional spreadsheets and embrace a smoother compensation process with SecureSheet. Explore how Securesheet’s centralized, web-based compensation planning software can benefit your team:
1. Protection of Sensitive Data
- Granular Access Controls: Users only see the data they’re authorized to view, eliminating the risk of unauthorized access or accidental exposure.
- Cell-Level Security: Specific cells can be locked down to prevent unauthorized edits, ensuring data integrity.
2. Ensuring Data Accuracy
- Data Validation: Rules can be established to enforce compensation data accuracy across all users, minimizing errors and inconsistencies.
- Formula Lockdown: Critical formulas can be locked to prevent accidental modifications, maintaining the integrity of calculations.
3. Facilitating Timely Data Collection
- Real-time Updates: All users work on a single, centralized spreadsheet, eliminating version control issues and ensuring everyone has access to the latest information.
- Exception Reporting: Identify incomplete entries and generate reports to track progress and identify potential delays.
4. Enabling Robust Auditing
- Comprehensive Audit Trails: Track all changes, including user logins, sheet access history, structural modifications, and cell-level edits, for complete transparency and accountability.
5. Streamlining Compliance
- Centralized Control: SecureSheet simplifies compliance by providing a single point of control for data access and audit trails.
- Reduced Risk: Mitigate compliance risks by eliminating unauthorized access and formula modifications, ensuring data integrity.
By addressing these critical aspects, SecureSheet empowers organizations to manage compensation effectively, improve compensation data security and accuracy, and ensure compliance with regulations. SecureSheet’s complete host service does not require software or technical skills to use; users only need access to a browser from any desktop or hand-held device. SecureSheet is ready to optimize your compensation planning, get started today.
