Challenges in Compensation Management
A diversified global manufacturing company faced a significant challenge with their year-end total compensation planning process. The manual system, reliant on multiple spreadsheets for over 3,000 employees and 300 managers, proved cumbersome and error-prone. Managing four different budget pools for four different compensation opportunities, across five lines of business further complicated the process, creating a logistical nightmare for the global manufacturing company.
Compensation Planning Solution and Results with SecureSheet
Seeking a solution, the global manufacturing company implemented SecureSheet, a cloud-based spreadsheet platform. SecureSheet’s custom model addressed the global manufacturing company’s specific needs with two key features: a dedicated tab for managing budget totals and another for employee compensation recommendations. SecureSheet views empowered managers at various levels by granting them direct report and roll-up access and enabled them to update budgets as needed and make recommendations directly within the platform.
The transformation from a manual to a real-time system yielded significant benefits for the global manufacturing company. SecureSheet provided instant visibility into compensation data, streamlining the entire process. Managers were empowered to make informed decisions at the lowest level and easily stay within their budgets, contributing to improved overall results. Additionally, the shift from a months-long process to a weeks-long one resulted in increased efficiency and eliminated the risk of errors inherent in manual spreadsheets.
The company was also able to generate custom employee total compensation statements for every employee directly from SecureSheet using the statement generator tool.
Success In Compensation Planning with SecureSheet
The global manufacturing company’s success story with SecureSheet extends beyond compensation planning. As their business grew, so did their reliance on the platform. The SecureSheet tool continues to accommodate ongoing changes to their compensation plans and new budgeting methodology (one pool now using a bottom-up vs top-down budget). SecureSheet has become an integral part of various business processes in addition to compensation management, including workforce planning and even COVID-19 tracking. The global manufacturing company’s experience exemplifies how SecureSheet simplifies complex spreadsheet processes, fosters real-time collaboration, and empowers users while seamlessly scaling with business growth.
This case study highlights the transformative power of SecureSheet in overcoming challenges associated with manual spreadsheet processes. By implementing SecureSheet, the global manufacturing company achieved greater efficiency, accuracy, and control over its compensation planning, paving the way for continued success.
