Solving the Compensation Conundrum
- March 3, 2020
It is imperative to incentivize your providers to drive strategy and alignment, but what makes sense in theory, doesn’t always make sense in practicality. The existing gaps between strategy and operations need to be narrowed significantly, if not eliminated, for your team and organization to be successful and competitive in today’s market. Compensation strategy and technology can be your team’s bridge to success.
The opportunity cost of being mired in routine compensation management, e.g., data maintenance, compensation calculation/validation, and manual business processes, precludes the implementation of optimal compensation strategies, let alone accurate and timely compensation delivery. But over-simplistic and streamlined models fall short of valuing providers’ efforts; instead, giving way to poor relations, retention, and performance. The compensation conundrum represented by these challenges can only be resolved through compensation automation technology.
As the increasing challenges demand new technology, a few vendors that have entered the space are effective in addressing streamlined and more simplistic compensation arrangements. However, ProCARE Portal stands alone in being able to tackle the most complex models and variable arrangements that support an optimal compensation strategy by leveraging proven concepts and architecture in Incentive Compensation Management technology rooted in the Fortune 100/500 verticals. Keeping up with the ever-evolving market requires a system that can replicate and fully automate your current model yet provide a framework to accommodate easily any variable change, exceptions, and future models.
Effective compensation models that drive the desired results may include team-based incentives, clawback and true-up logic, fair market evaluation, eligibility criteria, pay cycles with minimal lag in arrears, and the assessment of various operational, financial, and specialty-specific quality measures. Organizations need one system that can handle all the calculations and variable changes that do not require one-off processes and exceptions to be accommodated manually outside the system. With compensation automation, you do not have to comprise how your strategic initiatives are factored into provider compensation. To trust the data, providers need appropriate access to detail data, compensation statements need to show transparency of calculation logic, and dashboards need to highlight opportunities for performance improvement. It is time to empower your organization to focus on alignment and strategy and not be mired down in calculations month after month with no time or relief to act.
ProCARE Portal allows you to break the routine compensation management burden and bridge the gap between operations and strategy to automate your current state compensation processes and give you the time and tools to optimize your future state compensation models.