The annual Ventana Research Digital Innovation Awards showcase advances in the productivity and potential of business applications as well as technology that contributes significantly to the improved processes and performance of an organization. Our goal is to recognize technology and vendors that have introduced noteworthy digital innovations to advance business and IT that optimizes organizational resilience and workforce readiness.
Ventana Research has awarded Salary.com's Pay Equity Management software its prestigious 2022 Digital Innovation Award in Human Capital Management. This award is given to an HCM vendor that best exemplifies innovation in support of an organization’s ability to leverage its people, processes, information and technology in driving impactful HCM-related business outcomes. All finalists in the areas of HCM expertise were considered for this award across compensation, employee experience, learning, payroll, talent management and workforce management.
Technology is enabling HR to improve responsiveness to business needs and stay in compliance with more complex regulations. Ventana Research selected Salary.com’s Pay Equity Management software for the 15th Annual HCM Digital Innovation Award for its longstanding commitment to developing products that lead to more fair and equitable pay and its innovations in the area of compensation management.
More than ever, organizations recognize the need for pay equity but often are ill-equipped to measure the current state, monitor continuous fluctuations or develop a plan to stay ahead of internal or regulatory policies or mandates. Salary.com offers products that provide the insights needed to benchmark against the market, develop effective job descriptions and manage compensation to match the pay philosophy and equity goals within the organization.
In our recent Total Compensation Management Benchmark Research, more than four-fifths (81%) of survey participants indicated that it is important or very important to have a system to automate the TCM process rather than employ a piecemeal approach. However, the same research reveals that nearly three-quarters (72%) of organizations are still using spreadsheets as part of the compensation management process, with one-quarter (26%) using them almost exclusively. Automating compensation processes through a sophisticated digital platform will improve efficiency and quality in decision-making, and Salary.com’s offerings can help companies do just that.
If you are evaluating ways to bolster your total compensation management process, the Salary.com suite of products deserves consideration. Congratulations, Salary.com, for your digital innovation in compensation and HCM with this award.