Pop quiz: What do Uber, Airbnb, and Netflix have in common?
I’ll give you one guess.
Anyone out there screaming “DISRUPTIVE TECHNOLOGY!!!” at your computer screen right now, pat yourself on the back.
All three of those now-famous companies did one crucial thing. They asked, “How can we use technology to revolutionize our industry?”
Uber then shook the transportation world with its revolutionary rideshare app.
Airbnb forever changed travel by giving adventure-seekers a unique, immersive experience at the click of a button.
You probably won’t be surprised to hear that the streaming platform has changed how 125 million subscribers watch TV and movies.
Implementing tech innovations allowed these companies to rise above their competitors and evolve their industries — and it’s high time for compensation to follow suit.
Data is a crux of our industry. As a comp pro, you already know that.
But the question is, why are we settling for outdated, unhelpful compensation data? Especially when so many decisions in compensation rely on that data being solid.
In our 2018 survey report, The New Age of Compensation, we asked compensation professionals how they felt about the quality of current survey data.
The results were concerning.
Fifteen percent of comp professionals said survey data quality has declined over the last few years. By comparison, 12 percent thought survey data quality had declined when we asked in 2017.
That’s a 25 percent increase in dissatisfaction in one year.
So, what’s the solution? How do we get reliable data that we’re satisfied with?
You’ve probably already guessed the answer: utilizing technology to our advantage.
The survey report revealed a few areas where tech could save us time, make us more efficient, and provide us with more reliable data.
For example, an overwhelming amount of people said they still use manual processes when it comes to managing their data.
Crowdsourced data is still commonly used, even though it can be unreliable. And another popular option, survey data, is already outdated by the time we get it.
This forces us to age, weigh, and adjust our numbers — which, essentially, means we’re estimating important figures.
There are digitized solutions out there, solutions that can help consolidate your data and get up-to-date market information.
But it’s up to us to find the right match for our company’s needs.
Do some research on how your company might save time or improve the quality of your data — you might be dedicating time now to the search, but the right solution will save you time and energy in the long run.
Don’t stay stuck in the Stone Age. Take advantage of tech and take back control, higher quality data, and time to focus on what matters.
For more insights from over 1,000 comp professionals across North America, download The New Age of Comp for free now.