The Limitations of Using Excel for Compensation Management: Risks and Alternatives
Effective compensation management is crucial for any organization to maintain employee satisfaction, ensure fairness, and comply with legal standards. Traditionally, many organizations have relied on Excel spreadsheets to handle compensation tasks. While Excel is a versatile tool, it has significant limitations when it comes to managing complex compensation programs. This paper explores the various drawbacks of using Excel for compensation management and highlights the advantages of transitioning to specialized software solutions.