5 End of Your Year Comp Mistakes to Avoid

5 End of Your Year Comp Mistakes to Avoid

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Author: Morgan Cosentino

It’s that time of year again! Time to plan for 2023 so that the end of your 2022 isn’t miserable. Here is a list of 5 things to avoid:

1. Wait to start thinking about 2023 until 2023

Why wait? The end of the year will only get busier! Waiting until the new year makes your whole team run into “crunch mode” and won’t give you enough time to evaluate and create your 2023 goals thoroughly. Once you’re in the new year, the clock is already ticking to achieve the goals you set!

2. Not evaluating and editing your compensation plans for a brighter and better 2023
The time is now! The process for assessing and making comp plan changes can be lengthy and require multiple stakeholders’ approvals. Once the plan updates are made and approved, your compensation plan team or service partner provider will need time to discuss the changes, scope out the level of effort, and ultimately get those plan changes implemented and tested before your first pay cycle in the new year.

3. Not requesting enough budget for needs tied to business goals.
The budget season can begin anywhere between three to six months before the start of the new year, and the approval process can be long and tedious. Once your company has set corporate goals, you'll need to be sure you have requested enough budget to make those goals attainable. Hitting these targets takes effort and money, so don't make the mistake of forgetting to ask for an adequate budget for your SPM software and service providers. Just like with our finances, it's essential to have an emergency fund for things like employee transitions and terminations, unexpected employee leave, unexpected mid-year comp plan changes, etc. 

4. Trying to do it all yourself
There’s only one of you, and you have a full-time day job. Don’t make the mistake of thinking that you won’t be asked to manage and lead additional projects throughout the year. You already manage a lot for your company and bend over backward at times. It’s okay to ask for help, especially if that means asking a service provider such as Canidium to help optimize the SPM software you already have. We can help you further automate processes that will save you time in the long run.

5. Forgetting about optimization
You have software for your commissions, but you still find yourself running manual processes. Manual processes take time and cost money. You have a lot of more important things to do than manually manipulating and uploading data! Let us help you take a look at your current processes and see where we can help optimize through automated processes or additional modules.


Or, request a free consultation!  The more information you have in your hands, the better. Here’s to a successful (and happy) 2023!

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