CompTrak is a compensation management solution that brings incentive, equity, merit review and total rewards into a single platform. Below is our recent interview with Perry Doody, Chief Product Officer and Co-Founder of CompTrak:
Q: Could you provide our readers with a brief introduction to CompTrak?
A: We work with companies who see total rewards and compensation as a strategic lever in driving results. Our product facilitates the management of these various programs to ensure accurate calculations, forecasting, real-time reporting and employee engagement. CompTrak is cloud-based and integrates with all major HRIS systems including Workday and SAP.
Q: You’ve recently been featured in 20 Most Promising Corporate Finance Solution Providers by CIOReview; could you tell us something more?
A: CompTrak’s cloud-based solution is only part of the equation. We have a team of compensation professionals who understand the complexities of compensation which allows us to quickly translate business needs into requirements that are ultimately configured in CompTrak. Each client’s experience is tailored to their compensation program and needs. This has allowed us to grow our client base and provide reliable solutions to a diverse group of clients including Canada’s largest bank. Our business model of compensation expertise layered on technology differentiates us from the competition – we put compensation first. One of the metrics we are most proud of is never losing a client.
Q: Why is it important to keep employees engaged?
A: Employees are any company’s greatest asset and giving them insight into their total rewards and compensation program is critical for driving performance. If you are using legacy systems and spreadsheets to manage this process, it becomes very difficult to provide those insights on a regular basis. CompTrak provides visibility and transparency to employees that keep them engaged and motivated all year round.
Q: Can you give us insights into your products?
A: CompTrak is made up of three core products – Compensation Management, Equity Plan Management and Total Rewards Statements. Our Compensation Management product simplifies your entire merit review and incentive compensation process from plan design, management and modelling to leader inputs and processing. CompTrak’s Equity Plan Management product allows you to manage deferred compensation including RSU, PSU and Options, even in the most complex scenarios. Our Total Rewards Statements are dynamic personalized online statements that help engage your workforce and show them the true value of their employment.
All our products are available individually or integrated together.
Q: How do you simplify complicated compensation processes?
A: We believe that companies who see compensation and total rewards as a strategic lever want an experience that is configured to their needs and compensation program. As such, we utilize a highly flexible framework that can be configured to meet the needs of each client. The client experience is unique in terms of data models, workflow and processes. For each client, we have a team that immerses themselves with the clients’ compensation documents and is dedicated to the implementation and on-going support which allows us to continuously improve the experience and expand functionality.
Q: What are the company’s plans and goals for the future?
A: As we work with more clients, we gain new insights and continually add to the library of available modules. CompTrak’s roadmap includes new offerings for pay equity, forecasting, enhanced mobile experience and expanding our presence in Europe. We are looking to continue our strong growth and increase our global footprint.