Set‑and‑Forget Workflow Automation for Equity Compensation Management
Is automation a real differentiator when it comes to equity compensation plan management?
Well, it depends on how advanced the automation is.
Today, most equity compensation platforms offer some type of automation. For instance, they almost certainly automate file transfers, as well as data exchanges following a transaction. After all, that technology has been around for some time, so its use is quite common.
But when we say automation, we mean advanced automation. Rather than stopping at scheduling files or setting rules around employee termination, we think about the ability to utilize real-time data integrated seamlessly from HRIS systems with automated workflows. This may sound like a dream, but it exists.
Here is the advanced automation that a leading equity compensation platform can provide you:
With application programming interfaces (APIs), you can seamlessly integrate data from multiple systems in real time.
For instance, by connecting your equity compensation platform with the HRIS systems and the third-party tax provider data, you can capture accurate mobility calculations for the international employees whenever you and other key collaborators need them—all while utilizing the same set of data. Where automation schedules update on a predetermined cadence, API integrations allow data to be shared across both internal and third-party systems at the same time.
If you’re looking to run a global report and your current equity compensation platform runs batch updates overnight, you’ll only have access once this completes. The delay impacts your ability to get answers when you need them; however, with advanced automation, you have the ability to run global reports without waiting for batch runs to complete. Automated data processing makes real-time reporting more powerful.
For example, if your CFO calls to tell you a senior leader has left the firm, and you need to assess the impact of their departure, you can pull a report in minutes, not hours or days. The ability to schedule these global reports can further save time and increase the efficiency of your team. Who doesn’t like to have all their relevant reports readily available in the morning and get a head start on a busy day?
Capability to “Set and Forget” Workflow Processes
Consider for a moment the number of repetitive processes you engage in regularly, such as scheduling releases, enabling exercise transactions, and managing terminations and retirements. Now imagine the amount of time you would save by automating those routine tasks. With workflow automation, you can:
