Do You Want to Save 100 Man-Hours Per Month?
Patty manages payroll for a growing mortgage lender with multiple branches across the country. Patty has been with the organization for several years and, while she loves her job, one of Patty’s biggest pain points is managing LO compensation.
To be competitive in the markets where it operates, branch managers customize their LO compensation plans, resulting in highly complex comp plans with multiple variables that make Patty’s job a challenging endeavor.
Each pay period, Patty must rely on a combination of LOS pipeline reports, her intimate knowledge of comp plans and her trusty spreadsheets to calculate commissions and bonuses for the entire company. Although Patty has two others working with her, the payroll team is a fraction of the size of the company’s salesforce, and the process requires Patty’s team to execute a vast number of calculations in a relatively short period of time.
Once Patty’s team has finished its calculations, Patty must manually create and email branch payroll reports to all the branch managers for approval. Despite Patty’s best efforts, errors still creep into payroll, which can damage the hard-earned trust in Patty and her team. For years, LOs have requested more transparency into the payroll process, but because the process is so fragmented and involves so much cross-checking between disparate systems, providing that transparency is problematic.
That’s why Patty is usually crunched for time and extremely stressed. Further, Patty would love to take a vacation. However, her schedule is dictated by the frequently recurring pay cycle, and there just never seems to be a good time to take an extended break. Patty has missed weddings, graduations and other big life moments because she is needed to get paychecks out the door every two weeks.
What Patty needs is CompenSafe.
CompenSafe links directly to the lender’s LOS and immediately calculates compensation as soon as loans close and fund, dramatically reducing payroll errors and eliminating Patty’s reliance on spreadsheets, static pipeline reports and manual calculations. Patty can also provide LOs access to CompenSafe, providing them the transparency they crave while also creating a single location for Patty’s team to manage compensation agreements, payroll and draw recoveries.
Because CompenSafe can easily accommodate compensation plans with a variety of variables, branch managers can continue to offer compliant, creative and custom compensation plans without increasing the burden on Patty’s team. CompenSafe also increases the efficiency of Patty’s team by improving the speed and accuracy with which they can configure comp plans. Compensation reports are also automatically available for branch managers’ approval, removing yet another of Patty’s many time-consuming tasks.
Feeling a bit like Patty? It’s time to start automating your compensation process with CompenSafe. Many of the nation’s top lenders have saved 100s of man-hours per month using CompenSafe.
Save Time. Get Automated. Grow your business.
Learn more about what CompenSafe can do for your company here.