One of your major investments is employee remuneration, and ensuring that these dollars have a positive impact on the bottom line is critical. Compensation, when combined with a broader personnel management plan, may engage employees, spark greater performance, increase execution, and ensure top talent retention.
SAP SuccessFactors Compensation enables business executives, compensation managers, and HR professionals to enhance budget accuracy, minimize risk, and link their most expensive expense – employee pay – to actual business performance. It is the market’s most comprehensive compensation management suite.
Making the most of limited compensation resources is critical to your company’s ability to keep staff focused on the most important tasks and move the company ahead. You may optimize your compensation programs using SAP SuccessFactors Pay by prioritizing the allocation of compensation budgets across several departments. Using unique modeling tools, align employee compensation with your business strategy by comparing competing features. You can also simulate various budget scenarios to identify pay parameters that are most appropriate for your company’s goals. Furthermore, forecasting software allows you to project bonus payouts throughout the year by simulating possible business outcomes, allowing you to evaluate projections and allocate bonus funds.
Align compensation plans with the goals of your company
- To identify the best balance between business goals, competitive compensation, affordability, forecast and model base, bonus, and LTI plan designs.
- Differentiate areas of the company and employee performance levels by allocating resources in ways that support strategic goals.
- Adapt compensation plans to changing corporate needs and strategic objectives.
Manage worldwide compensation budgets efficiently
- With central management and guidance, and the freedom to optimize compensation programs for local markets, drive consistent implementation of pay initiatives across the enterprise.
- Create incentive packages for employees that include bonus programs based on company, team, and individual performance goals.
- Increase process efficiency, improve budget accuracy, and maintain compliance with customized workflows, approval rules, validation checks, and reports.
- Roll-up reporting provides visibility into budget utilization across your organization, and access to salary indicators and pertinent employee data helps you make better decisions.
- To develop a true pay-for-performance culture, tie employee success to rewards, and use calibration to help assure fair, objective compensation decisions that connect performance goal attainment with bonus payouts.
Employees should be rewarded for their contributions and encouraged to achieve their best
- With configurable total-rewards statements, communicate the complete worth of reward packages to employees.
- Inform staff about bonus plan eligibility and potential rewards for achieving particular goals.
- Spot awards that acknowledge major milestones and excellent accomplishments when they occur will keep staff motivated throughout the year.
- With the SAP SuccessFactors Performance & Goals solution, make goal attainment a part of ongoing performance management conversations so employees understand how their performance affects bonus targets.
Conclusion:
SAP SuccessFactors Compensation focuses on providing meaningful rewards experiences for your employees all over the world that are personalized, relevant, frequent, and timely.
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