According to a recent survey, it was found that job satisfaction among employees has hit an all-time low. This indicates that employers must attend to this problem sooner than later.
One way is by managing employee compensation efficiently. After all, it’s one of the major reasons employees come to your workplace every day.
SAP SuccessFactors Compensation has brought a revolution when it comes to meeting an organisation’s compensation needs. From building strategic compensation programs to managing your budget, SAP SuccessFactors has got you covered.
Let’s look at how you can handle the entire process of employee compensation management with SAP SuccessFactors Compensation.
When your organisation has several branches in different parts of the world, you have to set compensation programs differently, considering the local market's needs, requirements, and legalities.
With SAP SuccessFactors Compensation, you can execute compensation strategies with central oversight, guidance, and flexibility. You can also get visibility into budget utilization across the organisation and several branches with roll-up reporting, compensation metrics, and relevant employee data with SAP’s employee management tools.
All of this also helps in easy collaboration with your global teams, as there’s no confusion or misunderstandings as to what compensation strategies each branch should follow.
Whether you want to expand in the near future or scale with minimal investment, you need to make sure that every facet of your organization aligns with the goals and objectives you have in mind.
With SAP’s HR model, you can make use of forecast and model base, bonus, and LTI plan designs to find that perfect balance between competitive pay, business strategy, and affordability. You can even set compensation programs based on your business’s evolving needs and strategic goals.
Additionally, you can use proprietary modeling tools and simulate different budget scenarios to set compensation guidelines that match your objectives.
The employees that are just entering into today’s workforce don’t just want a great compensation package. They desire meaningful rewards and experiences throughout the tenure of their work. These rewards also help keep employees motivated and can be an effective job satisfaction and employee retention strategy.
But how do you do that if you have thousands of employees in your organization? Or how do you strategically create rewards when you have a one-man HR team?
SAP SuccessFactors Compensation has a set system that makes these rewards personalized, relevant, timely, and frequent, so you don’t have to worry about doing all the work.
With SAP, you can design unique worksheet experiences that empower HR teams and planners to better control and manage their workspace using configurable views that show relevant employee data.
You can also get access to real-time data insights and relevant employee details that help improve decision-making. To ensure that your compensation programs are free from bias and disparity, you can use calibration tools to assess compensation and performance accurately.
If you run bonus programs in your organization, SAP provides you with tools and insights that help you build these programs and ensure fair compensation decisions.
Whether your employee wants to know how their compensation package is broken up into different sections or if they are eligible for certain deductions or payouts, your team must provide all the required details.
Instead of doing all that manually, with SAP SuccessFactors, your employees can understand the full value of their compensation package along with personal configurable compensation statements.
You can also send bonus assignment letters to inform them of potential payouts that will be awarded when they meet specific targets and their bonus plan eligibility.
In line with compensation, you can build recognition programs with flexible design options including points-based, cash-based, and peer-to-peer award programs.
With SAP SuccessFactors, everything is recorded and organized. This means that data is readily available for bonus payments, compensation cycle changes, and more. The system automatically updates this data if you have set a certain logic or rule.
This leads to less manual effort and fewer errors. They also provide you with certain usecases where you can fix salary increases in advance as per the tenure or performance, create/process new pay scale levels, and automatically assign compensation requests to relevant managers in the team.
This leads to a seamless compensation process across the organization.
Now that you know what makes SAP SuccessFactors Compensation a top compensation management software, make sure you adopt the system in your organization to have an error-free and satisfactory compliance process.
You can even try out other SAP products like Employee central, talent management, and so on to have a comprehensive HR system that you can rely on.
Get in touch with Talenteam to know more!