SAP Successfactors Compensation Solution helps in engaging the employees, getting better performance, improving execution and ensuring the retention of the top performers. The Compensation solution is a strategic management solution that helps in aligning the compensation program with the business objectives. The feature helps in modeling and managing the compensation program and also for motivating the workforce.
The compensation programs helps in improving the business results by:
- Long-term incentive plans like bonus can be designed for getting the optimal balance in business strategy, pay and affordability.
- The budgets can be allocated to support the strategic goals and the compensation programs can be adapted on the basis of requirements and goals.
The global compensation budget can be managed effectively in following ways:
- The compensation programs are flexible enough and can be optimized for local markets.
- The employees can be given incentive by customizing the reward packages on the basis of team and individual performance goals.
- The validation checks can be done to increase proficiency, reduce the risk and improve budget accuracy.
- Budget can be utilized appropriately by proper reporting.
- Employee performance goal achievement must be tied with rewards like bonus payouts for getting the culture of pay for performance.
Employees must be rewarded for their contribution and they must be motivated to deliver the best performance
- The personal compensation statements can be configured to get the best value of the reward packages.
- The bonus plan eligibility and payouts must be communicated to the employees for achieving the targets.
- Rewards and recognitions can be used in motivating the employees for their contributions throughout the year.
- Goal attainment must be crucial to the performance management so that the employees can understand the impact of performance on achieving the bonus targets.