Strategy is Everything
Compensation management is about far more than just managing payroll. SAP SuccessFactors Compensation allows you to allocate funds effectively to retain your top performers and avoid overpaying underachievers. Reward great performance, optimize budgets, improve compliance, and reduce manual errors — all leading to better business execution and results.
Competitive vs. Equitable
With quality talent being in hot demand, unlimited payroll pools would make it a lot easier to attract and retain talent. That is not realistic though - HR Departments and companies have payroll budgets they have to work within. HR Managers need reliable information on how their compensation management looks across the company. That makes it easier to be competitive in the talent pool, but retain equity and fairness within your staff.
Some Things Never Change
There are a myriad of factors and drivers that affect employee longevity and satisfaction. (This subject coming soon to our Hot Topics - stay tuned.) However, a 2016 research report by the Society for Human Resource Management shows that compensation is still the leading reason employees leave for an outside job. As a result of excellent resource management with SAP SuccessFactors, your company will stay competitive and fair. This absolutely contributes to long term satisfaction and loyalty from your workforce.