It is more important than ever for businesses to attract and retain the best talent, and managing compensation effectively is an essential tool for doing so. Obviously companies must pay well to compete, but managing salary, merit pay, variable pay and incentives for employees, tracking their hiring anniversaries and conducting accurate performance appraisals make total compensation management a complex process. All of this must be managed within budget and policy guidelines. As organizations grow and require more employees, the challenges multiply and the difficulty increases. Our benchmark research finds that inconsistent execution is the top impediment to effective compensation management for nearly half (47%) of organizations. Software designed for this purpose can help.
Topics: Business Performance, CFO, Compensation, Customer & Contact Center, finance, Financial Performance, HCM, HR, Operational Performance, Sales Compensation, Talent Management, TCM, Workforce Performance, Human Capital Management
Now available from Ventana Research is our Value Index on Total Compensation Management for 2014. Total compensation management directly addresses one of an organization’s largest investments – employee pay. As such it is a critical activity for supporting other human capital management and talent management processes.
Topics: Analytics, beqom, Business Analytics, Business Collaboration, Cloud Computing, Decusoft, Financial Performance, IBM, Kenexa, Mobility, Oracle, Pay for Performance, Peoplefluent, SAP, SuccessFactors, SumTotal Systems, TCM, Towers Watson, Value Index, Workforce Performance, Human Capital Management, Compensation
Managing payroll has long been viewed as an administrative task, time-consuming and focused on ensuring that everyone is paid correctly and on time. In fact, in the American Payroll Association’s most recent annual study, the main metrics tracked for payroll performance are payroll cost per employee, payroll processing accuracy rate and dollar value of overpayments – all of which focus only on cost or accuracy. So payroll management is rarely viewed as having any strategic value to the business and typically is assigned a low priority in finance, HR and payroll departments. The payroll process is elevated in importance only when errors are made that result in people being paid or taxes being withheld incorrectly.
We have just released our 2012 Value Index for Total Compensation Management (TCM), in which we evaluate the competency and maturity of vendors and products. Our firm has been researching this category for many years, and our latest benchmark research in total compensation management found some improvement among applications in a field where many organizations still use outdated applications to manage an area with large financial and human capital impacts.
Topics: Business Performance, Cloud Computing, Compensation, Customer & Contact Center, Excentive, Financial Performance, HR, Human Capital Management, Operational Performance, Oracle, Peoplefluent, Sales Performance, SuccessFactors, SumTotal Systems, Supply Chain Performance, TCM, Value Index, Workforce Performance
Acquisitions and new product releases continue to make the market for human capital management a hotbed of activity, as organizations attempt to fully utilize and increase the value of their workforces as I have outlined in my research agenda. ADP, with more than $10 billion in revenues and more than 570,000 customers, is aiming for the top spot in this market.
Topics: Business Analytics, Business Performance, Cloud Computing, Compensation, Financial Performance, HCM, HR, Human Capital Management, Learning, LMS, Mobile, Operational Performance, Performance, Social Media, TCM, Workforce Performance