Compensation management is a key talent management process involving all workers and managers within an organization. Determining and providing the appropriate compensation for each person — whether it involves base pay, merit pay, or variable pay and incentives such as bonuses — is critical to being able to attract and retain productive members of the workforce, including full- and part-time employees, contingent workers and contractors. The complexities of compensation often prove to be a core challenge for human resources departments as they strive to keep the organization productive, satisfied and motivated while ensuring equitable and defensible pay practices across the entire workforce.
I am excited to announce that I have joined Ventana Research to lead our market coverage of our Human Capital Management expertise, including focus areas of Continuous Payroll, Employee Experience, Learning Management, Talent Management, Total Compensation Management and Workforce Management.
I recently attended an analyst conference held by Unit4, an enterprise resource planning vendor focused on midsize organizations in people-centric industries. The conference was intended to communicate the company’s strategy, product updates and roadmap. The meeting took place shortly after announcement of the availability of Unit4 Industry Mesh and the acquisition of Compright, which does compensation planning as well as in the context of the broad technology shifts affecting ERP applications.
Topics: Human Capital Management, Office of Finance, Business Planning, Financial Performance Management, Talent Managment, ERP and Continuous Accounting, Total Compensation Management, digital finance
I am happy to share insights gleaned from our latest Value Index research, an assessment of how well vendors’ offerings meet buyers’ requirements. The Ventana Research Value Index: Workforce Management 2022 is the distillation of a year of market and product research by Ventana Research. Drawing on our Benchmark Research, we apply a structured methodology built on evaluation categories that reflect the real-world criteria incorporated in a request for proposal to workforce management vendors supporting the spectrum of these requirements. Using this methodology, we evaluated vendor submissions in seven categories: five relevant to the product experience ﹘ Adaptability, Capability, Manageability, Reliability and Usability ﹘ and two related to the customer experience ﹘ Total Cost of Ownership/Return on Investment and Vendor Validation.
Workforce management processes and activities, a major focus of investment and optimization efforts for decades, have undergone a huge transformation in recent years. In our view, this is mostly a function of two significant trends: the explosion of technology innovation associated with the use of artificial intelligence, machine learning and embedded analytics in many areas of a business including a range of human capital management processes and operations; and a major reframing of the employer/employee relationship stemming from the now universal emphasis on elevating the worker experience. This was becoming more of a strategic focus across most organizations before the pandemic, but the past two years has made delivering a great employee experience an essential part of operating a business. In the absence of this, employees tend to become disengaged, and many will leave. The same can be true of the customers serviced by those employees.