Deriving Full Value from Compensating the Entire Workforce
Compensation management is a key talent management process involving all workers and managers. 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, whether full- or part-time employees, contingent workers or 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.
For more than a decade Ventana Research has been the only analyst and market research firm assessing the business needs of buyers and users along with vendors and their products. Our examination incorporates the people, process, information and technology factors that underlie the effective use of software and impact purchase decisions. Our Total Compensation Management research examines the needs and opportunities in organizations of more than 100 employees and US$100 million in revenue. An examination of the need for process and management changes in compensation programs are central to the research, along with examining what the finance and operations functions need to be able to support total compensation management.