Compensation management is a critical part of human capital and talent management processes. Determining and providing the appropriate compensation for each person, whether it involves base pay, merit or variable pay and incentives or bonuses, is critical to being able to attract and retain productive members of the workforce – full- or part-time employees, contingent workers and contractors alike. However, the complexities of compensation can make more it difficult for human resources departments to keep employees productive, satisfied and motivated.
The research finds that organizations are making significant strides in advancing their performance and managing compensation in ways that benefit the business; however, most have not fully automated these processes or other aspects of compensation. Almost one-third (32%) of organizations said it is very important to manage these processes using a total compensation management system, while an additional 40 percent said they view it as important. However, fewer than half of organizations (46%) said they are confident they’re currently managing their compensation processes effectively.
Fill out the form to read the full executive summary.