Compensation management is an essential activity for any organization that values engaging and retaining employees. It is an essential component of a wide range of personnel-related activities from recruiting and hiring to performance assessments and career and succession planning.
Determining and providing appropriate compensation, which may involve base pay, merit pay, variable pay and incentives or bonuses, is equally important for all members of the workforce – full- or part-time employees, contingent or on-demand workers and contractors. Incentive compensation tied to performance objectives often is critical in business areas such as call centers, sales forces and field service. But whatever the particulars, the effectiveness of compensation impacts the core challenge faced by human resources departments: keeping employees productive, satisfied and motivated.
Technology vendors assessed in the 2016 Value Index for Total Compensation Management inclulde: beqom, Curo, Decusoft, HRsoft, Oracle, PeopleFluent, Saba, SuccessFactors (an SAP Company), and Willis Towers Watson.