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Compensation management systems automate and manage the planning, modeling, budgeting, analysis, and execution of enterprise-wide compensation plans. Organizations that have invested in these systems cite a number of significant benefits. This field guide explores five critical steps to ensure that you get the most out of your compensation planning investments
HR FIELD GUIDE: 5 TIPS TO EFFECTIVE COMPENSATION MANAGEMENT
© 2011 SumTotal Systems, Inc. All rights reserved.
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ABOUT SUMTOTAL
SumTotal Systems, Inc. is the global leader in complete talent management software that enables organizations to more effectively drive business strategy. Recognized by industry analysts as the most comprehensive talent management solution, SumTotal provides full employee lifecycle management, including a core system of record, from a single provider for improved business intelligence. The company offers customers of all sizes and in all industries the most flexibility and choice with multiple purchase, configuration, and deployment options.
According to AMR Research, companies can expect to save approximately 57% per transaction to process a salary change (a common affair) by moving from a manual process to a technology-enabled one. There are clearly more complex aspects to compensation management, and costs savings can be realized across the entire value chain, from plan defi nition, to decision support, integration, localization, and approvals. By focusing on a handful of key best practices, HR organizations better position themselves to optimize planning, modeling, budgeting, analysis, and execution of their enterprise-wide compensation plans.
