Compensation is the sole motivating factor that keeps everyone driving. Employees work in return for compensation, and businesses operate to generate profit. There are many intricacies associated with compensation within an organization. Things like getting the right employee information, transferring information, and making informed paying decisions are key to successful compensation planning.
Thus, managing all of that can result in draining a lot of time and effort from the organization’s end. This is where advanced technologies come to the rescue with their nuanced automation capabilities. Organizations can use this automation to facilitate effective and accurate compensation, saving both time and effort.
Yet simply automating compensation processes will yield no value unless all HR processes are managed with a strategic approach. Organizations need to leverage an integrated approach to get a comprehensive view of the HR landscape, streamline processes, enhance accuracy, and facilitate easy access to information.
Pairing SAP SuccessFactors Compensation with SAP SuccessFactors Employee Central can be very helpful in such cases. So, continue reading to learn more about why you must consider using SAP SuccessFactors Compensation with SAP SuccessFactors Employee Central.
What is SAP SuccessFactors Compensation?
Managing strategic compensation is one of the most important challenges organizations face in this modern age. SAP SuccessFactors Compensation is designed to make this easier by helping you build and manage effective compensation strategies. All these strategies will be curated to ensure they align with the unique requirements of your business, employee, and budget.
SAP SuccessFactors Compensation helps enhance the performance of both businesses and individuals. This is facilitated with time, personalized recognition, and reward programs for employees to boost retention. Fundamentally, this will help you automate and simplify compensation planning, make better and informed decisions, and centralize compensation management.
What is SAP SuccessFactors Employee Central?
SAP SuccessFactors Employee Central is a cloud-based interface that helps organizations better manage different aspects of HR processes. It also includes all the essential HR data, including an employee username, identification, employee name, and other relevant information.
The platform is equipped with numerous capabilities that make it much easier to accommodate the evolving workforce structure of the organization. For example, you can manage all the events in an employee’s lifecycle with the SAP SuccessFactors Employee Central. Besides that, you can access additional features such as outsourcing functionalities and third-party integrations to help you manage your workforce much more effectively.
Upsides Of Using SAP SuccessFactors Compensation With SAP SuccessFactors Employee Central
Planning compensation for your organization involves managing data from different HR processes. Conventionally managing this data was difficult because most important updates and exports were carried out manually. Nonetheless, this is the age of advanced technologies, and automation is here to make things simpler for all.
SAP SuccessFactors Employee Central facilitates the automated data transfer to and from the SAP SuccessFactors Compensation interface. For instance, you can now evaluate an employee’s merit by using the rule engine of business through the SAP SuccessFactors Employee Central data.
When you use both SAP SuccessFactors Compensation and SAP SuccessFactors Employee Central to make payment decisions, you can gain seamless access to employee data. This allows you to make better and informed compensation to ensure all your employees are compensated appropriately.
You can even access other relevant information about employee compensation, including salary grade, company, location, and other pertinent factors. One can then seamlessly determine the pay ranges of salaries of every employee and update their compensation details in the assigned worksheet.
One can even benefit from the MDF objects of SAP SuccessFactors Employee Central to leverage customized portlets such as rating history and stock history. You can use them to create a holistic compensation plan by deriving data from multiple sources and incorporating them into the worksheet of compensations. Plus, all your information is updated and current for better effectiveness in updates coming in real-time.
Calculation of Bonus Payouts
Calculating the bonus payouts of employees is a very complex process. It is not unlikely for employees to change jobs or manage multiple projects throughout 365 days. Naturally, this impacts their eligibility for bonuses, and tracking all such changes is easier said than done. But because it is complex, that does not mean one can overlook the importance of accurate bonus pay calculation. When you ensure the accuracy of bonus payouts, it automatically impacts employees’ trust, helping keep them motivated.
SAP SuccessFactors Employee Central captures all employees’ history of assignments with the utmost accuracy. One can leverage this information to facilitate the accurate calculation of bonus payouts. You can even consider different influential criteria, including eligibility rules, assignment dates, pay history, and goal attainment.
Better User Experience
User experiences are one of the most significant benefits of combining the potential of SAP SuccessFactors Compensation and SAP SuccessFactors Employee Central. As a compensation planner, one can plan job changes and promotions. This can be done directly from the specific worksheet of compensation planning when the compensation planning cycle is on the role.
When completed, the updated job information will be again published in the SAP SuccessFactors Employee Central. As a result, this helps planners streamline processes with a centralized interface to enter all the promotion charges and other relevant charges for compensation that occur during the ongoing planning process. Most compensation planners can immensely benefit from this enhanced user experience and enhanced efficiency of operations.
Access to Contextual Information
Making objective compensation decisions is another hassle for most compensation planners. Keeping that in mind, every contextual data can be accessed with the worksheet of compensations providing planners with what they need to facilitate better planning. The information is automatically updated once the compensation planners review and approve the changes.
This means all the payouts for bonuses get updated automatically in the SAP SuccessFactors Employee Central and all other corresponding payment components. This makes it much easier to process the payrolls while ensuring unmatched accuracy.
Using SAP SuccessFactors Compensation with the SAP SuccessFactors Employee Central can yield many more benefits for your organization. It also has long-term positive impacts on the business as employees are motivated to do better when they are certain about receiving accurate and on-time payments. So do not waste your time and reach the experts at our SAP consulting company to reap the benefits of SAP SuccessFactors Compensation and Employee Central.