With an intelligent and integrated end-to-end business process, organizations can measure value by the impact on their processes. Below is an end-to-end process that features the capabilities of sales performance management.
Reward to Retain
The Reward to Retain business process covers a range of processes that aim to motivate employee performance and retain them in the organization. Reward to Retain is an important process, as it helps an organization build a strong and engaged workforce that is better equipped to achieve its goals and objectives.
Once high-performing employees are identified, the next step is to determine the appropriate rewards to incentivize them to stay with the company. This requires the organization to reimagine compensation strategies, oversee sales performance, and administer rewards to help retain talent.
Some specific objectives of this process are:
- Guided compensation planning
- Continuous rewards
- Recognition programs
- Incentive compensation management
- Territory and Quota management
- Agent Lifecycle Management
The SAP solutions that support the Reward to Retain process are as follows. Of these, the solutions in bold are components of Sales Performance Management.
- SAP SuccessFactors Compensation
- SAP SuccessFactors Incentive Management
- SAP SuccessFactors Territory and Quota
- SAP SuccessFactors Agent Performance Management
- SAP SuccessFactors Employee Central
Using SAP SuccessFactors solutions to elevate the Reward to Retain process can help organizations achieve the following:
- 10% to 20% increase in employee engagement.
- 20% to 30% in manual HR transaction effort.
- 40% to 50% reduction in employee turnover.
Total Compensation Management
Let’s look at an example of how these solutions work together to achieve the goals of Reward to Retain using the concept of Total Compensation Management.
Many companies are adopting a total compensation management approach to attract and retain talent. Offering a holistic view across all compensation types, automated and connected solutions offer a single source of information on everything from salary to recognition programs, commissions, and stock options.
A successful total compensation management technology infrastructure offers best practice-based functionality that helps streamline and simplify processes. Fast and user-friendly self-services improve the employee experience and reduce time spent on administrative tasks. Likewise, the solution must be able to cater to today’s needs while offering the flexibility to support changing requirements.
The goals of Total Compensation Management fit into the Reward to Retain process with the following objectives:
- Gain a single view into compensation: Easily understand all elements of compensation to make smarter compensation decisions and respond quickly to change.
- Enhance pay transparency: Build employee trust and retention through enhanced transparency into real time and accurate payments.
- Increase scalability and compliance: Maximize efficiency and productivity with a best-in-class architecture that improves the bottom line and reduces risk.
- Improve and individualize experiences at scale: Increase employee engagement and satisfaction with intuitive, individualized experiences.
We do this by bringing together two solutions: SAP SuccessFactors Compensation and SAP SuccessFactors Incentive Management, an integral part of the SPM solution. A total compensation management approach makes it quick and easy for employees to access information about all the different forms of pay their company offers. Employees see the full value of their compensation package and get clarity on how calculations are made, building a culture of trust. With a comprehensive view of compensation data, managers have the information they need to get the best out of their teams. With in-depth analytics and real-time reporting, HR and finance leaders can develop winning compensation programs that attract top talent and motivate a global workforce.