Begin the video to get started on SAP SuccessFactors Compensation.
SAP SuccessFactors Compensation can help you build and manage strategic compensation programs that align with the needs of your employees, your business, and your budget.
SAP SuccessFactors Compensation solution is comprised of these components:
- Compensation Planning: Supports salary and long-term incentive planning
- Variable Pay (Bonus) Planning: Supports short-term incentive planning
- Reward and Recognition: Supports cash-based and point-based peer-to-peer award programs
Salary Planning: High-level Steps
- Salary Worksheets are launched.
At the start of every compensation cycle, administrators create a compensation template to define all the settings necessary for the compensation review. A worksheet is created for each compensation planner.
The worksheet has all the necessary information to assist planners to decide on a recommendation:
- How much of an increase can be entered? Guidelines take away the guesswork from the planner. The system provides a range of increase based on certain criteria. For example, it could take into account the employee's performance rating, job level, salary benchmarks, and so on.
- Who is eligible for an increase? Eligibility rules are created to either hide non-eligible employees from the worksheet or gray-out the entry fields.
- How much is the allocated amount for my team? Budgets can be displayed to show the amount allocated to the team and how much is already spent. It can also provide a hard stop to avoid overspending.
- The worksheet is sent to planners
A route map establishes the steps and roles that are involved in a compensation review. When the form is routed to a step, the user can go to Home → Compensation tab → Inbox to open the worksheet. The planner then proceeds to enter their recommendation and send it to the next step of the approval process.
When the recommendation has been approved and finalized, the final salary is published to SAP SuccessFactors Employee Central (or an external HRIS solution) to update the employee's compensation record.
- Compensation Statements
Reward statements can be provided to communicate the salary increase, bonus, and equity incentives for employees.