The world of work has seen drastic change in the last year, with a large proportion of employees now working remotely. The impacts of this shift are significant and wide-ranging.
With less face-to-face contact, it's difficult for managers to motivate their people. And without sitting in the office, it can be hard for employees to feel part of a wider team, with everyone pulling in the same direction.
Harnessing the Potential of Compensation
In helping companies address these challenges, the motivational power of compensation should not be underestimated. Clearly communicated compensation programs have the potential to motivate and engage employees, improve job satisfaction, and reduce churn.
However, all too often, a siloed approach to compensation makes it hard for employees to get a comprehensive view of their overall package. This can lead to confusion and frustration.
Providing a Holistic View of Pay
To attract and retain talent in this new world of work, many companies are adopting a total compensation management approach. 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. Meanwhile, it's crucial that the solution caters to today's needs while offering the capabilities and flexibility to support changing requirements.
Getting Quick and Comprehensive Access to Information
With a total compensation management approach supported by solutions such as SAP SuccessFactors Compensation and SAP Commissions, it can be 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. And with in-depth analytics and real-time reporting, HR and finance leaders can develop winning compensation programs that attract top talent and motivate their workforce - whether they work in the office or from home.
Find Out More
To learn more about how SAP SuccessFactors Compensation and SAP Commissions can support a total compensation management approach in your organization, visit us online. Alternatively, read the whitepaper, 'Unlocking the Motivational Power of Compensation in the Changing World of Work.'
Rahul Iyer is global head of GTM Sales Performance Management at SAP SuccessFactors.