Human capital management (HCM) offers a prime opportunity for organizations and their human resource professionals to make employee-related processes effective in engaging and retaining the workforce. Manual administrative processes often hampered HR in focusing on the workplace experience and employee satisfaction. Modern HCM applications can help them manage members of the workforce as critical assets and make continuous investment in people-related processes, deriving insights on issue such as health and benefits through analytics applied to HR information. This year we will examine attitudes and changes in how organizations approach HCM through a new research endeavor using our latest research product. We will further deepen the knowledge across six essential aspects of HCM as discussed below and outlined in our HCM agenda for 2017.
Topics: Human Capital Management, Office of Finance, Learning Management, HRMS, total compensation management, Workforce Management, Work and Resource Management, ERP and Continuous Accounting, Payroll Optimization
It is more important than ever for businesses to attract and retain the best talent, and managing compensation effectively is an essential tool for doing so. Obviously companies must pay well to compete, but managing salary, merit pay, variable pay and incentives for employees, tracking their hiring anniversaries and conducting accurate performance appraisals make total compensation management a complex process. All of this must be managed within budget and policy guidelines. As organizations grow and require more employees, the challenges multiply and the difficulty increases. Our benchmark research finds that inconsistent execution is the top impediment to effective compensation management for nearly half (47%) of organizations. Software designed for this purpose can help.
Topics: HCM, human resources, Operational Performance Management (OPM), Sales Compensation, Business Performance Management (BPM), CFO, Compensation, Customer Performance Management (CPM), finance, Financial Performance Management (FPM), HR, Sales Performance Management (SPM), Talent Management, TCM, total compensation management, Workforce Performance Management (WPM)
We have just released our 2012 Value Index for Total Compensation Management (TCM), in which we evaluate the competency and maturity of vendors and products. Our firm has been researching this category for many years, and our latest benchmark research in total compensation management found some improvement among applications in a field where many organizations still use outdated applications to manage an area with large financial and human capital impacts.
Topics: Human Capital Management, human resources, Operational Performance Management (OPM), Peoplefluent, SuccessFactors, Cloud Computing, Oracle, ADP, Business Performance Management (BPM), Compensation, Customer Performance Management (CPM), Excentive, Financial Performance Management (FPM), HR, Sales Performance Management (SPM), SumTotal Systems, Supply Chain Performance Management (SCPM), TCM, total compensation management, Value Index, Workforce Performance Management (WPM)
Retaining talent and managing financials related to compensation should be a top priority for the HR and finance functions of companies, and many of them realize this. In our recent benchmark research in total compensation management, 72 percent of participants said it’s important or very important to have a compensation system aligned to their processes. One newer provider to the market, Excentive, started in 2002 in Europe and expanded globally in 2009. Its Excentive Compensation Cockpit supplies more than just a managerial view of compensation; it’s a total compensation management application that enables users to design and model compensation across an entire workforce or for the specific needs of the sales and service lines of business.
Topics: Performance Management, Human Capital Management, human resources, Operational Performance Management (OPM), Sales Compensation, Sales Operations, Business Analytics, Business Collaboration, Business Mobility, Cloud Computing, Business Performance Management (BPM), Compensation, Excentive, Financial Performance Management (FPM), productivity, Sales Performance Management (SPM), Talent Management, total compensation management, Workforce Analytics, Workforce Performance Management (WPM)