What’s the right technology to manage compensation in a large organization—can Human Capital Management (HCM) or Talent Management (TM) suites handle it? Can Sales Performance Management (SPM) suites cover all sales compensation needs? Or should point solutions be employed to ensure that compensation is managed efficiently and to maximum effect? These questions are explored in a newly issued Gartner® research report, Deciphering the Complex Compensation Management Solution Market.
Don’t assume your suite software can handle compensation
As noted in the report, “It’s common for application leaders to assume that since their TM or HCM suite has a ‘compensation’ module, simply adding it will meet stakeholder needs. However, the ‘devil is in the details,’ and it’s critical to gain a basic understanding of what comp management technologies generally support which functions.”
The report parses out various compensation functions—strategy, planning, allocation, sales incentives, executive rewards, analytics, and communications—and analyzes which are generally handled by the different types of solutions: HCM suites, TM suites, SPM suites, Consultancies, and Representative Point Solutions. Not surprisingly, there is no solution that handles every aspect of compensation management.
For example, HCM and TM suites are not generally adequate to handle compensation survey management, merit/bonus pay structure development, executive comp, or sales incentive comp. However, beqom is a Representative Point Solution that handles these compensation functions.
Choose the right portfolio of software to get the job done right
The Gartner approach? Get clear on the compensation strategy you will need to address the changing needs of your company and today’s workforce. “Create an inventory of all compensation management solutions used across the enterprise” and find the compensation pain points. Then, “take a portfolio approach to meet compensation management needs, as the likelihood of finding a single solution spanning all functions is very small”.
According to Tanya Jansen, Chief Marketing Officer at beqom, “beqom exists to supply the comprehensive compensation functionality that’s missing from the HCM and TM suites. All of our customers are running an HR solution like Workday, SAP SuccessFactors, Oracle HCM or TM, PeopleFluent, Cornerstone, and the like. Companies come to beqom for a flexible solution that lets them manage compensation their way, without compromise.”
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