An important item for each compensation planning cycle in SAP SuccessFactors is to begin with a checklist and a project mindset. For our customers, we will provide a completed checklist for you as part of our compensation projects.
Each compensation cycle is like a "mini-project" where you will need a checklist, timeline, roles and responsibilities.
Make sure you give yourself plenty of time to initiate the process. Start with gathering the appropriate resources from Compensation, HR, IT and HRIS. Review the checklist and the lessons learned from the previous cycle and determine if any changes are required. This is a key component of any compensation cycle as there will be less effort and time needed if you are just copying and updating from the previous cycle or making changes to the process, template, route map, calculations, etc.
Often times, changes are required, as we we know in Compensation, many things can change from one cycle to the next with org changes, acquisitions, compensation and bonus plan changes, etc.
The important components
1. Identify if any changes are needed.
2. Determine if changes are needed, are they major, minor
3. Document the changes and determine how the changes can be accommodated within the form template design.
5. Determine if these changes will impact the Compensation Statements.
6. If significant changes are needed, consultant with an implementation consultant and/or your SAP Preferred Care representative.
7. Update your compensation cycle checklist to include items for the changes.
8. Follow the items on your checklist which should include things like
-copy template(s) from previous year
-Update Look Up Tables
-Update Salary Ranges
_Update Currency Exchange Rates
-Copy/update Compensation statements and link to new plans
Send email to firstname.lastname@example.org if you would like a sample checklist or schedule a 1 hour consult and we will build it together.
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