Independent analysis of total compensation management systems rates technology providers across seven product and customer experience evaluation categories.
BEND, OR, March 27, 2023 /24-7PressRelease/ — Ventana Research today released its 2023 Total Compensation Management Value Index, a quantified, research-based index evaluating technology providers and products. The Value Index assesses 14 vendors’ products using the Ventana Research methodology and blueprint, evaluating software in seven key categories that are weighted to reflect buyers’ needs based on our expertise and research. The purpose of conducting this research was to evaluate the maturity of software vendors and products and their value for enterprise use in total compensation management. This Value Index report evaluates the following vendors that offer products that deliver total compensation management as we define it: ADP, beqom, Ceridian, HiBob, Infor, Oracle, Paylocity, Payscale, PeopleFluent, Salary.com, SAP SuccessFactors, UKG, Unit4, and Workday.
Compensation management is a key talent management process involving all workers and managers within an organization. Determining and providing the appropriate compensation for each person — whether it involves base pay, merit pay, or variable pay and incentives such as bonuses — is critical to attracting and retaining productive members of the workforce, including full- and part-time employees, contingent workers, and contractors. The complexities of compensation often prove to be a core challenge for human resources departments as they strive to keep the organization productive, satisfied and motivated while ensuring equitable and defensible pay practices across the entire workforce.
The ability to offer a personalized employee experience, particularly when it comes to compensation and rewards, is a competitive differentiator and should be a key part of an organization’s efforts to attract and retain top talent. A tight labor market and shifts in worker expectations have put pressure on organizations to accommodate worker preferences in total compensation, where monetary and non-monetary reward schemes must be flexible enough to be personalized while still maintaining equity. Artificial intelligence and machine learning technologies increasingly make it possible to personalize compensation and rewards in a way that scales.
The market report on the Total Compensation Management Value Index is the distillation of over a year of market and product research efforts by Ventana Research. It is an assessment of how well vendors’ offerings will address buyers’ requirements for total compensation management software. The Index is structured to replicate an RFI/RFP process by incorporating all criteria needed to evaluate, select, utilize, and maintain technology, as well as maintain relationships with vendors.
“Compensation plans have become quite complex, including a variety of monetary and non-monetary components that must be evaluated, tracked, and managed continuously to ensure pay equity and competitive relevance,” said Quincy Valencia, VP & Research Director, Ventana Research. “The Total Compensation Management Value Index is designed to replicate an organization’s RFI process to deeply examine a vendor’s ability to serve an organization’s vast compensation plan requirements.”
The Value Index for total compensation management in 2023 finds Oracle first on the list with ADP in second place and SAP in third. Companies that place in the top three in any category earn the designation Value Index Leader. Oracle has done so in all of the seven categories; ADP in four, SAP in three, Workday and beqom in two, and Unit4, Ceridian, and HiBob in one category, and are all Value Index Leaders.
The Value Index, through the thorough analysis of product and customer experience, has categorized vendors into four classifications: Exemplary, Innovative, Assurance, and Merit. This Value Index representation classifies vendors’ weighted performance in Product Experience and Customer Experience. The vendors awarded Exemplary are ADP, beqom, Oracle, and Unit4. The vendors awarded Innovative are Payscale, SAP, and Workday. The vendors awarded Assurance are Ceridian, HiBob, Salary.com, and UKG. The vendors awarded Merit are Infor, Paylocity, and Peoplefluent.
“Our firm’s commitment for more than 20 years is to ensure objective assessments of how vendors’ products will meet specific requirements and processes in an organization, and that includes the area of compensation management that should be more than a feature of an HCM or talent management suite,” said Mark Smith, CEO and Chief Research Officer, Ventana Research. “Our Value Index for total compensation management examines the essential requirements across a vendor’s product and customer experience to ensure optimal analysis of how the software can be adopted and managed across an organization.”
Unlike many IT analyst firms that rank vendors from an IT-only perspective or consider futures or vision over what is available in the products today, Ventana Research has designed the Value Index to provide a balanced perspective of vendors and products that are rooted in an understanding of business drivers and needs. This approach not only reduces cost and time but also minimizes the risk of making a decision that is bad for the business. Using the Value Index will enable your organization to achieve the levels of efficiency and effectiveness needed to optimize total compensation management.
The Total Compensation Management Value Index is neither sponsored nor influenced by technology vendors and is conducted solely in pursuit of Ventana Research’s mission to provide value to businesses and IT through advisory services, benchmark assessments, and workshops. Ventana Research’s goal is to help guide organizations to optimal efficiency in their use of technology investments for business and IT. To learn more and to read the market report of the 2023 Total Compensation Management Value Index, please click here.
About Ventana Research
Ventana Research is the most authoritative and respected market research and technology advisory services firm. We provide insight and expert guidance on mainstream and disruptive technologies through a unique set of research-based offerings including benchmark research and technology evaluation assessments, education workshops, and our research and advisory services, Ventana On-Demand. Our unparalleled understanding of the role of technology in optimizing business processes and performance and our best practices guidance are rooted in our rigorous research-based benchmarking of people, processes, information, and technology across business and IT functions in every industry. This benchmark research, plus our market coverage and in-depth knowledge of hundreds of technology providers, means we can deliver education and expertise to our clients to increase the value they derive from technology investments while reducing time, cost, and risk.
Ventana Research provides the most comprehensive analyst and market coverage in the industry; business and IT professionals worldwide are members of our community and benefit from Ventana Research’s insights, as do highly regarded media and association partners around the globe. Our views and analyses are distributed daily through blogs and social media channels including Twitter, Facebook, and LinkedIn. To learn how Ventana Research advances the maturity of organizations’ use of information and technology through benchmark research, education, and advisory services, visit www.ventanaresearch.com.
Share on Social: News: @VentanaResearch releases its 2023 Total Compensation Management Value Index. Learn more here: http://bit.ly/3JIcGYm #VentanaResearch #TotalCompensationManagement #TCM #HR #HCM
Media: Interviews available upon request.
Media Contact: [email protected]
—
For the original version of this press release, please visit 24-7PressRelease.com here
