An increasing number of compliance initiatives are changing how HR departments are managing their compensation processes.
The SEC is requiring that companies prove executive pay is directly tied to company performance. Similar requirements have already been enforced across Europe by CRD IV and Solvency II directives.
Companies are also facing internal pressure to establish that compensation policies are managed and executed in compliance with corporate policies.
In order to meet these new challenges, HR managers must guarantee compensation processes are transparent, compliant with external regulations, compliant with internal policies and tightly controlled.
So, what does this exactly mean for HR managers?
A leading South American retailer has selected beqom to manage their end-to-end compensation and performance management process for their entire executive management population.
This win establishes beqom as a serious player in the South American market while strengthening beqom’s success in both the compensation management and performance management areas.
When Stryker was going through the process of selecting a new compensation management solution, the primary driver was their vision to move compensation away from being an administrative process and more towards a strategic tool that could be leveraged internally to form strategic partnerships and externally to keep compensation competitive against the market.