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Incentive Management & Compensation Management
Incentive management, also referred to as sales compensation management, is used by sales compensation executives to model and forecast commission spending, and align pay-for-performance strategy with organizational goals.
Key criteria for Incentive Management Software (ICM) include:
- Commission management
- Analytics
- Payee management
- Channel management
- Regulatory compliance
Compensation management and related employee performance management (EPM) are key components in a broader suite of talent management applications. These applications are used by HR professionals to gauge workforce performance, and improve their ability to assess and deploy talent. Compensation management software provides the modeling to allow fair compensation for employee competencies and performance, and is used as a strategic tool for retaining critical talent.
Key criteria for Compensation Management Software include:
- Performance planning and appraisal
- Pay structure
- Workforce planning
- Training and development
- Career and succession planning
The Difference between Incentive Management and Compensation Management
Incentive management shares certain functional elements with compensation management. However, incentive management is usually integrated with a customer relationship management (CRM) application to budget and execute compensation strategies affecting sales personnel, distribution and channel partners, and call center employees. It tracks and rewards attainment of revenue goals and customer satisfaction objectives.
Compensation management software, on the other hand, is generally used by human resources (HR) and compensation managers to model and implement compensation plans for salaried or hourly employees.
The market for these applications is experiencing dynamic growth, with new vendors and deeper solutions vying to accommodate broadening demand. Vendors in this space tend to defy clear categorization, as the scope of integrated solutions is still evolving.
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