What is pay guide in SAP LOD-SF-CMP - Compensation Management?

SAP Term: pay guide

• Component: LOD-SF-CMP

• Component Name: Compensation Management

• Description: The pay guide defines a salary range that an employee with a specific pay grade should have. This range has a minimum, maximum, and middle value

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• Key Concepts: 
  Pay guide is a feature of the SAP Compensation Management component that allows users to create and manage pay guides. A pay guide is a document that outlines the pay structure for a particular job or group of jobs. It includes information such as salary ranges, bonus structures, and other compensation-related information. 
  
  How to use it: 
  To use the pay guide feature, users must first create a pay guide template. This template can be used to create multiple pay guides for different jobs or groups of jobs. Once the template is created, users can enter the relevant information into the template and save it as a pay guide. The pay guide can then be used to manage compensation for employees in that job or group of jobs. 
  
  Tips & Tricks: 
  When creating a pay guide, it is important to ensure that all relevant information is included. This includes salary ranges, bonus structures, and any other compensation-related information. Additionally, it is important to keep the pay guide up-to-date with any changes in compensation policies or regulations. 
  
  Related Information: 
  The SAP Compensation Management component also includes features such as salary planning, performance management, and bonus calculation. These features can be used in conjunction with the pay guide feature to manage employee compensation more effectively.