What is compensation administration in SAP LOD-SF - SAP SuccessFactors?

SAP Term: compensation administration

• Component: LOD-SF

• Component Name: SAP SuccessFactors

• Description: The import/export and configuration of employee rewards.

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• Key Concepts: 
  Compensation Administration is a feature of the LOD-SF SAP SuccessFactors platform that allows organizations to manage their compensation processes. It provides a comprehensive set of tools to help organizations design, implement, and manage their compensation plans. It also provides a centralized platform for tracking and managing employee compensation data. 
  
  How to use it: 
  Compensation Administration can be used to create and manage compensation plans, including salary, bonus, and incentive plans. It also allows organizations to track employee performance and reward employees for their contributions. Additionally, it provides tools for analyzing and reporting on compensation data. 
  
  Tips & Tricks: 
  When using Compensation Administration, it is important to ensure that all compensation plans are compliant with applicable laws and regulations. Additionally, it is important to ensure that all employees are aware of the terms of their compensation plans. Finally, it is important to regularly review and update compensation plans as needed. 
  
  Related Information: 
  For more information about Compensation Administration, please visit the SAP SuccessFactors website or contact your local SAP representative. Additionally, there are many online resources available that provide additional information about Compensation Administration and how to use it effectively.