What is award in SAP PA-CM - Compensation Management?

SAP Term: award

• Component: PA-CM

• Component Name: Compensation Management

• Description: A set of long-term incentives an employee is granted, such as the option to buy company shares at a predetermined price. The number of awards is usually determined by the line manager.

Smart SAP Assistant

• Key Concepts: 
  Award is a feature of SAP's Compensation Management (PA-CM) component. It is used to recognize and reward employees for their performance or contributions to the organization. Awards can be monetary or non-monetary, such as a certificate or plaque. Awards are typically given out on an annual basis, but can also be given out more frequently. 
  
  How to use it: 
  Awards can be set up in the SAP system by creating an award type and assigning it to an employee. The award type will determine the criteria for awarding the award, such as performance goals or length of service. Once the award type is created, it can be assigned to an employee and the award will be automatically calculated based on the criteria set up in the award type. 
  
  Tips & Tricks: 
  When setting up awards in SAP, it is important to ensure that the criteria for awarding the award are clearly defined and that all employees are aware of them. This will help ensure that awards are given out fairly and consistently. Additionally, it is important to ensure that awards are given out in a timely manner so that employees feel appreciated and rewarded for their efforts. 
  
  Related Information: 
  For more information on setting up awards in SAP, please refer to the SAP Help documentation on Compensation Management (PA-CM). Additionally, there are several online resources available that provide tips and best practices for setting up awards in SAP.