What is planning period in SAP PA-CM - Compensation Management?

SAP Term: planning period

• Component: PA-CM

• Component Name: Compensation Management

• Description: A period for which compensation adjustments are planned and within which they become effective.

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• Key Concepts: 
  A planning period is a time frame used in SAP's Compensation Management (PA-CM) component to define the duration of a compensation cycle. It is used to determine when compensation changes should be applied and when they should be effective. The planning period is typically set up to coincide with the company's fiscal year, but can be customized to fit the company's needs. 
  
  How to use it: 
  The planning period is set up in the PA-CM component of SAP. It can be configured to match the company's fiscal year or any other desired time frame. Once the planning period is set up, it can be used to determine when compensation changes should be applied and when they should be effective. 
  
  Tips & Tricks: 
  When setting up the planning period, it is important to consider the company's needs and ensure that the time frame chosen will work for all employees. Additionally, it is important to ensure that all compensation changes are applied within the planning period so that they are effective when desired. 
  
  Related Information: 
  For more information on setting up a planning period in SAP's Compensation Management component, please refer to SAP Help documentation. Additionally, there are many online resources available that provide step-by-step instructions on how to configure a planning period in SAP.