San Mateo, CA (PRWEB) November 20, 2004
SuccessFactors, Inc., the market and Web business application leader in on-demand workforce performance management, today announced the general availability of SuccessFactors Compensation Planning(TM), a new and innovative offering that ties compensation planning directly to actual employee performance. The new solution identifies and rewards top performers, ensuring that limited budgets are allocated in accordance to companies' compensation plans. By expanding its market-leading applications suite to include compensation planning, SuccessFactors is the only company that helps organizations effectively manage the complete workforce performance lifecycle -- from goal alignment and evaluation to compensation planning.
SuccessFactors Compensation Planning supports all compensation components, including salary adjustments, bonus distribution, stock allocation, and promotion decisions. It provides managers with visibility into employee goal accomplishments and performance appraisal results during the compensation planning process, saving time and ensuring compliance with corporate compensation guidelines and budgets. Seamlessly integrated with SuccessFactors Performance Reviews and SuccessFactors Goal Management applications, the new compensation planning application ensures that organizations can implement an effective pay-for-performance solution.
SuccessFactors Makes Pay-for-Performance a Reality for Textron's 23,000 Employees
Textron Inc., a manufacturer of helicopters, aircraft, fastening systems, tools and components, and a provider of financing tools, has adopted SuccessFactors as the company standard. A cornerstone of the company's overall strategy is to ensure global employee objective alignment and performance-based compensation. With 23,000 Textron employees using the SuccessFactors suite, Textron is executing on this strategy with 100-percent compliance from its workforce.
"You can't pay for performance, if you don't know what your performance is. With SuccessFactors we now know what our performance is," said Steve Ostiguy, manager of organizational performance at Textron Financial. "We've been talking about pay-for-performance for a long time, but this is the first time we've actually put it in action. The 2003 annual review cycle was the first time we were able to pull all the pieces together and SuccessFactors was the key component in making it happen."
The SuccessFactors Workforce Performance Management suite of applications is used in a wide variety of industries, including manufacturing, energy/chemicals, high technology, healthcare, pharmaceuticals, financial services, and retail. Its ease-of-use, deployment simplicity and universal applicability make it appealing to all industries, company sizes and levels within an organization.
"SuccessFactors Compensation Planning is a strategic solution that improves employee productivity and motivation by ensuring a strong correlation between job performance and pay," said Lars Dalgaard, CEO and president, SuccessFactors Inc. "Managers can now make informed compensation decisions, empowered with insight into the actual performance of each employee and guided by specified budgets and company guidelines."
Ensuring a Successful Pay-for-Performance Initiative
Instituting a pay-for-performance culture, in which employee compensation is largely based on the attainment of specific objectives, has often been difficult for organizations due to the lack of enabling technologies. Existing solutions lack the ease-of-use and data visibility required to ensure that executives, managers and employees are bought into the process.
The SuccessFactors Compensation Planning application turns this vision of pay-for-performance into a cost-effective reality via the following capabilities:
- Provides a manager self-service mechanism for compensation planning
- Ensures manager compliance within compensation guidelines
- Delivers comprehensive functionality for multiple components of compensation, including merit pay, promotion, lump sum, incentive bonus and stock
- Integrates seamlessly with goal setting and performance reviews
- Provides configurable budget and compensation guideline management
- Delivers performance-based recommendations for merit, bonus and stock
- Provides complete security authorization and approval workflow
- Shows on-screen display of guidelines for each component of pay
Delivered in a Software-as-a-Service Model
SuccessFactors suite of applications provides important benefits based on its on-demand delivery model:
- Delivers low cost of ownership - no hardware, software or upgrade costs due to ASP model
- Requires no dedicated IT staff for rollout and maintenance
- Provides for immediate upgrades and maintenance
- Optimized for 24/7 uptime and performance
- Easily integrates with existing systems such as payroll
- Hosted at IBM with security monitoring and vulnerability assessments
- Highly scalable and secure
- Built on an industry-standard architecture
- Offers ease-of-use through a highly intuitive user interface
With the highest renewal rate in the industry, SuccessFactors is the established global leader in providing on-demand, Web-based, integrated Workforce performance management solutions. SuccessFactors was founded in 2001 to deliver software and solutions that help companies implement effective Workforce performance management strategies that align employee performance with bottom-line business results. The company has approximately 500,000 users from more than 150 highly satisfied customers across all industry sectors, including Textron, Cooper Tire & Rubber Company, Mastercard, Informatica, MeadWestVaco, PG&E, Lancaster General Hospital, Samsung, Riggs Bank, Grant Thornton, Friendly's Ice Cream and HP Hood. SuccessFactors is headquartered in San Mateo, CA. and has multiple worldwide offices. The applications are being used in 56 countries and in multiple languages.
SuccessFactors is a trademark of Success Acquisition Corporation, d.b.a SuccessFactors and may be registered in certain jurisdictions. All other product and company names mentioned are the property of their respective owners and are mentioned for identification purposes only.
For more information, visit http://www.successfactors.com or call 1-800-809-9920
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This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.