Functionality - Varicent Incentive Compensation Management

Design, Manage, Report and Analyze Variable Pay Plans Across the Enterprise

Varicent SPM is a highly scalable solution that enables organizations to design, manage, report and analyze incentive compensation and variable pay plans for hundreds to tens of thousands of employees. Varicent’s Plan Manager interface allows business users to manage and design flexible compensation models, and its patented rules-based calculation engine can handle the most complex enterprise-wide compensation programs.

Using Varicent SPM, business managers, sales reps, compensation analysts and others can gain accurate and timely visibility into incentive compensation data, thereby boosting productivity, accelerating payroll calculations, enhancing sales morale and trust, and driving faster, smarter and more proactive business decisions.

Import, Output and Administer
While many companies try to improve their operational efficiencies, they often fall short of their objectives simply because they cannot easily access the appropriate and accurate data. Disparate data sources, poor integration capabilities and data integrity issues can all result in incorrect incentive compensation calculations, with significant negative impact.

Varicent SPM eliminates these challenges. Through a friendly, intuitive interface business users can:

Extract data from multiple sources including ERP, CRM, HR and other transactional systems
Set-up data validity checks and be automatically alerted of any issues
Appropriately map data using drag-and-drop functionality
Add new, or refine existing fields of information
Output data to multiple systems including payroll applications to meet even weekly payroll cycles and general ledger systems to facilitate financial close processes
Schedule and automate data import and export routines
Eliminate the dependence on IT for day-to-day support requirements

Build and Manage
Creating commission plans using spreadsheets or homegrown systems is a cumbersome task that requires a significant amount of time and effort. Maintaining and modifying them can be even trickier. With Varicent SPM users can:

Rapidly build and modify even the most complex incentive compensation plans and processes using an easy-to-use wizard interface
Leverage Varicent Composer to view and edit graphical representations of calculations, business rules and data flows
Update one, or multiple plan elements using a drag-and-drop interface
Build and adjust compensation calculations and business rules using Excel-based syntax
Automate updates to plans, participants and other incentive compensation information

Process and Analyze
Varicent SPM’s powerful calculation engine quickly and accurately processes large amounts of data and computes complex incentive compensation plans. Varicent SPM’s calculation engine offers both automation and flexibility:

Calculations can be triggered manually, automatically or scheduled to run at predefined intervals
Web Forms give business users the ability to design and rollout Web-based input templates, performance scorecards and compensation reports
Users can access real-time results for in-depth reporting and analysis
Management and payees can perform ad-hoc analysis and drill-down into reports for more insight into incentive payments and plans
Commissions and other incentive compensation information can be viewed from many key business perspectives including by employees, products, territories, customers and other ways
Results can be compared against business targets and variances can be investigated via canned reports and ad-hoc analysis capabilities

Collaborate and Approve
Calculating variable-based pay plans across multiple organizational layers can be challenging enough. Factoring in the complexity of reviewing results, adjusting discrepancies, resolving disputes and approving final payments, the process can quickly become very difficult to manage and control. Varicent SPM supports:

Workflow creation and maintenance of any type of unique or customized business process flow
The ability to add comments and attachments to payment dispute inquiries and other business processes
Real-time tracking and reporting of payment approvals, document sign-offs, data collection and other business processes
Retroactive and current period adjustments with complete audit trail capabilities
Drag-and-drop workflow creation and management capabilities

Report and Present
In any Incentive Compensation Management (ICM) system, flexibility, accuracy and speed are paramount. But these benefits are lost if the solution does not also provide robust reporting and analytics that supply the needed visibility into the results. Varicent SPM delivers:

Customizable dashboards, reports and other information that supplies business users with meaningful information
Modeling and what-if analysis capabilities
Out-of-the-box Web-based reporting
Canned best-practices reports and templates
Ad-hoc reporting and analysis capabilities for all system users