What is Enterprise Compensation Management?
Enterprise Compensation Management (ECM) is a management software system typically used by larger corporations to analyze compensation for its employees within the company, across multiple geographic sites, as well as for industry benchmarking.
Since compensation often has significant bottom-line impact, ECM can guide an organization in developing its budget needs as they relate to employee value, performance, and cost. Using ECM software tools can help increase productivity, improve employee satisfaction, reduce turnover rates, and identify business pain points in the budgeting process. By employing ECM software, a company can manage and reward employee performance, better forecast future costs, and ensure compensation spending is better aligned to the company goals.