Compensation Or Benefits Planning Category Procurement Intelligence Report

Business practices within Compensation Or Benefits Planning market are heavily influenced by changing trends across the category as well as within the broader HR Services market. Suppliers are increasingly offering a 'bundle' of services which is marketed as a cost saving option. The bundled offering often includes services that are not required by the buyer or are charged at a much higher rate than an A la carte option with another supplier.

Changing workforce demographics are creating challenges in identifying the right talent mix and processes that can keep the talent pool motivated and satisfied with their work.

With the influx of millennials in the workforce and increasing diversity at the workplace, companies are struggling to design pay and benefits processes that are uniformly relevant for the lifestyles of such diverse groups.

As a result, category managers need to closely monitor the Compensation Or Benefits Planning procurement trends and identify changes required in their procurement environment for the category.

As market conditions become more dynamic and procurement practices get more sophisticated, category managers need to be cognizant of the best practices that work for their Compensation Or Benefits Planning category procurement. The report offers a succinct analysis of Compensation Or Benefits Planning procurement best practices.

For example, Buyers can achieve cost savings by bundling procurement of various personnel-related services (e.g. benefits administration, payroll, time and attendance, and HR management functions). The integration of different HR functions leads to the automation of employee data across various verticals. The integration also reduces the burden of manually entering and updating necessary information and offers consistency and accurate tracking across multiple systems.

Buyers should engage with suppliers that automate the process of handling any claims or requests through cloud-based software. Once initiated by an employee of buyer organization, suppliers' staff or the system itself can provide guidance for next steps. All necessary stakeholders can check the real-time status through web-based platform and take actions accordingly.

Category managers should track and measure suppliers' performance against a predefined set of KPIs that are agreed by both parties during contract negotiation. Results of the metrics can be linked to the employee satisfaction achieved in managing employee services and cost saved by successfully integrating various HR services with such administration.

Compensation Or Benefits Planning procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Compensation Or Benefits Planning procurement. Some examples include: