What is Enterprise Compensation Management ?
‘Enterprise Compensation Management’ or ‘ECM’ refers to the management of employee’s compensation in large enterprises. It is mostly performed via purpose-built software nowadays and in most cases, it would be a part of the overall HRMS or Human Resources Management Software.
When it comes to a large organization spanning multiple countries, a normal payroll system proves inadequate. One needs to take into account the different expectations of workers from different socio-economic backgrounds as well as understand the different pay scales used locally.
Enterprises usually deploy ECM when they need to understand the expectations of the employees from varied backgrounds across multiple countries. The ECM would be capable enough to understand the differentiation between the employee expectations as well as make sure that the compensation provided is competitive as well as abiding by all the rules and regulations of the land.