I never was satisfied with the concept, there must be more to it. I recently found something simple that gives some extra elo (currently 5) and even makes sense

score -= (score-material) * 0.05
It makes sense, in a balanced position, say (score-material) is 0.20 the correction is only 0.01, thus 0.19, in case of big evaluation scores over 1 or more pawns the correction becomes bigger (1.00 becomes 0.95, 2.00 becomes 1.90) and why not, since in certain situations the advantage can evaporate the next move.
I am currently trying 6% (so far even better) and later (based on my experiences) should create a second parameter for the endgame.