Planning and administering compensation for employees in organizations is a task that needs the right approach. A small mistake that causes a delay or errors in packages can affect employee satisfaction. It also creates unnecessary inconvenience, and that has an ultimate effect on productivity and employee performance.
One way organizations can attract the best talent is by providing the best compensation packages. Such packages should reflect general compensation trends and meet employee expectations. To do so, many organizations these days use various software for compensation management.
In this article, we explore the best compensation management software. If you are looking for the best in the market, read on to learn more about different software. It is easy to choose from several options when you know how each tool works.
Top 10 Compensation Management Software
Our list comprises the best 10 compensation tools. When used together with the right business management apps, these software can help you perform a wide range of compensation-related tasks without any hassle.
Here is the list:
1. COMPview
COMPview compensation management software is one of the best systems in the market in 2022. It guides, controls, and makes the process of allocating equity awards, bonuses, and merit simple for organizations. If you want a compensation management solution that promotes employee engagement, retention, and performance, then this is something to consider. Its other features include:
- Assists line managers in making strategic compensation decisions
- Makes award recommendations for HR
- Controls the entire compensation cycle
- It makes it easy to view and publish compensation statements for employees
- Simplifies complex compensation plans
2. Workday
Workday software combines compensation in HR, finance, and planning tasks all in one tool. It thus remains one of the best if you want to iterate data for easy compensation-related duties in your organization. In addition to the above functions, the Workday app has the following vital features worth noting:
- It keeps employee data safe and can drive growth
- It makes it easy for HR to access real-time insights for decision making
- Unique pay equity dashboards
- Timely compensation review feature
- Compensation benchmarking tool
3. Balanced Comp
If your organization operates in the financial industry, Balanced Comp software might be a helpful tool for you. It helps in designing compensation and related administration tasks. More specifically, the tool provides ongoing support in developing appropriate compensation assessment strategies and salary administration. The software has the following notable features and benefits:
- Provides on-demand compensation data solutions
- Enhances equity, diversity, and inclusion in the organization’s workforce
- Evolves and grows as your market and assets grow
- Helps in attracting, motivating, and retaining the best talent
- Integrates relevant HR practices
4. Maestro
Organizations operating as broker-dealers or even registered investment advisers are some of the most common users of Maestro software. It is a system that helps in vital HR tasks, such as transaction processing, payouts management, compensation plan management and compliance reporting. You don’t have to track commissions or fees manually with the tool. The system also has features that offer the following merits:
- Easy to navigate and has many functions
- Provides flexible processing of compensation packages
- Adapts easily to changing regulatory compensation framework
- Commission scheduling and tracking
- Affiliate management
5. Decusoft Compose
If you want a highly comprehensive compensation solution for managing salaries, incentives, and total employee rewards, then Decusoft Compose is something to consider. You can use it to handle complex compensation-related tasks in your organization. Some of its unique features compared to similar tools include:
- Integrates easily with your existing payroll system
- Provides real-time compensation predictive analytics
- Permits you to streamline your unique culture and needs
- Useful in mitigating data security risks related to employee data
6. Spiff
Spiff is useful for managing compensation for sales teams. While anyone can use it, the software is useful, particularly in enterprise and high-growth organizations. It makes every step of the commission process easy and transparent. Further, the system is flexible and great at providing real-time reports. Its features and benefits include but to limited to:
- Mobile user support for ease of access
- Dispute management
- Detailed compensation statement
- Commission estimator feature
- Sales performance monitoring
7. Varicent ICM
The Varicent ICM compensation management software helps streamline organizational compensation processes. It accelerates compensation plan management, correction, and adoption of any new strategies necessary anytime. You can use it to compare previous and current performance for strategic planning purposes. Here are reasons to consider it for your organization or business:
- It removes any frictions in the compensation process
- Can help uncover insights for driving up sales
- Useful in performance benchmarking work
- It makes it easy to calculate incentives
8. Xactly
If you want to automate and ease the management of complex organization compensation programs, Xactly might be a helpful tool. With this tool, you can build a compensation system that motivates your sales team while making it easy for HR to manage pay-related tasks. Whether you want to operate complex compensation analysis or be timely in payments, the software has all it takes to perform such works. With the tool, you can perform various tasks including:
- Seamless integration with existing technologies or tools
- It enhances compensation plans and strengthen decision making
- Continuous monitoring of sales and compensation plans
- Easy collaboration between sales, accounting, and finance
9. CompTrak
CompTrak is a cloud-based system that helps simplify and secure organization compensation cycles. It is specifically good for compensation management, equity plan management, and generating total reward statements. You can also customize the software to manage complex compensation systems and eliminate the need for traditional manual spreadsheets. For more outstanding performance, the software has the following features:
- Plan modeling
- Salary planning
- Employee reward programs
- Compensation statements
- Compensation calculation
10. Payfactors
Payfactors is a compensation management software that allows you to customize your compensation procedures to accommodate your unique needs. You can thus create custom calculations, statement views, fields, and related stuff. You can also scale it up to meet the needs of your organization.
- Modern and ultra-clean software
- Efficient and super fast even with massive data
- Easy to navigate
- Transparent and validated compensation data
- Embedded analytics
Conclusion
Compensation management is a vital area in any organization. If employees do not get reasonable packages at the right time, it is easy to lose them, including best-performing talent. There is a need to automate compensation and eliminate dependence on inefficient and ineffective systems. Thankfully, many tools can help streamline compensation management.
In this article, we have reviewed the top 10 employee compensation management software. Your choice of any of these systems should depend on your needs. Pick the most suitable one for your organization and build a seamless compensation cycle.