Compensation management software is a tool that helps organizations streamline and automate their processes for managing employee compensation. It is designed to help companies efficiently and effectively determine, administer, and monitor the salaries, bonuses, incentives, and benefits given to employees.
- Increased efficiency: By automating processes and centralizing data, compensation management software helps HR professionals save time and reduce the risk of errors in managing employee compensation.
- Improved accuracy: The software helps ensure that employee compensation is calculated and distributed accurately, reducing the likelihood of discrepancies or disputes.
- Enhanced decision-making: With access to real-time data and analytics, HR professionals can make more informed decisions about compensation strategies and adjustments.
- Compliance assurance: Compensation management software helps organizations stay in line with legal requirements and internal policies related to employee compensation, reducing the risk of non-compliance.
- Cost savings: By streamlining processes and reducing manual work, compensation management software can help organizations save money in terms of time and resources.
Compensation management software is a valuable tool for organizations looking to optimize their processes for managing employee compensation. By centralizing data, automating processes, and providing insights and analytics, the software helps HR professionals make informed decisions, ensure accuracy, and stay compliant with regulations. With its numerous benefits, compensation management software can help organizations attract, retain, and motivate top talent while maintaining cost-efficiency and compliance.
KEKA
Keka – Take your compensation strategy to the next level with our compensation management software. Streamline your operations and enhance employee satisfaction.
- Manage employee compensation with ease
- Keep track of revision cycles and revise salary anytime
- Customize salary structures for the best take-home salary
- Compensation analytics and Compa ratio
- Forecasting by Salary cost
- Plan and budget your new hires to align with your strategy
- Measuring employees competitiveness in terms of compensation
- See all the history of salary revisions of an employee
LATTICE
Lattice is the people management platform that empowers people leaders to build engaged, high-performing teams, inspire winning cultures, and make strategic, data-driven business decisions.
- Connect performance and compensation
- Retain talent through transparent pay strategies
- Build a streamlined process with unified data
TRINET
TriNet can help you align compensation practices with business goals to make more informed decisions on employee pay.
- Attract top talent
- Review salary metrics
- Perform accurate benchmarking
- Create compensation assessments
- Make informed salary decisions
BARLEY
Barley makes it easy to structure, analyze, and manage compensation across your entire company – and keep a pulse on changing salary trends.
- Visualize your pay bands at-a-glance
- Streamline comp reviews without spreadsheets
- Analyze pay equity in a powerful dashboard
- Effectively communicate your total rewards
- Access reliable global benchmarking data
BEQOM
Beqom is a Total Compensation Management Software Solution focused exclusively on managing compensation & performance for HR & Sales.
- Complete, flexible enterprise-level compensation you can trust
- Ensure fair pay and compliance anywhere in the world
- Transform performance management from a process…to an experience
- End-to-end sales performance management in one place
- Better decisions with complete and accurate data
HRSOFT
HRsoft – Ditch the spreadsheets and transform your HR processes with industry-leading employee compensation management software.
- Develop a compensation lifecycle model that aligns with your overall goals
- Initiate the compensation lifecycle within your organization and collect data to inform strategic decisions
- Work with key stakeholders in real time, allowing for streamlined decision-making and approvals
- Review the annual cycle you just completed and look at its effectiveness
PAYLOCITY
Paylocity – Ensure fair, competitive pay. Automate compensation plans, align budgets with business goals, and get the insights you need to pay employees accurately.
- Automate Processes
- Make Data-Driven Decisions
- Manage Your Budget
- Show Employees Your Investment in Them
- Drive Engagement and Efficiency
COMPTRAK
Align strategy, performance and compensation with CompTrak’s suite of configurable compensation management solutions.
- Align Compensation Across The Entire Organization
- End-To-End Management Of All Compensation
- Configured For Flexibility And Efficiency
PAYCOM
Compensation management and budgeting software from Paycom helps reward employees easily and fairly while staying within budget.
- Fair and accurate compensation budgeting software for retention and engagement
- Reporting is easy in our compensation management software
CAPTIVATEIQ
CaptivateIQ incentive compensation management software makes it easy to manage and automate any compensation plan.
- Maximize organizational efficiency with pain-free compensation management
- The power of no-code technology
- Design and automate any incentive compensation plan
- Transform compensation data on the spot
- Automate your incentive compensation calculations in seconds
PAVE
Pave’s end-to-end total compensation & benefits management allows you to build a world-class team. Real-time salary benchmarking, 40+ direct integrations and more.
- Unify your compensation data
- Leverage compensation best practices
- Enable fair pay
- Attract and retain talent
- Stay proactive with compensation
- Empower your entire organization
SAP
Attract, motivate, and retain a highly skilled, diverse, and global workforce with SAP SuccessFactors Compensation software.
- Make informed decisions about employee pay
- Automate and simplify employee compensation planning
- Centralize employee compensation management
EMPERFORM
Our compensation management software is a simple and effective way to track performance decisions with emPerform.
- Centralise compensation planning and budgets
- Automatically route compensation plans for approval
- Allow for easy export and printing
- Add notes, attachments, and keep signatures in one place
- Consolidate all compensation changes instantly
- Give managers detailed compensation change statements to share with employees
- Ensure transparency, accuracy and consistency in your rewards process
PEOPLESPHERES
A unified platform for all your most-trusted HR systems. PeopleSpheres is a centralized hub for cross-application reporting, workflows, etc.
- Reward top performers with an intuitive compensation plan
- Create a pay-for-performance culture
- Rationalize compensation planning
- Get accurate data
- Upgrade your HR management
WORKDAY
Workday compensation management software makes it easy to define employee compensation within your organization. Our compensation management system gives you the insights needed to create plans that attract and retain top talent around the globe.
- Define a compensation program that’s just right
- Reward employees, together
- Craft the mix that matters most
- Design programs that work for your workforce
- Provide total insight into total rewards
- Compensation benchmarking that gets it right
CARTA
Carta (formerly eShares) is an ownership and equity management platform trusted by thousands of founders, investors, and employees.
- Get reliable compensation benchmarks
- Communicate comp, equity, and upside
- Hire top talent from anywhere in the world
XACTLYCORP
Xactly Incent helps you tackle the toughest incentive compensation management challenges and deliver the results that matter for everyone from Comp to HR.
- Configure, optimize, and grow
- Design better sales compensation
- Ditch the spreadsheets
- Drive better performance
- Scale your compensation programs
FAQ
What is compensation management software?
Compensation management software is a tool that helps organizations streamline and automate their processes related to employee compensation. It includes features such as salary benchmarking, performance management, incentive management, and payroll integration.
How can compensation management software benefit my organization?
Compensation management software can help your organization by providing accurate and up-to-date information on employee salaries, bonuses, rewards, and incentives. It can also help identify top performers, align compensation with business goals, and improve overall employee satisfaction and retention.
Is compensation management software easy to use?
Most compensation management software is designed to be user-friendly and intuitive, with a simple interface that allows users to easily navigate and access the features they need. Training and support are usually provided to help organizations get the most out of their software.
Can compensation management software integrate with other HR systems?
Yes, most compensation management software is designed to integrate with other HR systems such as payroll, performance management, and benefits administration. This allows organizations to have a seamless and integrated approach to managing their compensation processes.
How secure is compensation management software?
Compensation management software typically comes with advanced security features such as data encryption, access controls, and audit trails to protect sensitive employee information. It is important for organizations to choose a reputable provider with a proven track record in data security.
Can compensation management software help with compliance and regulations?
Yes, compensation management software can help ensure that your organization is compliant with relevant regulations and industry standards related to compensation practices. It can also generate reports and analytics to help you track and monitor compliance in real time.
How can I choose the right compensation management software for my organization?
When choosing compensation management software, it is important to consider factors such as your organization’s size, industry, budget, and specific needs. It is recommended to research different providers, read reviews, and request demos to find the best fit for your organization.