Find and compare the best Compensation Management software in 2024
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Use the comparison tool below to compare the top Compensation Management software on the market. You can filter results by user reviews, pricing, features, platform, region, support options, integrations, and more.
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HRSoft Compensation Management simplifies, simplifies, and controls complex compensation planning. This reliable, best-of breed compensation management software solution was created by HRsoft. It allows employers to eliminate spreadsheet errors and automate the entire process for salary, bonus, merit, and other benefits. HRSoft Compensation Management is a powerful platform with many features. It reduces the time involved in complex compensation cycles by making it more efficient, accurate, and auditable. The main features include automatic worksheets and budgets, global pay requirements and custom reporting, HRIS integration, salary merit and bonuses calculations, global payroll requirements, and more.
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QuotaPath
QuotaPath
$15 per user per month 349 RatingsQuotaPath creates ownership and accountability across revenue teams through automated tracking and compensation management. Our platform offers revenue teams the ability to design fully customizable compensation plans, forecast commissions in real-time, and surface insights in dashboards. RevOps, sales leaders and finance teams rely on QuotaPath to standardize comp plan creation and assignment, build custom quotas and acceleration tiers, export deal data and override earnings, create role hierarchies and permissions, and forecast revenue in real time. Our CRM integrations with HubSpot, Salesforce, and Close push data into QuotaPath, offering users a seamless experience and up-to-date, accurate deal data. Through our Payouts feature and finance tools, we’re helping operations, finance, and HR teams with the month-end close processes to audit, confirm, and process payouts. -
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incentX isn't just another sales commission software; it's a game-changer for businesses keen on optimizing their incentive management. In a world where efficiency is paramount, incentX delivers by making complex calculations feel effortless. Align your sales team's ambitions with the company's direction, creating a cohesive work environment. Manual calculations? They're a thing of the past. With our platform, you get quick and accurate results. Integration is seamless, especially with powerhouses like SAP and Oracle NetSuite, ensuring your data is always connected. But it's not just about crunching numbers; our analytics provide a deeper understanding, shaping your future strategies. The streamlined processes reduce potential errors, ensuring all teams, from sales to finance, are aligned. Every customer interaction is an opportunity, and with incentX, these moments are maximized, leading to lasting relationships. With incentX, you're not just managing; you're excelling.
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CompAccelerator
Dartican
29 RatingsCompAccelerator by Dartican is a robust compensation planning tool that allows you to respond to the demands of today's dynamic business environment. CompAccelerator assists managers in allocating long-term and salary bonuses. This increases transparency, improves visibility, and improves accuracy. It also reduces the time and costs required to set up and manage your planning cycle. The intuitive administration of this feature-rich, highly scalable software allows for sophisticated capabilities that can be quickly and easily applied to improve business agility. CompAccelerator comes with a team of support staff that has extensive corporate compensation experience. -
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Bob
HiBob
1,228 RatingsManaging people is complex. HiBob makes it easy. Bob is the modern HR platform that simplifies complexity. With Bob, you can streamline your global core HR processes—such as onboarding, performance management, workforce planning, and compensation management—using automated workflows that increase efficiency, cover all touchpoints, and save precious time—even in a distributed workforce. Bob provides real-time quantifiable data that informs strategic decisions and impacts the bottom line. Bob helps dynamic companies bring out the best in their people. HiBob 2022 in numbers: HiBob serves over 3,000 modern, global, mid-sized businesses with over 600,000 employees. HiBob customers operate in 174 countries. HiBob has enabled 155,000 onboarding flow activations, 6,000 performance cycle completions, and 1.45m report generations. -
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Empxtrack is a next generation software for Human Resource and Talent Management. It is one of the most trusted integrated web-based HR solutions that can automate all areas of the Human Resource department and encourages a paperless environment. It also provides comprehensive reports and analytics for informed decision making. Empxtrack uniquely combines Performance Management, Human Capital Management, Compensation Planning, Recruitment, Self and Manager Services, Payroll and Compliance, Rewards and Recognitions, Manpower Planning, Surveys and a comprehensive Employee Database with advanced search features. Empxtrack is currently being used by more than 350,000 employees across 20+ countries. And the numbers continue to grow month-over-month. For businesses of all sizes, across multiple industries. The intuitive interface and customizations provide good user experience and help build engaged and high performing workforce. Empxtrack offers ready to start products for FREE. Use Empxtrack for free and upgrade when required. Keep adding more functionality as you need.
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Core Commissions is a powerful and flexible sales commission management system that automates every stage of the commission process. Sales organizations of any size can choose the package that best suits their needs, including Enterprise or our fully Managed Services program. Integrate Core with your CRM, ERP or other financial management apps to import data, and easily apply complex commission rules. Instantly generate detailed analytics and metrics. You can run your entire commission cycle in one click. Then generate individual reports and email them each payee in another click.
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To automate all calculations, including overtime premiums and multiple pay rates, rules can be applied automatically to employees or situations. Managers can remotely monitor attendance and time of employees and access up to two-thirds of the reports. You don't have to wait until the end for attendance records. To track vacations, sick days and banked time automatically, you can set up unlimited accruals. Employees can view their accrual balances online, which eliminates the need to contact human resources for this information. Management can track and control exactly where employees can punch in/out, down to the device level and GEO fence level. Track employee expenses and allocate time for tasks. In just a few clicks, you can manage employee skills and qualifications and process payroll.
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Compright makes it easier than you might think to plan your compensation. While payroll is the largest expense of most organizations, many still use complicated and error-prone spreadsheets to plan and allocate stock, salary, bonus, or other compensation. It is time to get rid of spreadsheets and move to a cloud-based, modern solution. Compright is a unique solution for organizations with several hundred to several thousand employees. It is affordable, simple, fast, and easy-to-use. It allows organizations to transform compensation from an administrative problem to a strategic tool that drives higher performance organizations. Managers can make better decisions about pay by leveraging artificial intelligence and solid data.
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UKG Pro (formerly UltiPro), is our award-winning HCM solution. It simplifies complex HR processes and provides powerful insight into your workforce. UKG Pro combines deep functionality and artificial intelligence technology (AI) with an intuitive, best in class user interface. This makes it easier for HR leaders and business leaders to improve performance and create better work environments for their employees. UKG Pro supports even the most complex organizational needs, including large-picture data and zooming in on the individual employee's journey within seconds. Get a single, comprehensive view of all employee data, including insight into global teams. The industry's most powerful payroll engine. It simplifies complex tax processes. Provide a personal, candidate-centric experience for potential employees and make it easier to recruiters to find the right match.
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Workday HCM
Workday
2 RatingsA HCM system that adapts to the future. Your workforce, where and how they work, and even the skills that you need to adapt, all change. How can you adapt to the future? Meet Workday Human Capital Management (HCM). Machine learning allows you to understand the skills of your people today and build talent around those skills tomorrow. Workday Human Capital Management allows you to make recommendations, suggest learning, and keep the lines of communication open. It's possible to do it at scale. Our augmented analytics uncovers insights from large data sets and explains why in stories that you can understand. Intelligent automation is provided throughout the attract-to-pay process. This eliminates manual tasks and empowers your employees to be their best selves. Workday HCM can help you manage your workforce, from compensation and payroll to benefits tracking and time tracking, to time tracking and more. -
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Namely
Namely
11 RatingsRunning HR isn't for the faint of heart. Namely gives you the resources to make your life easier and your employees happier. With modern, intuitive technology and a world-class team of HR experts, Namely empowers and supports people teams with an all-in-one HR solution designed for mid-sized businesses (25-1000 employees). Whether you’re transitioning from a PEO or switching to new HCM software, Namely has the technology and people to support your company every step of the way. -
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Paycor is an all-in-one HR software solution that modernizes how leaders manage their people. Paycor is trusted by more than 29,000 customers to modernize virtually every aspect of people management. The platform includes recruiting, onboarding, payroll, tax compliance, HR benefits administration, HR reporting, analytics, talent development, learning management and more! It changes the way that you recruit, onboard, develop, and retain talent, as well as the way you pay and retain them. Paycor empowers leaders to get out of the weeds of HR.
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Lanteria HR is the most flexible platform for HR designed for large and mid-sized businesses. Lanteria HR is a digital assistant for HR that is built on Microsoft SharePoint and Office365. It offers a wide range of tools to automate essential HR processes such as hiring candidates, tracking time and attendance and tracking employee performance, as well as targeted learning programs and other functions.
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Lattice is the People Success Platform that brings together all of the tools, workflows, and insights to help organizations develop engaged and high-performing employees within a winning culture. By combining continuous performance management, employee engagement surveys, career development and compensation management tools into one connected solution, Lattice can deliver powerful people analytics used by HR and People teams to drive impactful business outcomes. Ranked on the Inc. 500 Fastest-Growing Private Companies list two years in a row, Lattice serves over 4,500 customers worldwide including Slack, Cruise, and Reddit.
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gradar
gradar, LLC
$2,100.00/year gradar combines job evaluation with an integrated competency library and smart support to compensation analytics & benchmarking. -
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Ledgy
Ledgy
FreeLedgy is the trusted equity management solution for high-growth businesses. All countries are compliant with the best-in-class security, privacy, and security. Digitize your spreadsheets to create a transaction-based captable that's always accurate, scaleable, and can be updated in real time. Accurate scenario and exit modeling will make your financing rounds a success. You can streamline your due diligence and manage every vesting schedule. With custom dashboards, you can show the most recent information to all your stakeholders (investors, employees, and shareholders). Ledgy automates equity plans and helps you attract and retain top talent. Employees can manage their equity and view their shareholdings as well as their vesting schedules and future valuations. Engage your investors by sharing KPIs and accurate funding scenarios, valuations and exits, custom reporting, etc. Learn why Ledgy's platform is loved by founders, CFOs, HR departments, and their employees. To see it in action, book a custom demo. -
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JSimple Compensation Management
JSIMPLE
$6000.00/year Effectively planning your compensation can motivate and retain your employees. Match industry standards and fill in the gaps. Know your department's merit budget, and make at-a glance expenditures. By entering employee's performance rating and merit, you can streamline approvals. QuickView charts allow you to summarize Merit and Performance Rating by Job Code, Department, and Location. Employees can raise questions and have them resolved with a defined SLA using an effective ticket management system. -
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Mereo
Mereo
$20 per monthAn integrated platform for managing people, organizations and teams. We have the right tools and technology to help people align their results with those of companies. All the information you need to reach your goals in one place. You can use each solution separately or in combination. Fully automated system to maximize results. Effective targets and indicators will help you make more assertive decisions. Your team's performance can be improved and skills assessed. Structured and transparent processes to calculate variable remuneration. You will manage training and keep track of the development of your team. -
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FocalReview
SpiraLinks
$25.00/year/ user FocalReview®, SpiraLinks flagship tool, allows you to manage your compensation planning and performance processes better. FocalReview® allows you to manage your stock, bonus, and salary plans in different time frames for different employee populations. It also supports multiple languages and currencies. Your HR teams can budget and recommend, analyze, and approve all phases of compensation. This is possible regardless of whether multiple management organizations are involved. Your business strategy can be tied to your compensation practices. Employee performance can be aligned with workforce rewards. FocalReview®, a role-based, highly configurable compensation management module, helps you balance merit, adjustments lump sums, promotions and bonuses. You can pay in multiple languages, currencies, or pay periods, including hourly, annually, and anywhere in between. -
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Ingentis org.manager
Ingentis
$1750 one-time paymentIngentis org.manager provides a powerful solution for org charts and org design. It interfaces with all major HR systems, including SAP HCM, SAP SuccessFactors and Workday, Oracle HR, PeopleSoft and any other data sources. The customer can customize the content, layout, and design of the org charts perspectives. You can calculate and display KPIs from the org chart directly or via dashboards, which allows for effective HR control and people analytics. Ingentis org.manager's powerful workforce modeling feature allows you to create various what-if scenarios. Drag-and-drop makes it easy to reorganize. Objects can be edited, added, removed, or modified. The process allows for better business decisions by updating the key metrics that have been affected. Ingentis org.manager is a valuable tool for organizational design activities due to its many options for data visualization and feature for scenario planning. -
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Encompassing Visions
JPS Management Consulting
Starting at $7.95/job/ month Encompassing Visions, industry-leading job evaluation and pay equity software, is the best choice for organizations that require transparent, comprehensive and objective Job Evaluation software to ensure equal pay for equal work. ENCV has a distinct advantage over other job evaluation methods in that it can efficiently collect Job Data for every job within an organization. ENCV uses a multiple-choice questionnaire to measure 29 job characteristics and behavioral competencies that reflect organizational culture and competitive advantage. The software is easy to use and can be completed in less than an hour. It can also generate a Job Description that highlights job-specific skills, behavioral competencies, and evaluation reasoning. Finally, it can produce job evaluation results that are both compliant with Pay Equity and reflect each role's unique contribution to organizational success. -
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SimplyMerit
MorganHR
$6500.00/year SimplyMerit®, a real-time HR Compensation Management Solution, engages leaders and empowers them to optimize their Merit budgets and Bonus pools as well as Equity grants. We can make you live in five days or less It's easy to see the benefits: no more errors, no more spreadsheet management headaches, and no security concerns! SimplyMerit manages currency conversions, applies configurable prorations, manages approval workflows, and even generates adjustment letters. -
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Commissionly
Commissionly.io
Commissionly is a cloud based sales commission and compensation solution for ISO's FMO's, Insurance Brokers, Merchant Services Companies, Financial Services and Education, Telecoms and Energy Companies. The Commissionly platform can calculate commission on initial contracts and on residual payments. Data Custom Data templates allow multiple data formats to be imported with ease. Data can be altered by supplier to adjust the commissionable value to be applied to the commission plans. Our API can be used to import data direct from open platforms. Commission Hierarchy Assign downline agents and split values automatically based on Transaction data such as ID, Customer, Policy Number, MID number or any other unique identifier. Access to downline information in the system can be controlled by role. Additional data can be added to imported data through the creation of lookup tables. Reporting Custom reports can be created to fit the requirements of the business. Unpaid Commissions Closed deals that have nit yet reach a commissionable status can be calculated for planning and accruals. Future Commissions Our built in future commission report can use contract terms to calculate future commission revenue for the business -
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Senegal Software
Senegal Software
$25-$55 monthCRM, finance, workforce management software and many other areas. You can manage every aspect of your company. Select the modules that you need to save time and money. Staffing simplified Our founders have over 20 years experience in the staffing industry. They built and rebuilt an internal platform to help their team work smarter and not harder during that time. One day, a competitor saw the platform our founders had built. She stated that every company in the industry was trying to solve the same problems as their internal platform. She suggested that everyone should have access to their platform. Senegal Software was founded in 2016. The result is a modular platform that allows you to run your business from anywhere on any device. Our software today helps clients save time, money, and increase productivity. We don't stop there. Our team continues to work with clients to find new ways for automating and simplifying staffing.
Compensation Management Software Overview
Compensation management software is an automated system that helps organizations manage employee compensation, such as salaries, bonuses, and other financial rewards. It helps organizations make informed decisions about employee salary and benefit packages by providing valuable data on pay trends, job analysis reports, and budgeting information. It can also provide employees with greater insight into their own salaries and benefits compared to those of their peers.
Effective compensation management systems help businesses ensure they are paying competitive salaries while also helping them stay within budget. Salary-setting tools allow companies to create customized salary ranges for each job based on market data from peer organizations in the same industry or geographic area. Job evaluation tools enable employers to determine the internal value of jobs for comparison purposes when setting salary levels. These systems also include reporting features that let businesses track pay raises, organizational changes related to compensation structures, and compa-ratios (the ratio of an employee’s total cash compensation to the midpoint of their job classification's salary range).
Compensation management systems also include features for retaining key talent through incentives like bonuses and stock options. Businesses can identify which employees are most important to keeping their organization competitive and reward these people accordingly with either one-time bonuses or long-term incentive plans. Companies can configure complex incentive structures designed specifically around individual performance metrics. Compensation management software can also be used to create flexible spending accounts that allow employees to use pre-tax dollars towards company-approved healthcare expenses or educational costs associated with professional development courses.
These systems generally consist of web-based portals that integrate easily with existing HRprograms like payroll or applicant tracking systems, although many vendors offer stand-alone versions as well; some may even have mobile support capabilities so employers and employees can access the system remotely using a smartphone or tablet device.
What Are Some Reasons To Use Compensation Management Software?
- Streamlines the Process - Compensation management software streamlines the process of entering, tracking, maintaining and updating employee salary information. This means the HR department can focus on managing their employees, not data entry and reports.
- Increases Accuracy - Using automation increases accuracy when it comes to tracking salaries and bonuses as well as ensuring that all entered information is correct. Errors are reduced significantly with this automated system which ensures accurate payments every time.
- Automates Calculation - Compensation management software automates calculations related to payrolls like overtime pay or commissions as well as deductions such as taxes and health insurance costs, eliminating the need for manual calculations which can be both time-consuming and inaccurate.
- Improved Budgets - Having up-to-date information on salary packages gives managers greater budgeting control over payroll expenses which helps them keep labor costs in line with their financial goals for the year or quarter in question.
- Easier Reports – With an automated system in place it’s much easier to generate reports quickly such as benchmarking reports that compare how much one employee is making compared to another in a similar role or department or even within the same team in order for pay equity reviews to be conducted periodically throughout the year if needed
The Importance of Compensation Management Software
Compensation management software is a key tool in today’s business world. It helps organizations stay competitive in their hiring and retain top talent with effective reward strategies. As the labor market continues to evolve, so do pay scales and compensation levels. Having an efficient system that can keep pace with these changes is critical for staying ahead of the competition.
The first benefit of compensation management software is that it helps companies ensure they are compliant with all applicable laws and regulations regarding employee compensation. This includes federal, state and local statutes, as well as industry-specific standards or guidelines. By being proactive in managing this compliance risk, employers can avoid costly fines or other penalties associated with noncompliance. Furthermore, having such a system in place gives employees assurance that their employer is taking their compensation seriously and adhering to appropriate norms and guidelines.
Second, having a centralized platform for tracking salary information ensures accuracy within each job grade or classification level across different locations or departments; this minimizes internal disparities between similar positions which could be perceived as unfair by employees (and thus reduce morale) or create significant legal risks if found out by outside parties. Keeping close tabs on job grades also allows employers to make sure salaries remain competitive relative to market forces; ensuring pay remains attractive to top talent helps manage recruitment costs over time while also making sure existing staff aren't underpaid relative to their peers at competitors' firms
Finally, having access to real-time analytics through such systems allows senior managers to evaluate how resources are allocated across different divisions of the organization and make data-driven decisions about future expansions/cuts based on budget projections rather than hunches or anecdotal evidence. When setbacks occur - such as when automation leads some roles becoming obsolete - this data can help executives plan implementations more effectively while minimizing disruption caused by layoffs (if any). All in all, using compensation management software properly provides tremendous long term dividends both financially (in terms of cost savings) but also socially (in terms of maintaining good relationships with stakeholders).
Features of Compensation Management Software
- Job Evaluation: Compensation management software offers job evaluation features, allowing employers to better understand the relative worth of their employees’ roles within the company. This information can then be used to ensure fair and appropriate compensation structures.
- Payroll Calculations: This feature allows for accurate calculations of employees’ salaries and wages, as well as additional benefits like overtime payments, bonuses, and commissions. The software can also handle other payroll-related requirements such as deductions, levies and taxes.
- Benefit Administration: A comprehensive suite of benefit administration tools makes handling employee benefits a breeze; allowing you to easily create plans and manage changes quickly and efficiently.
- Reporting Capabilities: Compensation management software provides an array of reporting capabilities that allow you to analyze salary data and gain insights into trends in employee compensation across your organization or by individual departments or demographics.
- Flexible Data Storage: The software provides flexible data storage solutions so that all your salary-related information is securely stored in one place - whether it's on a local server or in the cloud - making it easy to access whenever needed.
- Automation Tools: Automation tools allow users to streamline processes such as setting up payrolls or calculating hourly rates - saving valuable time which can be put towards more important tasks elsewhere in the business.
Types of Users That Can Benefit From Compensation Management Software
- CEOs and CFOs: Chief executives and financial officers can benefit from compensation management software by quickly accessing detailed analytics about their organization's compensation offerings. This type of data is essential for executive decision-making and strategic planning.
- HR Professionals: Human resource professionals use this software to manage salary budgets, issue payments to employees, track time off, review employee records, adjust pay increases or bonuses, and ensure compliance with regulations.
- Managers & Supervisors: Compensation management software enables managers to easily access current pay scales for their employees in order to make informed decisions when approving payroll changes or issuing promotions.
- Compliance Officers: By using an automated system, the compliance team can monitor the entire organization’s compliance status with federal and state laws regarding wages and salaries.
- Employees: Compensation management software enables employees to understand how their salary is determined based on experience level and job performance. They also have access to time-off accrual information as well as online payment options such as direct deposit.
How Much Does Compensation Management Software Cost?
The cost of compensation management software depends on a variety of factors, including the size and function of the organization, the number of users, and features included. Generally speaking, prices for such software range anywhere from a few hundred dollars to several thousand per user per year. However, it’s important to remember that the exact cost will vary greatly depending on specific needs and requirements. Organizations might also have to purchase additional hardware or pay extra fees for installation or support services. It’s best to shop around and consult with multiple vendors before making a decision - typically multiple quotes from different providers are needed in order to find an acceptable price range.
Risks To Be Aware of Regarding Compensation Management Software
- Security Risks: Compensation management software is vulnerable to cyber-attacks, which can lead to hackers gaining access to confidential employee and employer data. If such information gets into the wrong hands, it can be used for identity theft or other fraudulent activities.
- Accuracy Risk: If compensation management software contains errors or glitches, it can lead to inaccurate decisions about salary and other benefits. This could lead to imbalanced wages between employees at the same company due to incorrect calculations in the software.
- Legal Consequence Risk: Improperly managing employee compensation through a program may result in companies violating labor laws and regulations, which may subject them to financial penalties or lawsuits from affected parties.
- Cost Risk: When using compensation management software, employers may incur additional costs related to purchasing or licensing fees, maintenance and updates. This increased expense can mean less money available for allocating salaries or bonuses, thus limiting budget flexibility for businesses.
- System Failure Risk: Compensation management systems rely heavily on computers and technology that are prone to system failure if not maintained properly. Without an effective backup system in place that stores all records securely offsite, this could leave an organization crippled if the system fails completely due its reliance on digital assets only stored on-site.
Compensation Management Software Integrations
Compensation management software can integrate with a variety of other types of software. For example, it could be integrated with Human Resources Information Systems (HRIS) software to give access to records such as employee data and payroll information. This integration helps streamline pay decisions since relevant employee data automatically populates in the system. It can also be integrated with workforce analytics software to help assess and track compensation goals, benchmarking, budget restraints, labor costs and trends over time. Furthermore, Customer Relationship Management (CRM) systems may be connected to help recruiters gain insights into competitive salary offers that their company might need to provide in order to attract top talent. Finally, the use of Tax Software can be utilized when taxes are calculated for employees’ salaries or bonuses. All these integrations together allow compensation managers more control and visibility into the entire process.
What Are Some Questions To Ask When Considering Compensation Management Software?
- What are the key features of this software?
- Does the software include payroll processing and tax filing capabilities?
- How user-friendly is the interface?
- How quickly can I set up the system and start using it?
- Is there assistance available to help me configure or troubleshoot any problems I may have with the software?
- Is there data security built into the system, in order to protect employee information from being compromised?
- How much does this software cost and what payment plans are available?
- Are updates included in the cost of the software, or will I need to purchase them separately?
- Can you provide references from other customers who have used your compensation management systems successfully and with satisfaction?