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Recommendations: Sorts listings by the number of recommendations our advisors have made over the past 30 days. Our advisors assess buyers’ needs for free and only recommend products that meet buyers’ needs. Vendors pay Software Advice for these referrals.
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isolved is the most-trusted HCM technology leader, providing the best combination of software and services to meet the needs of today’s People Heroes – HR, payroll, and benefits professionals. From talent acquisition to workforce ...Read more about isolved
3.9 (519 reviews)
148 recommendations
Starting Price: Available upon request
Free version unavailable
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Rippling gives businesses one place to run HR, IT, and Finance. It brings together all of the workforce systems that are normally scattered across a company, like payroll, expenses, benefits, and computers. So for the first time e...Read more about Rippling
4.9 (3050 reviews)
143 recommendations
Starting Price: $8.00 per month
Free version unavailable
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Paycom offers user-friendly HR and employee-driven payroll technology to enhance the employee life cycle, in a single software. Paycom drives efficiencies, increases data integrity and gives employees power over their HR informat...Read more about Paycom
4.4 (898 reviews)
98 recommendations
Starting Price: Available upon request
Free version unavailable
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Paycor empowers leaders to build winning teams. Paycor’s human capital management (HCM) platform modernizes every aspect of people management, from recruiting, onboarding and payroll to career development and retention, but what r...Read more about Paycor
4.4 (2808 reviews)
55 recommendations
Starting Price: Available upon request
Free version unavailable
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Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on improving work for thousands of customers and millions of employees around the world. Our single, global people platform for HR, ...Read more about Dayforce HCM
4.3 (964 reviews)
35 recommendations
Starting Price: Available upon request
Free version unavailable
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Evolia makes it easier to hire, schedule and track time worked by frontline in medium and large-sized businesses. Gone are the days of working in silos and having to play the telephone game finding last-minute replacements. With...Read more about Evolia
4.3 (49 reviews)
28 recommendations
Starting Price: $3.50 per month
Free version available
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Bob is a modern HR platform for modern HR challenges.Simplify complexityBob lets you manage people globally and thrive through change. From culture and connections to performance and payroll, Bob is the HCM built for everyone i...Read more about Bob
4.6 (146 reviews)
18 recommendations
Starting Price: Available upon request
Free version unavailable
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Performance Pro by HR Performance Solutions is a cloud-based performance appraisal solution for HR professionals. Performance Pro is customizable and allows users to align the solution with company’s strategic goals. The system ca...Read more about Performance Pro
4.5 (187 reviews)
15 recommendations
Starting Price: $2.00 per month
Free version unavailable
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Factorial is a cloud-based human resources (HR) solution that caters to small businesses across various industry verticals. Key features include a time-off manager, an organisational chart generator, a document manager and more....Read more about Factorial
4.5 (255 reviews)
11 recommendations
Starting Price: €4.50 per month
Free version unavailable
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PerformYard is your complete employee performance toolkit. Build your vision of performance management with an easy-to-use system your people will love. Get streamlined performance reviews, check-ins, goal management, continuous f...Read more about PerformYard
4.8 (129 reviews)
8 recommendations
Starting Price: $5.00 per month
Free version unavailable
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Workzoom is the all-in-one HR, Workforce, Payroll, and Talent solution that consolidates and automates your people management. Bring your whole team together with a centralized hub for accessing personal information, company updat...Read more about Workzoom
4.6 (15 reviews)
7 recommendations
Starting Price: $4.00 per month
Free version unavailable
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Deel is a cloud-based payroll and compliance software that simplifies international hiring for businesses of all sizes. With automated onboarding, payroll, and compliance, companies can hire anyone, anywhere in just a few minutes....Read more about Deel
4.8 (825 reviews)
6 recommendations
Starting Price: $49.00 per month
Free version available
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Compease is a complete cloud-based salary administration solution used by businesses of all sizes across industries such as retail and manufacturing. The solution allows HR teams to facilitate the analysis, design and execution of...Read more about Compease
4.9 (67 reviews)
4 recommendations
Starting Price: $2.00 per month
Free version unavailable
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Xoxoday Empuls is a cloud-based collaboration solution designed to help organizations of all sizes manage processes related to workforce motivation, employee empowerment and engagement. Empuls facilitates collaboration amongst emp...Read more about Empuls
4.5 (71 reviews)
2 recommendations
Starting Price: $2.00 per month
Free version unavailable
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With an industry-leading, purpose built platform for compensation lifecycle management, HRSoft bringsthe power and business impact of digital transformation to the least automated process in HR. HRSoft's Compensation Management...Read more about HRsoft Compensation Management
4.8 (51 reviews)
1 recommendations
Starting Price: $1.00 per year
Free version unavailable
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Papaya Global is a SaaS fintech company providing global payroll technology and the only one with an embedded payments platform designed for the workforce needs of global enterprises. Papaya's comprehensive technology, known as ...Read more about Papaya Global
4.4 (30 reviews)
1 recommendations
Starting Price: $15.00 per month
Free version unavailable
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TalentComp is a standalone compensation management solution suitable for businesses of all sizes. It can be deployed as a cloud-based or on-premise solution.TalentComp tracks employee compensation and performance history. In...Read more about TalentComp
4.7 (27 reviews)
1 recommendations
Starting Price: Available upon request
Free version unavailable
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Barley helps companies make smart and proactive compensation decisions by bringing together managing pay bands, comp reviews, benchmarking data, compensation analytics, and total rewards in one, easy-to-use platform.Barley deliv...Read more about Barley
5.0 (1 reviews)
1 recommendations
Starting Price: Available upon request
Free version unavailable
Free trial available
ADP Workforce Solution is suited for businesses with more than 50 employees looking to streamline HR processes. ADP Workforce Now includes capabilities such as payroll processing and tax filing, performance management, compensatio...Read more about ADP Workforce Now
4.4 (6453 reviews)
Starting Price: Available upon request
Free version unavailable
Free trial unavailable
Paychex Flex is a human capital management solution that's designed using web-based modular technology and a dedicated service center to help meet the HR needs of employers of any size and industry. With a single login, users can ...Read more about Paychex Flex
4.2 (1574 reviews)
Starting Price: Available upon request
Free version unavailable
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Buyers Guide
Last Updated: March 16, 2023Every company is different when it comes to compensation management. While budgets are usually based on company earnings, the ratio of employee salaries to overall revenue can vary significantly depending on the industry.
For example, it would make sense for a landscaping company that depends on employee labor to allocate a higher percentage of their revenue to compensation compared to a manufacturing plant that handles the majority of its production through machines.
This is why some businesses struggle to calculate compensation plans that align with business goals and allow them to attract or retain top-notch employees. Luckily, there are a variety of software solutions that can help.
In this guide, we’ll break down everything you need to know about compensation management solutions. Here's what we'll cover:
What Is Compensation Management Software?
Benefits of Compensation Management Software
Common Functionality of Compensation Management Software
Additional Considerations
What Is Compensation Management Software?
Compensation management software allows HR managers to conduct salary planning, calculate bonus payouts by factoring in achievement and performance metrics for individuals or departments. The tool is available as a separate module that can be added to a vendor’s talent management suite, along with performance and learning management programs.
Common features of compensation management software include:
Compensation and salary planning
Budgeting and reporting
Compliance support
Automated incentive program administration
Self-service access for all employees
Whether your work for a large company or a small startup, it’s critical to invest in the right platform to balance the business’ compensation structure. Many affordable and efficient options are available to streamline the planning process and automate necessary tasks. This allows HR professionals to make more informed decisions and recommendations.
Benefits of Compensation Management Software
Effectively managing compensation means ensuring that employees are paid the right amount on time, every time. To do so, companies must keep current, accurate and accessible records, which is often a complex task. Some companies may use Excel spreadsheets or email to track compensation history, which can be inefficient as well as insecure. Compensation management software can eliminate recordkeeping problems, and comes with a range of other benefits, such as:
Increased accuracy and efficiency.Instead of spending time tracking and calculating employee compensation in multiple spreadsheets—which often leads to errors—business owners and managers can save time, and plan for pay increases and incentives, by tracking all employee data in one place.
Ready-made worksheets guide managers through the salary planning process, and allow them to enter discretionary rewards when an employee performs well. As a result, employers can reduce the risk of overpayment, manual errors and shadow accounting.
Improved security.By storing all compensation information in one online system, companies reduce the risk of misplacing employee compensation data. And since most systems are password-protected, there is also less of a risk that sensitive information will fall into unauthorized hands.
Increased insight into your budget.In addition to streamlining the initial compensation planning process, most solutions automatically monitor payouts and store the information in the system. This data can then be used by managers and business owners to produce built-in reports, ensuring the company stays within its budget and conforms to federal regulations.
Improved transparency and employee satisfaction.A lack of transparency about the compensation planning process can lead to misunderstandings between management and employees about their pay—which may, in turn, cause diminished employee satisfaction. This may be especially true for organizations with more than one reward type, such as stock rewards, pay-for-performance or commission-based pay.
Because employees and managers can view past payments with this software, there is greater transparency in the compensation process. This can help eliminate confusion about current and past compensation, and allows for clear and open communication about compensation practices.
Higher employee productivity. Studies have shown that employees highly value having their documented performance tied see their base pay, as well as increases or decreases in incentive-based. If your company is having difficulty tying performance goals to rewards, compensation management software can streamline the process and ensure employees are aware of the monetary benefits of a job well done—resulting in a culture of high performance.
Common Functionality of Compensation Management Software
Planning automation | Facilitates collaboration so that multiple business leaders can collaborate on compensation plans. For example, users can set compensation adjustment tasks and assign them to colleagues for approval. |
Reporting and analytics | Generates data-based reports on a variety of values (e.g., cost of living adjustments, performance metrics and promotions) so managers can track and compare these values for the company at large or for individual employees. |
Budget control | Sends alerts when compensation allocations exceed predetermined budgets. |
Compensation assessment | Allows managers to view compa-ratios, goals, guidelines and other determining factors so they can best evaluate compensation allocations. |
Compensation statements | Creates employee benefits statements that include all of a business’ perks and incentives. These may be customized depending on the platform. |
Bonus calculations | Calculates bonus payouts by factoring in achievement and performance metrics for individuals, departments or the company at large. |
Job market pricing | Provides roles-based market price data to determine how much employees should be paid as per the going market rate. |
Additional Considerations
Some organizations claim a lack of integration with their talent management system prevents them from adopting a compensation management solution. While most compensation management programs are designed to integrate with your current human resources information system (HRIS) and payroll software systems, ask the vendor to ensure that their compensation management module is compatible with your current system.
Another thing your company may want to consider is deployment models. Traditionally, many organizations went with on-premise software, meaning the system is installed on location and maintained by the company. However, there has recently been a move toward hosting software “in the cloud” and paying for it using a subscription model (i.e., Software as a Service). This means the software is located on external servers, and updated automatically by the vendor. Each deployment model has its pros and cons. They also have different upfront and recurring costs, so your final selection should be based on your needs and budget.
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