10 Best Compensation Management Software.

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What is Compensation Management?

The many forms of pay that an organisation offers are managed through compensation management. Owners of businesses or compensation managers are frequently in charge of this. There are four main categories in this. These include direct payment, employee benefits, incentive pay, and help for employees. Organizations must have a broad understanding of how each kind functions. They should be aware of the significance of discussing remuneration with employees. Management of compensation effectively is crucial. It aids businesses in defining the different forms of remuneration they employ. Additionally, it explains how companies compensate people and compete in their sector. Additionally, it promotes open communication between an employer and employee. Both parties may benefit from a stronger relationship as a result of this.

10 Best Compensation Management Software. Compensation Management

1. COMPview

Due to its superior security and capacity to make even complex things simple, HRSoft's COMPview is a world leader in compensation management. The ability to customise COMPview is among its most valuable features. Depending on the needs of the firm, the programme offers complicated settings. The HR department's job is made easier by a feature that allows workflow and approval hierarchies to be established. COMPview connects with technological platforms like payroll or finance software.

Payscale Cms

2. Payscale

HR professionals can combine all of their data in one location with Payfactors, a cloud-based pay data management platform that is now a part of Payscale. This includes corresponding job descriptions for open positions. Most other suppliers do not supply their clients with this special function, which makes it stand out. Administrators can compare salaries for various jobs at different levels, keep abreast of changes in salaries for certain jobs and industries, and improve employee and candidate attraction.

10 Best Compensation Management Software. Compensation Management

3. Paycom

An efficient employee lifecycle is made possible by Paycom, a single software platform that combines payroll and HR technology. One of its distinctive qualities is that it offers everything you require in one location, from hiring to retirement, to manage your entire firm successfully. To request time off, sign in and out, set their own salary, and more, employees can use management tools like self-service applications. They can also take control of their personal data thanks to it.

Beqom Cms

4. beqom

The compensation software application from beqom connects natively with leading HR programmes like Workday, SAP SuccessFactors, Oracle HCM, and others and is flexible and customizable. Beqom powers the compensation management systems of Lowe's, the Adecco Group, BNP Paribas, and PepsiCo. Performance management, predictive analytics, bonus and incentive management, etc. are all included in the comprehensive package known as beqom. Businesses benefit from these time and money savings. Companies can match an employee's pay to their performance thanks to a performance management function that is already built in.

10 Best Compensation Management Software. Compensation Management

5. Zenefits

A particularly potent compensation tool created for start-ups and small businesses is Zenefits. HR managers can use it to manage administration, FSA and HSA benefits, among other things. To make compliance management simple, Zenefits also offers online ACA compliance and small company compliance. Through its time management strategies, both employees and employers may accurately track and handle on- and off-time demands. The best part is that Zenefits has mobile apps for iOS and Android that provide users the freedom to monitor information and add on and off time requests while on the road.

Salary.com Cms

6. Salary.com

Instead of concentrating on daily management, CompAnalyst Salary.com compares salaries and compensation. In contrast to third-party websites like Indeed, Salary.com gives HR professionals access to market data for over 15,000 job titles across 225 industries. This data is derived from validated HR surveys. Additionally, data for more than 27,000 compensable elements is readily available, enabling HR specialists and hiring managers to precisely customise job descriptions and compensation depending on market data.

10 Best Compensation Management Software. Compensation Management

7. Keka

Keka is a cloud-based full-suite compensation management system created to assist enterprises from different industry verticals in managing their compensation process smoothly. Top features include loan tracking, asset tracking, loan tracking, personalised notifications, and document storage. Quickbooks, ZestMoney, Plum, Stashfin, and other third-party programmes are among those that Keka integrates with. One of the most complete in the sector, its performance management package makes it simple for managers to identify and map out project goals. Additionally, it enables 360-degree employee feedback.

10 Best Compensation Management Software. Compensation Management

8. Workday

Workday Human Capital Management (HCM) is designed as a single system with a solitary data source, solitary security architecture, and solitary user interface. Workday provides businesses with a cloud-based platform that adapts to their evolving business needs both now and in the future. Customers are always using the most recent version of Workday with the most up-to-date features thanks to the user-friendly, global system, whether they're using Workday on a browser or a mobile device.

Captivateiq Cms

9. CaptivateIQ

CaptivateIQ is a well-liked compensation programme. You can easily calculate commissions because it interacts with Salesforce and other CRM programmes. For salespeople to track their earnings and how well they are meeting targets, you may implement as many compensation schemes as you like, create reports, and give them access to their own data. In our study, CaptivateIQ only received a 3.28 out of 5, however this is largely due to the company's intense emphasis on commissions. It lacks the merit compensation and pay comparison tools present in the other apps on our list.

Dayforce Cms

10. Dayforce

The Ceridian Group created Dayforce, an HCM application. Organizations may easily compensate employees based on their real contributions rather than merely market compensation thanks to the software's performance management element. Companies may simply demonstrate the elements influencing their decisions using Dayforce. By simultaneously addressing pay concerns, providing pay transparency aids HR leaders in making better decisions. several choices. It provides the salary and HR data needed for leaders at all levels to perform their jobs effectively. This enables interaction with senior management to improve precision overall and match compensation choices with organisational standards.


    Compensation Management FAQs

    What is Compensation Management?

    The many forms of pay that an organisation offers are managed through compensation management. Owners of businesses or compensation managers are frequently in charge of this. There are four main categories in this. These include direct payment, employee benefits, incentive pay, and help for employees.

    importance of compensation management?

    It’s critical to manage compensation well. It aids organizations in defining the many forms of pay they employ. It also reveals how they compensate their staff and compete in their sector. Transparency between an employer and employee is also encouraged.

    Types of compensation?
    • Hourly. 
    • Salary. 
    • Commission. 
    • Bonuses. 
    • Equity package. 
    • Stock options. 
    • Benefits.
    • Non-monetary compensation.