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Compensation Management Software


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BizRun logo
 
BizRun is cloud-based human resources (HR) software with an emphasis on the visual. Managers and employees interact with a living org chart to accomplish daily HR tasks and view the entire organization’s structure.  Core features... Read More
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BizRun is cloud-based human resources (HR) software with an emphasis on the visual. Managers and employees interact with a living org chart to accomplish daily HR tasks and view the entire organization’s structure.  Core features... Read More
 
Infor HCM logo
 
Infor's compensation management solution helps you maintain competitive pay levels, while also managing payroll costs. With support for the entire pay process, from planning to processing, it's sure to streamline your HR function.
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Infor's compensation management solution helps you maintain competitive pay levels, while also managing payroll costs. With support for the entire pay process, from planning to processing, it's sure to streamline your HR function.
 
BullseyeEngagement logo
 
Linking compensation to performance is one of the most common ways to encourage employee engagement and increase productivity. With BullseyeEngagement, employers can manage compensation according to performance standards.
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Linking compensation to performance is one of the most common ways to encourage employee engagement and increase productivity. With BullseyeEngagement, employers can manage compensation according to performance standards.
 
Oracle HCM Cloud logo
 
Oracle HCM Cloud is a complete human resources (HR) application suite. It is designed to give a comprehensive view of all employees, align common HR processes across any device and manage compliance through a single application. Key... Read More
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Oracle HCM Cloud is a complete human resources (HR) application suite. It is designed to give a comprehensive view of all employees, align common HR processes across any device and manage compliance through a single application. Key... Read More
 
HRToolbench logo
 
HRToolbench's compensation module enables HR professionals and managers to determine job worth, allowing companies to plan salaries and manage merit planning—all in one place.
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HRToolbench's compensation module enables HR professionals and managers to determine job worth, allowing companies to plan salaries and manage merit planning—all in one place.

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PeopleFluent logo
 
PeopleFluent provides a cloud-based talent acquisition and talent management suite, complemented by applications for Vendor Management, Workforce Planning and Diversity, and Analytics. The talent acquisition and talent management applications... Read More
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PeopleFluent provides a cloud-based talent acquisition and talent management suite, complemented by applications for Vendor Management, Workforce Planning and Diversity, and Analytics. The talent acquisition and talent management applications... Read More
 
CuroComp logo
 
CuroComp is a compensation management system designed to manage the compensation spend of a company. The solution tracks budget and spends to ensure that the correct level of compensation is paid to employees. It also offers gender... Read More
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CuroComp is a compensation management system designed to manage the compensation spend of a company. The solution tracks budget and spends to ensure that the correct level of compensation is paid to employees. It also offers gender... Read More
 
SAP SuccessFactors logo
 
SAP SuccessFactors business software provides organizations with an integrated suite of features to manage their workforce. The solution offers tools for both enterprise organizations and small businesses. It's cloud-based, so the... Read More
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SAP SuccessFactors business software provides organizations with an integrated suite of features to manage their workforce. The solution offers tools for both enterprise organizations and small businesses. It's cloud-based, so the... Read More
 
PeopleSoft Human Capital Management logo
 
Oracle PeopleSoft Human Capital Management (HCM) is an integrated suite of applications suitable for midsize to large organizations. It can only be deployed on-premise. This system includes a Global Core Human Capital Management module... Read More
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Oracle PeopleSoft Human Capital Management (HCM) is an integrated suite of applications suitable for midsize to large organizations. It can only be deployed on-premise. This system includes a Global Core Human Capital Management module... Read More
 
Willis Towers Watson Compensation Software logo
 
Willis Towers Watson Compensation Software is a cloud-based solution designed for large companies. This solution helps users design and manage their employee compensation structure based on performance and market benchmarks. Willis... Read More
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Willis Towers Watson Compensation Software is a cloud-based solution designed for large companies. This solution helps users design and manage their employee compensation structure based on performance and market benchmarks. Willis... Read More

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PeopleBookHR logo
 
PeopleBookHR is a cloud-based human resources (HR) management solution. Primary features include employee information management (EIM), asset management, payroll, performance management, leave management, time and attendance management,... Read More
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PeopleBookHR is a cloud-based human resources (HR) management solution. Primary features include employee information management (EIM), asset management, payroll, performance management, leave management, time and attendance management,... Read More
 
ADP Vantage logo
 
ADP Vantage HCM is an on-premises human capital management (HCM) solution suitable for large organizations with more than one thousand employees. ADP Vantage offers integrated tools to manage recruiting, talent management, time management,... Read More
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ADP Vantage HCM is an on-premises human capital management (HCM) solution suitable for large organizations with more than one thousand employees. ADP Vantage offers integrated tools to manage recruiting, talent management, time management,... Read More
 
Oracle Taleo Enterprise Cloud Service logo
 
Oracle Taleo Enterprise Cloud Service is a cloud-based human resources (HR) suite suitable for large and midsize businesses in all industries. Key features include candidate management and employee onboarding, especially for high volumes... Read More
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Oracle Taleo Enterprise Cloud Service is a cloud-based human resources (HR) suite suitable for large and midsize businesses in all industries. Key features include candidate management and employee onboarding, especially for high volumes... Read More
 
Lumesse ETWeb logo
 
Lumesse's compensation management solution lets employers make better salary planning decisions and drive high performance, all while ensuring your company stays within its budget.
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Lumesse's compensation management solution lets employers make better salary planning decisions and drive high performance, all while ensuring your company stays within its budget.
 
HRsoft logo
 
HRSoft's compensation planning solution provides a centralized system where employers can easily plan, allocate and manage compensation for all employees. From salaries to merit and incentive pay, HRsoft has you covered.
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HRSoft's compensation planning solution provides a centralized system where employers can easily plan, allocate and manage compensation for all employees. From salaries to merit and incentive pay, HRsoft has you covered.

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EmpXtrack logo
 
EmpXtrack offers a compensation management module to help companies ensure their top performers are being adequately rewarded for outstanding performance.
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EmpXtrack offers a compensation management module to help companies ensure their top performers are being adequately rewarded for outstanding performance.
 
Harvest HCM Compensation logo
 
Harvest HCM offers a best-of-breed compensation management solution. Plan your compensation budget and track variable pay programs efficiently, all in one place.
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Harvest HCM offers a best-of-breed compensation management solution. Plan your compensation budget and track variable pay programs efficiently, all in one place.
 
SecureSheet logo
 
SecureSheet is a powerful web-based HR spreadsheet solution that eliminates the task of emailing different versions of the same HR spreadsheet to different users and then having to manually re-aggregate them. The software offers an... Read More
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SecureSheet is a powerful web-based HR spreadsheet solution that eliminates the task of emailing different versions of the same HR spreadsheet to different users and then having to manually re-aggregate them. The software offers an... Read More
 
OASIS logo
 
OASIS is a full-featured ERP system that is best fit for businesses in the retail, manufacturing and professional services industries. OASIS is readily accessible via Mac and Windows and offers mobile device capabilities.
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OASIS is a full-featured ERP system that is best fit for businesses in the retail, manufacturing and professional services industries. OASIS is readily accessible via Mac and Windows and offers mobile device capabilities.
 
Lanteria HR logo
 
Lanteria HR is a full Microsoft SharePoint-based human resources (HR) suite suited for midsize and large enterprises in all industries. It features modules for time and attendance, recruiting, compensation, succession planning and... Read More
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Lanteria HR is a full Microsoft SharePoint-based human resources (HR) suite suited for midsize and large enterprises in all industries. It features modules for time and attendance, recruiting, compensation, succession planning and... Read More

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Buyer's Guide

by Brian Westfall,
Market Research Associate
Last Updated: September 19, 2017


Every 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 is often sold as a separate module that can be added to a vendor’s talent management suite, along with performance and learning management programs. As the name implies, compensation management solutions allow organizations to conduct a variety of compensation and salary planning activities all in one place.

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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