Finding software can be overwhelming. We've helped hundreds of HR departments choose the right compensation management software so they can track budgets and tie pay to performance.

Showing 1-20 of 238 products

BambooHR

BambooHR is a cloud-based HR management software solution for small and midsize businesses. BambooHR offers small and growing companies a human resource information system (HRIS) that includes an applicant tracking system (ATS), time... Read more

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Recent recommendations: 104 recommendations

Platforms: MacWinLinux
Deployments: Cloud
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Zenefits

Zenefits is an all-encompassing HR SaaS platform designed specifically for small to midsize businesses. The Zenefits People Platform includes a robust offering spanning HR, Benefits, Payroll, Well-being and Performance apps that combines... Read more

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Recent recommendations: 104 recommendations

Platforms: MacWin
Deployments: Cloud
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Zira

Zira is a cloud-based employee scheduling and performance management system designed to automate complex team processes. Zira tools include a web-based manager and admin application that is ideal for creating and publishing schedules,... Read more

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Recent recommendations: 93 recommendations

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Deployments: Cloud
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Paycor

Paycor creates HR software for leaders who want to make a difference. Paycor's Human Capital Management (HCM) platform modernizes every aspect of people management, from the way you recruit, onboard and develop people, to the way you... Read more

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Recent recommendations: 74 recommendations

Platforms: MacWinLinux
Deployments: Cloud
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UKG Ready

UKG Ready (formerly Kronos Workforce Ready) is a flexible and seamless HR solution that provides a connected people experience to easily manage the entire employee journey, from a single solution. Designed for flexibility and ease... Read more

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Recent recommendations: 71 recommendations

Platforms: MacWinLinux
Deployments: Cloud
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Dayforce HCM

Dayforce, provided by Ceridian, is a cloud-based solution for Payroll, Benefits, Workforce Management, Human Resources, Talent Management, Document Management, and Analytics. As a single application, Dayforce provides organizations... Read more

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Recent recommendations: 54 recommendations

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Deployments: Cloud
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ADP Workforce Now

ADP Workforce Now is a comprehensive solution for managing HR, payroll, talent, compliance, and employee benefits. This workforce solution is suited for businesses with more than 50 employees looking to streamline HR processes. ADP... Read more

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Recent recommendations: 52 recommendations

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Deployments: Cloud
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RUN Powered by ADP

RUN Powered by ADP (RUN"), is a web-based payroll solution designed for small businesses. The solution can be deployed on either iPhones, iPads or on any touchscreen device. RUN can integrate with multiple third-party accounting software... Read more

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Recent recommendations: 52 recommendations

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Deployments: Cloud
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UKG Pro (Formerly UltiPro)

UKG Pro (formerly Ultimate UltiPro) is a powerful, global HCM solution. Transform your business with a truly connected global workforce experience delivered through resilient and mindful HR technology. From payroll, to talent, to service... Read more

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Recent recommendations: 49 recommendations

Platforms: MacWinLinux
Deployments: Cloud
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PurelyHR

PurelyHR is a cloud-based leave management solution for small to midsize businesses. The system’s core modules allow HR departments to track staff leave requests and approvals as well as manage diverse time off policies and hierarchies.... Read more

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Recent recommendations: 35 recommendations

Platforms: MacWinLinux
Deployments: Cloud
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Performance Pro

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 can... Read more

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Recent recommendations: 29 recommendations

Platforms: MacWinLinux
Deployments: Cloud
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iCIMS Talent Cloud

In addition to being a leader in the applicant tracking market, iCIMS—through a partnership with Payscale—also offers clients the ability to estimate competitive salaries for their open positions. Read more

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Recent recommendations: 25 recommendations

Platforms: MacWinLinux
Deployments: Cloud
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Collage

Collage is a cloud-based human resources (HR) and benefits management platform built for the needs of small and midsize businesses. Collage also digitizes group benefits enrollment and can sync with any insurance provider in Canada. Collage’s... Read more

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Recent recommendations: 19 recommendations

Platforms: MacWinLinux
Deployments: Cloud
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Planday

Planday is a cloud-based employee scheduling platform suitable for businesses of almost any size or vertical. In addition to scheduling, Planday also allows managers to oversee employee hours, vacation requests, shift-swaps, payroll... Read more

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Recent recommendations: 15 recommendations

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Deployments: Cloud
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Sage People

Sage People is a cloud-based human resources (HR) system that gives HR teams visibility of their global workforce and automates administrative tasks. Sage provides an enterprise-level HR offering designed for midsize, multinational... Read more

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Recent recommendations: 14 recommendations

Platforms: MacWinLinux
Deployments: Cloud
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BizMerlin

BizMerlinHR is a cloud-based human resource management solution that helps mid to large enterprises manage the entire employee lifecycle, from onboarding to comprehensive employee records to performance management to team retention,... Read more

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Recent recommendations: 12 recommendations

Platforms: MacWinLinux
Deployments: Cloud
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Workzoom by Nortek

Workzoom by Nortek is the all-you-need cloud-based people management platform that helps clients simplify HR, payroll, benefits, time, recruiting, performance, learning, expense management and much more. Workzoom has all the functionality... Read more

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Recent recommendations: 12 recommendations

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Deployments: Cloud
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Ascentis

Ascentis offers a cloud-based human capital management (HCM) suite designed for midsize companies of all industries. It includes HR and benefits, recruiting and onboarding, talent management, time and attendance and payroll. Ascentis... Read more

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Recent recommendations: 11 recommendations

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TimeIPS

TimeIPS is a time and attendance system for companies in a wide range of industries. The solution is designed to help small and midsize companies manage time-tracking and attendance operations as well as generate payrolls for employees. TimeIPS... Read more

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Recent recommendations: 11 recommendations

Platforms: MacWinLinux
Deployments: CloudOn premise
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Triton HR

Triton HR offers small to midsize companies a cloud-based human resources (HR) solution that integrates payroll services, employee benefits and core HR applications into a single system. The system can be configured to support a wide... Read more

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Recent recommendations: 8 recommendations

Platforms: MacWinLinux
Deployments: Cloud
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2021 Compensation Management Software Pricing Guide

Learn about the key aspects of accurate software pricing before you make your purchase decision.

Includes:

  • Pricing models & ranges

  • Unexpected costs

  • Pricing of popular systems

Buyers guide


Last Updated: February 25, 2021

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 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.