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.

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ADP Workforce Now

ADP Workforce Now is a human capital management solution for companies with more than 50 employees. The core capabilities of the solution include human resources management, payroll, benefits, talent management, compliance, time and... Read more

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Recent recommendations: 198 recommendations

Platforms: MacWinLinux
Deployments: Cloud, On premise
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BullseyeEngagement

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. Read more

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Recent recommendations: 6 recommendations

Platforms: MacWinLinux
Deployments: Cloud, On premise
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Infor HCM

Infor CloudSuite HCM is a suite of human resources applications with several deployment options. Applications in the core suite include benefits management, absence and time entry, budgeting, employee safety, talent acquisition, onboarding,... Read more

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Recent recommendations: 6 recommendations

Platforms: MacWinLinux
Deployments: Cloud, On premise
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Laserbeam Compensation

Compass is a cloud-based talent and compensation management solution designed for HR professionals, managers and executives. It helps HR employees plan compensation budgets, design and implement salary structures for different roles,... Read more

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Recent recommendations: 5 recommendations

Platforms: MacWinLinux
Deployments: Cloud, On premise
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Compease

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

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Recent recommendations: 3 recommendations

Platforms: MacWinLinux
Deployments: Cloud, On premise
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CuroLite

CuroLite is a cloud-based compensation planning solution that caters to small and midsize businesses across various industry verticals such as consulting, health care, finance and more. Key features include data management and uploads,... Read more

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Recent recommendations: 3 recommendations

Platforms: MacWinLinux
Deployments: Cloud, On premise
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CompensationXL

CompensationXL is a cloud-based human resources (HR) solution. It allows users to create workbooks, which they can access online. The solution stores business rules and the data is fed automatically to human resources information systems... Read more

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Recent recommendations: 1 recommendations

Platforms: MacWinLinux
Deployments: Cloud, On premise
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CuroEnterprise

CuroEnterprise 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... Read more

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Recent recommendations: 1 recommendations

Platforms: MacWinLinux
Deployments: Cloud, On premise
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Harvest HCM Compensation

Harvest HCM is a cloud-based talent and compensation management solution that allows businesses to manage different components of their employee pay structure and compensations. The solution helps users to keep track of merit pay,... Read more

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Recent recommendations: 1 recommendations

Platforms: MacWinLinux
Deployments: Cloud, On premise
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TalentComp

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. Information... Read more

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Recent recommendations: 1 recommendations

Platforms: MacWinLinux
Deployments: Cloud, On premise
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Calamari

Calamari is a cloud-based human resources solution that offers two best-of-breed modules: leave management and clock in or out services. The software is suitable for small to midsize businesses in any industry and offers Android and... Read more

Platforms: MacWinLinux
Deployments: Cloud, On premise
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ADP Vantage

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

Platforms: WinLinux
Deployments: Cloud, On premise
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Oracle Taleo Enterprise Cloud Service

Oracle Taleo Enterprise Cloud Service is a cloud-based human resource (HR) management suite suitable for large and midsize businesses in all industries. Key features include candidate management and employee onboarding, especially... Read more

Platforms: MacWinLinux
Deployments: Cloud, On premise
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SAP SuccessFactors

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

Platforms: MacWinLinux
Deployments: Cloud, On premise
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PeopleBookHR

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

Platforms: MacWinLinux
Deployments: Cloud, On premise
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ClockIt

ClockIt is a cloud-based time and attendance solution suitable for small and midsize businesses in all industries. Key features include time and attendance tracking, leave management, reporting, route planning and real-time employee... Read more

Platforms: MacWinLinux
Deployments: Cloud, On premise
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EmpXtrack

EmpXtrack offers a compensation management module to help companies ensure their top performers are being adequately rewarded for outstanding performance. Read more

Platforms: MacWinLinux
Deployments: Cloud, On premise
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PeopleFluent

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

Platforms: MacWinLinux
Deployments: Cloud, On premise
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PeopleSoft Human Capital Management

Oracle PeopleSoft Human Capital Management (HCM) is an on-premise suite of applications suitable for midsize to large organizations. The solution includes a Global Core Human Capital Management module as well as workforce management,... Read more

Platforms: MacWinLinux
Deployments: On premise
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SnapHRM

SnapHRM is a human resource (HR) software solution. It can be deployed either through the cloud or on-premise. SnapHRM has both an employee dashboard and a manager dashboard. In the employee dashboard, employees can track their attendance,... Read more

Platforms: MacWinLinux
Deployments: Cloud, On premise
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Buyer's guide


Last Updated: March 20, 2019

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.