Best Compensation Management Software in 2020

There is an evident shift witnessed by the industry experts in the ways organizations approach compensation. The software has become one of the most important tools for the HR department given how crucial it is for companies to keep their employees happy and content. As we all know, a happy employee is the most productive one, and nothing makes an employee happier than a well-strategized compliance and timely executed compensation plan in a company. For an organization to have an optimized compensation structure, it must be equipped with an efficient compensation management software. Since the HR department is usually laden with an array of responsibilities, implementing flexible software takes some responsibility off their shoulders by automating important processes like compliance and payroll management, employees’ feedbacks, surveys, and analytics. 

In Compensation Best Practices Report (CBPR) prepared by PayScale, it was revealed that the organizations who met or exceeded their revenue goals were the top performers of the industry and a report by IBM reveals that implementing compensation management software can reduce payment errors by 90% and save a considerable amount of time. That makes it clear how the right compensation management software helps companies maximize their profits and achieve revenue goals. If you are looking for a reliable compensation management software for your firm, we make it easier for you by listing the 6 best compensation management software in 2020.

1. Compport

Compport is one of the most efficient compensation management software that extends a single tool to manage the complete compensation process. It is a highly flexible cloud-based HR software that provides complete assistance in compensation management, analytics, and employee surveys. This software blends excellence with efficiency when it comes to automating the HR management processes. Designed over brilliant information architecture, the software helps organizations to design a compensation plan in just 30 seconds. The software is ranked on the top of the list due to its highly efficient processing and ease of deployment. It takes 90% less time than other software in the market to process a compensation plan. The software extends an extremely flexible user-interface that results in 0 efforts from clients’ side for operation and implementation. It is suitable for all types of organizations, irrespective of the size and nature of the business.

Key Features:

100% Customizable

Design a compensation plan in only 30 sec 

Creates the salary increase grid in 3 seconds

People Analytics & Reports

Survey module

Extreme Efficiency & 40x ROI

HR Budget Planning (Annual Operating Plan design)

2. Anaplan

Anaplan is a purpose-built software for connected planning and HR management. The software provides complete assistance for companies to connect the people, plans, and data. It is a flexible platform that can cater to all sizes of businesses and provides real-time insights from the data resulting in smart decision making.  

Key Features 

Budgeting & Forecasting 

Flexible Dashboard

Goal Setting / Tracking

Workforce Capacity Planning

Roadmapping

Scenario Planning

Scorecards

3. Paycom

Paycom is the Complete Human Resource Information System (HRIS) that provides effective software for payroll management and other HR-related processes. The software manages the entire employment life cycle of the employees and provides complete assistance throughout the hire-to-retire process with its advanced tools for talent acquisition and management, time tracking, workforce planning, feedback, etc. 

Key Features 

Organization Management

Expense Management

Salary Structures

Compliance Management

Digital Receipt Management

Time & Attendance Tracking

4. PayScale

PayScale provides big-data based software for compensation and data management. The software helps companies to determine the right pay scale of employees and effectively carries out the compensation process. It is a flexible software that comes with a wide range of functionalities like its ability to use any data to price jobs and blend multiple sources together.

Key features

The Software comes with two data sources — PayScale’s Crowd-sourced Data and Company-sourced data.  

Benchmark jobs in a few minutes.

Build a visual, dynamic merit matrix to facilitate and simplify the salary increase process  

Creates full salary structure

Data management tools to manage surveys and streamline survey participation

Robust analytics tools with upfront insights and configurable reporting

Support from our professional customer success team.

5. UltiPro

UltiPro is completely customizable cloud-based HR management software that simplifies processes like compliance and payroll management, talent acquisition, workforce management. The system incorporates all employee information in one platform and provides a 360-degree view to managers for planning. Powered by AI and Machine Learning, the software induces faster and intelligent decision making.

Key Features

Efficient Hiring and Talent Management

Time Management

Useful Access and Analytics Tools

Takes Care of Tax Filing

Workforce Management

Provides Assistance In Learning and Development

6. Commissionly

Commissionly is a cloud-based sales commission and sales compensation management software. It is a fully automated and customizable software that offers a good set of management tools like data import tools, wizard-based target/compensation plan, and commission setting tools. The software comes with a web dashboard for users to remotely operate and access information.

Key Features

Varied Commission Structures

Multi-Currency Support

Sales Splits

Flexible Dashboard

Compensation Plan Modeling

Incentive Programs

Summing Up

To choose the right compensation management software for your firm requires thorough research of market trends and your company’s requirements. Though we have listed the top 6 software in the industry but the best-suited software for your organization would be the one that rightly serves your requirements and synchronizes with your existing system. Getting an effective compensation management software will surely help you boost your employees’ efficiency, morale, and enthusiasm and pave the way to a better future for your business.