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.
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.
