Effective and fair compensation management is vital for every business due to many reasons. Compensation management acts as a reward to recognise employees for the value they bring to the company. When employees are recognised for their hard work, they are more likely to be motivated, loyal, and higher performing than those who are not.
The problem is that managing effective compensation is often an arduous task, especially for businesses that have gone global. In fact, managing merit increases, bonus plans, long-term incentives, or other non-cash rewards is complicated. HR team might face several challenges such as:
With those challenges in mind, it is imperative for a business leader to provide its HR team with streamlined technology to ease the compensation management processes. Compensation management software helps organisations plan and administer employee compensation packages. The tool can also be used to manage salaries through an administrative dashboard, develop merit matrices, and report on company compensation data.
There is just so much HR can do with compensation management software, including time-saving, budget-saving, helping HR make strong offers, as well as ensuring equality in the payment and/or reward. Without further ado, here are some of the best compensation management software in 2021.
Workday Human Capital Management is built as a single system with a single source of data, single security, and single user experience. Workday offers organisations a cloud-based system that evolves to meet changing business needs. The user-friendly, global system also ensures that customers are always on the latest version with up-to-date capabilities, whether they are using Workday on a browser or mobile device.
Paycom offers a full HR solution contained in one database. The software helps businesses streamline their employment processes from recruiting to retirement and everything in between. Paycom Talent Acquisition, Time and Labor Management, Payroll, Talent Management and HR Management systems operate from a single database, eliminating redundant data entry and the integration of multiple systems.
Payfactors is a compensation data and technology like you have never seen before. The tool helps you streamline, centralise, and automate your entire compensation process: from job descriptions to data visualizations. Payfactors does not only give you the tools, but it also provides analytics to determine fair and market-ready pay for every position.
PayScale MarketPay delivers a modern solution that is easy to use and gives companies the insights necessary to make smart pay decisions. With MarketPay’s best-in-class tools, you will price jobs correctly, influence pay strategies, and provide accurate data to executives quickly, without the risk of error.
COMPview is a global leader in compensation management software that systematically guides, controls and simplifies the development and allocation of merit, bonus and equity awards to drive employee engagement, performance and retention. Suitable for organisations with 1,000+ employees, COMPview is intuitive, configurable and proven to streamline even the most complex compensation plans, COMPview allows HR leaders to define, oversee and control the entire compensation cycle from budgeting to award allocations within different rules and different budgets, to employee communication. Further, it empowers line managers to make more strategic award decisions based on performance and potential while providing HR with real-time visibility into the decisions being made on an employee-by-employee basis.
Anaplan is a cloud-native enterprise SaaS company that empowers global organisations to orchestrate business performance and execute digital transformation with confidence and agility. Leaders across industries rely on the platform powered by its proprietary “Hyperblock technology” to connect teams, systems, and insights from across their organisations to continuously adapt to change, transform how they operate and reinvent value creation to compete in today’s digital economy.
SimplyMerit is an HR Compensation Management solution that engages leaders and empowers managers to optimize their merit budgets and annual bonus pools. It is cloud-based, so the tool can manage the entire environment for its users. In addition, SimplyMerit is real-time, so managers and leaders know exactly what is happening as it is happening. SimplyMerit handles the currency conversions, applies the automatic prorations as configured by users, manages the approval workflow, and even generates and distributes adjustment letters.
Compport is a one-stop integrated SaaS solution to manage all your compensation plans, namely candidate offers, annual/adhoc salary review, bonus/incentive, sales incentive plans (customized to clients need), long term incentive plans, Rewards and recognition schemes and salary structuring.
Compport is a unique 100 percent modular solution that enables users to design single/multiple compensation plans with great flexibility, compare, and assess the impact and budget upfront, launch it to the line managers for review of salary-related components for their respective teams and then enable communication with employees in a digital form to provide access of letters and total rewards statements, etc.