March 1, 2022
In the ever-changing business world, your company needs to keep up with the competition. One way to stay ahead of the curve is by implementing new technologies and software. Because of this, utilizing a compensation management software has become a must-have for most companies. It allows businesses to manage employee salaries and bonuses more efficiently through its automated and customizable features.
We’ve compiled some helpful information about this type of system to help you weigh your options if you’re considering getting one.
Compensation management software is a system that helps managers and HR professionals to save time by automating budgeting and employee data tracking. In turn, it’s a tool that can be used to develop compensation packages tailored to your employees’ needs.
In a nutshell, this tool helps manage employee salaries and bonuses. It can also help enterprises keep track of compensation spending, budget future compensation expenses, and fair employee payouts.
It’s mainly used for the following:
This type of employee manager software may help businesses save time and money through payout automation. By investing in a sophisticated compensation management software, your company will not only save money but also help your managers and HR professionals make better-informed decisions about hiring and compensation planning.
A company that offers comprehensive compensation packages can expect higher employee engagement and retention. Employee management tools may also assist your firm in attracting and retaining top talent by providing your employees with a more competitive remuneration package.
Compensation management software makes it easier for you to fairly guide, control, and simplify merit, bonus, and equity awards for your employees, no matter the rank or position. This way, managers and HR personnel will have more time to devote to strategy, communication, and other crucial projects that your company needs to flourish.
When choosing the right SAP workforce management software for your company, look for user-friendly employee management systems with various features. These include the ability to create and manage employee compensation plans, track compensation spending, budget for future compensation expenses, and generate reports.
Ensure that your chosen software is compatible with your company's existing payroll system.
Compensation management software often includes features like:
User Interface (UI): Is it simple to locate the types of compensation? Do users have a comprehensive or granular view of their compensation plans?
Usability: Is the compensation software system straightforward for HR professionals to learn, regardless of their skill level? Does the company provide extensive tech support and training?
Integration: Does the company's compensation management platform have connectivity with other popular CRM (customer relationship management), ERM (enterprise risk management), and HRI (human resources information) systems? Do they offer any valuable integrations that could make your workflows more streamlined?
Quality for a Reasonable Cost: Can you afford this software? Does it scale with your company if you need more features or storage space in the future?
Getting insights: Can company executives, such as HR managers, use information from the HRIS to make sound decisions about the company's compensation strategy?
Automation: Can you reduce the time you need to administer your compensation processes by automating some (or all) of your rewards management, pay programs, and long-term incentives in a real-time central database?
Self-service: Can you address employee inquiries about compensation automatically
Compensation management in total: Can HR use comprehensive compensation software to budget for and manage company-wide perks, benefits, and incentives for high performers?
When selecting the right software for your company, it is important to consider your specific needs and goals. Ensure that your chosen system is compatible with your company's existing payroll system. Once you have a list of potential software solutions, explore these to see which best fits your company's needs.
These are the best compensation management software currently available. Based on the criteria we presented earlier, choose the one that you think would best address your needs.
Workday HCM offers a comprehensive suite of tools for managing your workforce, including human resource management, workforce planning, recruiting, compensation, benefits, time and attendance, learning, and more. It also offers a module specifically designed for educational institutions, including recruiting, admissions, and curriculum management.
CaptivateIQ provides finance, operations, and sales teams with insights and control over your incentive compensation programs. It allows you to respond more swiftly to change and tailor plans more efficiently to meet the current demands of your organization.
Paycom is human resource and payroll software that efficiently manages your company's talent, time, and labor. It also helps you look for and manage potential team members through its talent acquisition and workforce management software features.
With Dayforce, your organization can access real-time data and results from all aspects of human resources management. You can find and hire the right people, create schedules that support work-life balance, manage employee development, process pay, and administer benefits–all while monitoring compliance throughout the employee life cycle.
Branch is an employee benefit statement software that helps give your employees instant payouts, free earned wage access, cashless tips or mileage reimbursements, and more. The incentive compensation management tools empower workers and help them succeed in their chosen career paths. As part of the people management platform, workers receive the Branch Wallet: a digital wallet backed by a fee-free checking account, an optional debit card, financial wellness tools, and rewards.
Performio is a cloud-based commission and strategic workforce planning software ideal for salespeople in the automotive, retail, software, telecommunications, and business services industries. Performio allows companies to accurately analyze and assess sales commissions' performance, see actual key commission and performance data, and use historical and current sales data for practical insights.
Xactly is a cloud-based solution that helps businesses manage commission expenses and accounting. This sales compensation management software can help you track status, configure workflow, automate processes, manage compliance, and customize reporting.
This manpower planning software helps you create competitive and comprehensive compensation packages to motivate employees and improve retention rates. At the same time, some features like workforce forecasting tools help you craft great job descriptions that match the compensation toolkit you crafted.
Factorial is an HR solution and workforce forecasting software designed for small businesses. It offers a time-off manager, organizational chart generator, and document manager.
QCommission allows you to calculate your salespeople's compensation.
Your company must have an effective incentive compensation management system to maintain employee satisfaction. SAP incentive compensation management solution can help you optimize your payment strategies by providing features like data analysis, salary benchmarking, and performance-based bonuses.
If you’re looking for the right compensation planning software for your company, consider your organizational needs. Implementing and using your new compensation management software can be relatively easy as soon as you decide on what you need from the total compensation statement software.
Compensation management software is specifically designed for pay management. It streamlines your budget planning and employee data to produce the best possible employee compensation packages. Equity management, on the other hand, is the process of establishing and overseeing owners in your business. While it may appear straightforward, there are a number of steps involved, including monitoring and disclosing ownership changes, amending papers, interacting with stakeholders, contacting your board of directors, and maintaining compliance.
While these two entities are different, they actually work together to help you manage your employees better. At the same time, it makes their experience with the company meaningful and worthwhile.
Good management is important when it comes to making sure that your team is getting the right pay. But if you want your best employees to feel like owners and maximize employee retention and motivation, then consider using an equity management software with compensation management capabilities like Upstock.
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