You may be asking, what is compensation management software? Well, it’s a cloud-based solution used to plan and administer employee compensation packages. It manages salaries through an administrative dashboard by developing merit matrices and reporting on an organization’s compensation data.
Organizations use the software to view and adjust compensation policies. It also helps them in planning for employee bonuses and recommending pay adjustments.
Compensation plan management systems are implemented by human resource departments. With them, you can guarantee equitable employee compensation and optimize salary budgets.
The software can get implemented as a standalone solution or as part of an integrated HR management suite. A well-implemented compensation management solution minimizes operational costs. It also enables managers to make informed decisions on hiring and compensation planning.
The Best Compensation Management Software Solutions
Good compensation management benefits employees and the organization. Remember that employees are likely to stay and maintain high performance if they receive a fair salary and generous benefits.
If you’re looking to improve and keep the best talents that you have, you have to compensate them well for their work. It’s a fair trade, given that your business will reap the benefits of your employee’s best work. The best compensation management software fuels employee engagement, which leads to success.
But how many people know the various types of compensation management software? We discuss that in detail.
- Spiff Software
This is a cloud-based compensation management solution that enables you to automate processes. The real-time automation of commission calculations creates trust across an organization. It also motivates employees to drive top-line growth.
This software comes with personalized dashboards. These dashboards allow sales representatives to update closed deals based on sales targets. Its “motivate module” enables you to inform teams about key performance indicators (KPIs) and achieved goals.
The key features of spiff include:
- Flexible commission rules that handle complex commission structures and nuances.
- Easy data access that enables you to pull your data in real-time from a list of supported CRMs.
- A simple plan designer that helps with the building and making changes to your plans with no coding skills.
- Advanced team management that defines complex team structures. It automatically adjusts team commissions based on membership dates.
- Smart building blocks that create the most granular logic. This is done by combining objects such as rules, conditions, and variables.
- Workday Software
Organizations that compete for the best talent know the importance of rewarding employees. One of the tools they use to create a compensation plan is the Workday compensation software.
This tool makes it easier to report and act on compensation plans in real-time. It also enables you to act on market data and make informed compensation decisions.
Workday software is designed with both advanced compensation and compensation modules. The compensation product is available to all Workday clients. It enables you to manage commissions, salaries, allowances, and the management of talents.
Advanced compensation is an add-on product. It provides the ability to manage bonuses, merits, and delayed compensation. With advanced compensation, you can manage every piece of the process in a single system.
- Balanced Comp Software
This compensation management solution is specifically built for banks and credit unions. With it, you don’t have to deal with messy spreadsheets and trying to correlate reports across departments.
Balanced Comp provides information on what the market rate is in the industry as well as the asset size. It also gives you the financial reporting showing all base and incentive pay in a dashboard. This gives the HR team the confidence that the staff is receiving fair and competitive pay.
This compensation tool comes with job descriptions for more than 300 industry positions. These job descriptions can get modified and incorporated when developing your own.
From a teller to the CEO position, the designers of this compensation tool have developed job description templates. The templates are specifically for banks and credit unions. They save resources when streamlining how you define essential functions.
One of the features of Balanced Comp is the data import wizard. This feature updates all team members with as few as two attributes from the payroll system. It then starts managing salaries across the product suite with ease.
This compensation tool auto matches your .csv columns with the necessary attributes. It does this while giving the HR team the flexibility to make manual changes.
- Maestro Software
This fully-featured compensation solution is designed to serve startups and SMEs. It provides agency commissions, compliance management, commission tracking, and scheduling.
The designers of Maestro intended to simplify workflow. Their objective was to eliminate manual tracking of commission items. Through this tool, businesses are provided with a processing engine. One that’s flexible enough to handle the variable nature of compensation packages.
The result is a comprehensive, dynamic, and robust system. One that can adapt to an organization’s evolving commission processing requirement. Consider Maestro software if you plan to migrate from spreadsheets and inaccuracies.
- Compose Software
Pay equity and pay transparency are important for the success of an organization. That’s why the designers came up with this compensation and total rewards software.
The program simplifies the management of complex variable programs including the short and long-term incentives. It also provides enhanced analytics of the organization’s data.
This compensation management solution delivers the key information and HR dashboards. It also provides the data needed to improve diversity and create pay transparency. Additionally, Compose drives impactful change for businesses, shareholders, and employees.
- Paycom Software
This software provides a user-friendly HR and employee-driven payroll technology. It also automates the whole process of talent acquisition.
Paycom has a featured applicant tracking system that posts to online job boards. The onboarding process is self-service. It also assigns candidates checklists and online forms for filing. Additionally, the software finds tax credits and keeps track of the federal code for updates.
This automatic payroll software also enables you to manage your expenses. It also helps in carrying out background checks and e-verification of candidates. Paycom boosts accuracy and reduces employer liability.
Compensation software helps with the success and well-being of an organization. By rewarding employees with market-range salaries and well-deserved bonuses, you demonstrate their value. This helps them to feel motivated and engaged.
In return, they give back through increased productivity and quality work. This is very important if you’re to create an organizational culture of happy and passionate employees.