Compensating employees with salaries isn’t a quick and done job. When employers compensate their employees, they are also compensating possible benefits, bonuses which were contributed by their work performance. For employers to keep track and manage their compensation system, they must use employee compensation management software that provides many of the features and tools helpful for compensating their employees. Here are some of the best compensation management software.
9+ Employee Compensation Management Software
1. DecuSoft Compose
3. Balanced Comp
10. Varicent ICM
What Is Employee Compensation Management Software?
Employee compensation management software is an employee management software where companies manage employee salary compensation and its bonuses if applicable. This employee stock option management software allows employers to manage their employees’ salaries through centralized software with an easy-to-navigate dashboard.
Employee compensation management software allows employers to manage their compensation system for their employees. The employee salary software provides an easy-to-use navigation system within the software where employers can effectively manage their compensation system easily, making the process of planning and distribution of salary and other compensation a streamlined process. The compensation management software ensures smoothness of the process, in which employees can get the desired salary and compensation thanks to its streamlined process within the software. The compensation management software allows employers to also effectively manage the benefits and bonuses that employees receive depending on their good workplace performance determined by the employers.
The set-up of the employee compensation management software is usually centralized, allowing employers to execute compensation management easily. The incentive compensation management software also provides compensation analysis tools that help employers to visualize their data through data analytics software tools. The compensation planning software also allows employers to plan and manage salary budgets through its integrated company’s financial management tools. The compensation planning software also allows employers to establish company policies through its HR compliance software tools. The incentive compensation software also allows employers to compensate bonuses and benefits through its benefits administration software tools.
- Centralized software set-up
- Compensation analysis tools
- Data analytics tools
- Salary management tools
- Financial management tools
- Budgeting tools
- HR compliance tools
- Benefits administration tools
Top 10 Employee Compensation Management Software
1. Balanced Comp
Balanced Comp provides companies with workers comp software that helps them to establish a compensation management system for financial industries. Balanced Comp has 12 employees and earns annual revenue of $2.4 million.
Workday provides HR software and financial management software that helps companies manage their compensation system all done in the cloud. Workday has 14,374 employees and earns annual revenue of $2.08 billion.
Xactly’s incentive compensation software allows businesses to unleash their maximum potential to increase business sales with their all-in-one software tools that include employee compensation. Xactly has 821 employees and earns annual revenue of $119 million.
PayFactors provides a compensation management solution software that aims to futureproof many of its compensation planning tools and features. Payfactors has 288 employees and earns annual revenue of $57.9 million.
5. Varicent ICM
Varicent ICM helps companies increase their sales with their incentive compensation management software. Varicent has 384 employees and earns annual revenue of $55.7 million.
Maestro provides companies with open-source software that allows them to customize their employee compensation system. Maestro has 307 employees and earns annual revenue of $44.5 million.
Spiff automates tasks to help businesses grow their business and effectively manage their employee compensation process. Spiff has 94 employees and earns annual revenue of $7.5 million.
8. DecuSoft Compose
DecuSoft Compose provides companies with simple employee compensation software that allows them to process complex compensation tasks easily with effective results. DecuSoft has 40 employees and earns annual revenue of $5.8 million.
COMPview provides state-of-the-art compensation management software that allows employers to recognize the top-earners of the company. COMPview has 26 employees and earns a revenue of $5 million.
CompTrak’s compensation management software enables companies to make the right decisions in compensating their employees with their tools. CompTrak has around 25 employees and earns a revenue of around $5 million.
What is the difference between employee compensation management software and HR payroll software?
HR payroll software focuses on paying employees with their regular salary and executing the distribution of the salary allocation to the employees’ bank accounts. Employee compensation management software focuses more on managing all of the compensation that includes regular salaries, bonuses, paid vacation leaves, overtime, etc. Despite their differences, both software needs to work hand-in-hand for employers and human relations as they both involve compensating their employees for their work.
Does employee compensation management software connect with benefits management software?
Yes. In fact, companies need to have both software if possible. Benefits management software focuses on indirect payments and other added benefits such as healthcare payments, insurance payments, and more. Employee compensation software focuses on a broader sense of including all types of employee payment such as salaries, benefits, bonuses, vacation leaves, etc.
How much does employee compensation management software?
Pricing for employee compensation management software is usually customized, with the software offering more features as the price increases. Pricing for employee compensation management software varies depending on the features available and the intended target company. Small companies may benefit more a low-cost employee compensation management software, while large companies may benefit more from high-cost software.
With employee compensation management software, companies can effectively establish a compensation system that enriches workplace productivity as they are compensated with their salary along with bonuses effectively.
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