Employee satisfaction levels are directly impacted by an organization’s approach to employee compensation.
Up to 52% of candidates think that competitive salary is the most alluring aspect of a job offer, so when a firm fails in fundamental compensation planning, it runs the risk of losing talent and frightening away potential hires. When businesses still rely on antiquated pay management tools, creating effective compensation plans can be difficult.
There are several options available for businesses looking to upgrade to contemporary, personalised software that will streamline operations and promote pay fairness. But which compensation management program on the market today is the best?
This article will give HR professionals who are in charge of managing employee performance and human capital (HCM) an idea of the key elements to consider when choosing the HR software that will work best for their requirements.
Compensation Management Software Comparison Criteria
When choosing the best pay management software, what should I consider? Here is a list of my evaluation standards:
User Interface (UI): Are the various forms of compensation simple to access and clearly laid out in terms of user interface (UI)? Do customers believe they have a comprehensive or in-depth understanding of their compensation programs?
Usability: Is it simple for HR professionals of various experience levels to learn how to use the compensation tool? Does the business provide quality technical assistance and training?
Integrations: Is it possible to integrate the compensation management platform to additional HRIS, ERM, and CRM platforms? Do they provide any extra integrations to speed up your processes?
Value for Money: Is the cost of the instruments for managing compensation reasonable given the feature set? If you need more users, features, or storage space, can the pricing be scaled?
Key Features of Compensation Management Software
The best pay management software ought to help an HR staff with hiring, planning, gathering the appropriate KPIs, onboarding, and perhaps even time monitoring. The following are some characteristics I consider while comparing the various compensation management programs in this article:
Generating insights: Based on reliable data produced by the human resources information system, HR managers and other company executives should build their organization’s compensation strategy (HRIS).
Automation: Can you fully (or partially) automate pay programs, long-term incentives, and rewards management in a real-time central database, thereby lowering the time needed to manage compensation processes?
Self-service: By enabling self-service capabilities in compensation management software, employee inquiries about their remuneration can be handled automatically, reducing the administrative strain.
Total compensation management: Effective compensation management software should offer HR management a full range of options, including budgeting and administration of business perks, bonuses, and incentives for top performers.
An Overview Of The 10 Best Compensation Management Software
Here is my comparison of the top compensation management programs, along with a brief overview of each program and screen photos of some of its key features.
1. Deel
Best compensation software for global salary benchmarking and international hiring
For HR professionals, Deel offers a complete payroll service with a strong self-service feature. It is made for international teams and enables you to manage and keep tabs on workers and contractors all over the world.
Their service has many features and is simple to use. The website provides you with a thorough breakdown of salary expenses as well as perks and benefits. Utilize their internal research tools to compare pay ranges across other nations while accounting for mandated contributions such as pension and healthcare.
You may import and export HR data between well-known accounting and reporting software programs like NetSuite and Xero thanks to Deel’s numerous connections. Additionally, they offer an Open API solution that enables programmers to create custom user interfaces on top of the Deel platform.
Deel complies with global requirements for data security because it is SOC2-compliant and ISO 27001-certified.
Deel provides a free trial and flat rate pricing per worker.
free trial offered
upon request, flat rates
2. Xoxoday Compass
Best compensation software for managing sales incentives
Through Xoxoday Compass, use gamified sales incentives to increase your team’s performance.
It can be challenging and time-consuming for a business to manage sales incentive programs. Even worse, some businesses fail to pay commissions when they ought to in a timely manner. Frustration, dissatisfaction, and missed opportunities result from this. Businesses may track and recognise their sales efforts with the use of Xoxoday Compass, a software solution for sales incentive compensation administration. You can create and roll out gamified sales incentive programs for your sales team using Compass, provide real-time performance visibility, track commission data and incentive plan specifics, and handle incentive payouts.
When it comes to administering your company’s sales incentive programs, Xoxoday Compass gives you the flexibility and precision you need. It is made to complement any enterprise resource planning (ERP) system or accounting platform. Google Sheets and several CRM systems are very simple to link with.
Xoxoday Compass has a free trial and monthly prices starting at $29.99 per user. As you add more users to your account, their progressive pricing structure lowers your average price per user.
free trial offered
$29.99 per user each month
3. Xoxoday
Best for sending bonus payouts and creative incentives & rewards
Xoxoday Plum provides you with tens of thousands of creative incentive options to help you pay your staff.
A versatile platform for rewards, incentives, and payouts called Xoxoday Plum enables you to provide your workers with exceptional prospects for additional remuneration. Payouts for every occasion, such as merit-based bonuses or incentives, employee appreciation presents, milestone rewards, or annual bonus payments, are made simpler by their scalable platform.
With Xoxoday Plum, you may send direct deposits in any foreign currency into the local bank accounts of recipients anywhere in the world. Additionally, they are able to process enormous volumes of transactions, including up to 10,000 bulk payouts in a matter of minutes.
You can do more for your employees than just send them money by surprising and delighting them with personalised digital items like prepaid credit cards, gift cards, or other unique experiences. They provide 21,000+ gift alternatives from 3,500+ brands across 20+ categories in their global rewards inventory.
The monthly subscription fee for Xoxoday Plum begins at $299. A free trial or a free demo are also available, along with a freemium account with restricted capabilities.
Free demo plus free trial
from $299 per month
4. Decusoft Compose
Best for flexible compensation management
Compose from Decusoft has analytics and dashboards that offer instant views of data on executives, DEI, and pay equity.
A complete software package for managing compensation, incentives, and overall rewards is called Decusoft Compose. Along with streamlining the administration of complicated variable compensation systems including merit, equity, long- and short-term incentives, carried interest, and deferrals, the solution also offers improved data analytics. It is easy to measure, report, compare, and visualise DEI, pay equity, and people analytics. Compose is simple to use, customised to meet your specific requirements, and SOC-2 compliant.
On request, Decusoft Compose provides personalised pricing.
A free sample and customised pricing are available upon request.
5. Xactly
Best for quota-based work
Employee profiles on Xactly plot bonuses and chart sales goals.
Sales teams exist in a variety of shapes and sizes, and the same is true of their benefit and compensation packages. A pay management tool called Xactly is intended to continuously track sales teams so that HR professionals may implement compensation plans that inspire them. All the essential elements you would anticipate are included in the programme, including team collaboration, smooth application interaction, and the gathering of compensation data that will aid resource allocation for businesses.
Xactly provides a free trial and tailored pricing upon request.
A free sample and customised pricing are available upon request.
6. Balanced Comp
Best for the finance industry
Use Balanced Corp to keep track of fundamental employee information, such as date of employment, to assess remuneration merit.
Balanced Comp offers compensation management software that includes performance management software tailored for the financial sector, web-based salary administration, and best-in-industry consulting. The tool is made to help businesses structure pay in a way that promotes pay equity, inclusion, and workforce diversity.
On request, Balanced Comp offers specialised pricing. The chatbot on the business website allows you to communicate with their staff.
On demand customised price
7. Payfactors
Best for market benchmarking strategies
For a 360-degree perspective of remuneration, Payfactors may visualise salary ranges across your firm.
The ability to customise job descriptions, view total rewards statements, and interact with more than 25,000 compensation and HR specialists are just a few of the key benefits of using Payfactors. This tool is most helpful to businesses who want to compare their compensation to the industry standard. Additionally, it gives a business survey tools that gather and arrange the information needed to understand how employees feel about the compensation strategy of their employer.
Payfactors provides a free demo and offers customised pricing upon request.
Offers free demos and customised pricing upon request
8. Workday
Best for data integrations
Merit, bonuses, and stock options can all be tracked via Workday’s compensation system.
The ability to customise job descriptions, view total rewards statements, and interact with more than 25,000 compensation and HR specialists are just a few of the key benefits of using Payfactors. This tool is most helpful to businesses who want to compare their compensation to the industry standard. Additionally, it gives a business survey tools that gather and arrange the information needed to understand how employees feel about the compensation strategy of their employer.
Payfactors provides a free demo and offers customised pricing upon request.
thirty days of no cost
$100 to $200 per user per year with a 3-year commitment.
9. Spiff
Best for sales teams
Screenshot of the Top 10 Employee Compensation Management Programs. In 2022, Spiff will enable HR departments to monitor user-specific commission trends and indicate changes in trend.
Spiff has developed a system that offers a customised dashboard that refreshes as soon as a rep closes a transaction or reaches a milestone in order to make sure that each sales representative is paid properly and on time. This gives the sales team members a visual representation of their compensation and the methodology used to determine it. Additionally, Spiff software is adaptable because commissions and bonuses fluctuate with sales.
Upon request, Spiff offers personalised pricing.
On demand customised price
10. CompTrak
Best for transitioning from legacy systems
For effective compensation administration, CompTrak offers a stylish, contemporary interface with data that may be used.
Despite the fact that organisations are gradually moving away from legacy systems, the move is not always simple because individuals frequently fall back on their old habits. An examination of CompTrak reveals that the program’s creators are aware that leaving behind old systems is not always simple. In response, they developed a user-friendly cloud-based system that makes it easy to get data on compensation and offers useful information for making decisions.
CompTrak provides a free sample and offers customised pricing upon request.
Pricing that can be customised upon request, along with a free demo
Need Expert Help Selecting The Right Compensation Management Software?
For your convenience, People Managing People has partnered with the Crozdesk.com software comparison website to help you select the product that best suits your requirements. To assist you in choosing the software options that best meet your company’s objectives, Crozdesk’s Compensation Management Software advisers can compile a customised shortlist of options. You have free access to their personalised software selection assistance as a result of our agreement, saving you time and trouble when doing your search.
You can submit your requests in just a few minutes, and they will call you right away with no cost or obligation. You will receive personalised software shortlists from their staff of software advisers that are based on your demands and list the top solutions (via phone or email). Additionally, they can offer you savings negotiated by the local community and connect you with the vendors you choose.
