Best Compensation Management Software include:
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Compensation Management Software Overview
What is Compensation Management Software?
Compensation management software allows organization leaders to plan and execute a compensation strategy. Beyond automating budget and pay tracking, compensation management software integrates real-world data to provide fair salaries, reward success, and manage flight risk. Compensation software supports the administration of variable pay programs like bonuses, merit, stock, and equity. In addition to administration workflow and approvals, many compensation management applications provide what-if modeling and analytics.
Compensation management software is related to ICM (Sales Incentive Compensation Management). ICM software is designed to manage the vicissitudes of sales cycles to produce reasonable quotas and commission. Compensation management software is more general in scope. Also, some vendors of compensation management software focus on providing intelligence to guide compensation decisioning.
Features of Compensation Management Software
Compensation management software provides the following set of capabilities:
Salary & commission tracking
Budgeting, forecasting, and approval workflow
Performance metrics, long-term planning, benefits deferral
Import of updated real-world salary and comp data
Market pricing analytics, compensation research
Job description authoring guidance (e.g. competence, salary)
Salary review and policy/guideline compliance control
Competence and job matching
Flight risk analysis
Custom dashboards and report analytics
Most compensation management software plans are available from compensation specialists, or HR research and consulting firms. These compensation management services may combine a software platform with market intelligence or compensation research services. Vendors may provide software on subscription, for perpetual licensing, or for a single payment with (renewable) intelligence. Also, HR software vendors provide plans are add-ons to Core HR / HRMS suites. These are generally cloud-based and available on a subscription basis.