Compensation Management Software
Top Rated Products
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CaptivateIQ in San Francisco offers their flagship sales commission management product designed to enable companies to manage and tailor mission critical sales incentive compensation programs for their workforce.
SAP SuccessFactors is a suite of HR/HCM products covering these capability areas: core HR and payroll, recruiting and onboarding, learning and development, performance and compensation management, workforce analytics and planning, and employee experience management.
ADP Workforce Now is a cloud-based HR platform for mid-sized businesses. It features customizable modules of various HR services that businesses can tailor to their specific needs, as well as regulatory monitoring and alerts to help businesses remain compliant.
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OpenComp is compensation software, or a "compensation intelligence platform," providing benchmarking, design & plan activation, offered wtih the goal of helping users to get compensation right and pay employees fairly. The service includes market data, planning, analytics, and…
Compright provides compensation planning. Payroll is the largest expense for most organizations, yet many still use complex and error prone spreadsheets to plan and allocate salary, bonus, and stock. Compright aims to displace the spreadsheets and enable users to adopt a modern, cloud-…
Houston-based Dartican offers CompAccelerator, the company's flagship compensation management platform offering international capabilities and hourly, monthly or annual salary management, as well as localized budget pools.
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SpiraLinks in Campbell offers FocalReview, the company's flagship compensation management application supporting HR teams with budgeting, review, analysis and compensation approval, with employee portal and payroll integration.
LaserBeam Software offers their flagship compensation management platform Compass, supporting HR teams with compensation analytics, budgeting and forecasting, and administration of merit pay, bonuses, promotions or adjustments, and other wage related changes and management.
SalesVista’s compensation automation provides self-service capabilities to oversee all sales activities and make changes.
Korn Ferry Pay is a database of payment and salary data and analytics engine, designed to provide enterprises intelligence to guide salary and raise decisions, benchmarking, and data to make equitability judgments.
Core provides commission management solutions that automate the calculation and reporting of complex sales commissions and incentive pay. It includes a rules engine combined with setup and audit tools. Reports, analytics, and dashboards allow sales staff full visibility into pay…
DeepTalent is an automated cloud-based performance management system that offers self, peer, and supervisor reviews, collects the data and surfaces it via an analytics interface. The platform aims to promote a culture of feedback that leads to a sustainable competitive advantage.…
CuroComp is a secure solution designed to maximize the business impact of compensation spend. The solution aligns performance and reward budget/spend to ensure the correct mix and level of compensation goes to those who contribute the most and are incentivized to do so within a…
talentComp is a very light weight compensation management offering for small businesses from CWS Software in New Jersey.
eeCompensation from eeStrategy in San Francisco is a compensation modeling and management tool.
CompLogix Compensation (formerly Harvest HCM) helps organizations automate any pay/compensation program (merit, bonus, stock, equity, STIP/LTIP, promotion, etc) through a web-based software solution. The compensation administration application gives managers an online system to…
COMPview is a cloud-based compensation management solution. Some key features include: Automated Worksheets, Decision Support, and Budgeting and Planning.
BetterComp provides a compensation benchmarking solution. Designed to help companies get through the arduous process of market pricing at scale, BetterComp is built by market pricing experts from companies like Salary.com, PayFactors, and MarketPay who saw first hand that market…
Diligent's GRC Platform, or the Modern Governance solution, formerly from Steele Compliance Solutions (acquired March 2021) helps drive better decision-making, increase transparency and integrate all GRC data into one enterprise-wide source of truth. The solution aims to empower…
No-code sales commission and incentive management solution suite with built-in IC intelligence and business workflow to automate commissions of in-house sales force & other channelsIntegrates with in-house CRMs such as SFDC etc.Interface, standard plan components, data structures,…
Compensation Management Software TrustMap
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Learn More About Compensation Management Software
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. They also centralize approval workflows for compensation decisions. These tools are particularly relevant at larger organizations with multiple levels of management and an HR department that must sign off on certain compensation decisions.
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 data-driven compensation decision-making.
Compensation management software poses a range of benefits for organizations and administrators. These tools improve efficiency by automating compensation calculations and data transfers to payroll systems. Compensation management software also centralizes compensation data, enabling better security and data accessibility simultaneously. Data centralization also improves budgetary visibility and decision-making around compensation allocation.
Compensation management software can also integrate with, or be a part of, performance management systems, talent management software, or HCM suites. Standalone compensation management software should integrate with other leading HR systems. These integrations ensure that data can flow from system to system without requiring manual effort. These integrations are crucial to scalability.
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
Executive compensation
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
Compensation Management Comparison
When comparing compensation management software, consider these factors:
Use Case: Does the organization mostly handle standard compensation structures like raises and promotions? Or does it utilize more complex mechanisms like performance-based pay? The use case will determine what integrations and native capabilities are most important and should be most robust within a compensation management tool.
Reporting: HR and Finance leaders alike need visibility into compensation management data. Flexible, presentation-ready reporting can be massively impactful for administrators and improve their own day-to-day visibility.
Standalone vs. Suite Solution: Consider whether the organization needs a standalone compensation management solution for handling compensation processes and data at scale. Many organizations at smaller scales or with less complicated compensation needs may find built-in capabilities in HCM suites that can fit their use case.
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Pricing Information
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.