Planning and administering employee compensation requires employers to be keen. With employee compensation management software, you can use administrative dashboards to manage salaries and report on your company’s compensation data. As a result, every worker will get proper compensation, keeping them happy and dedicated to your business.
Suppose you fail to manage employee compensation effectively. In that case, you are putting your business at risk of losing top talent. Job applicants will also be afraid to apply for jobs in your company. At the end of the day, your reputation is affected, leading to lower productivity and income.
For the above reason, every employer should consider incentive compensation management software for employees. However, how do you identify compensation management tools that will work best for you? Do not agonize because our comprehensive guide lists the 12 best compensation management software in 2024. They have all been researched by our team of experts, and all you need to do is make a choice based on your organizational requirements.
Top Compensation Management Software 2024
We spent countless hours testing compensation management software vendors to simplify your research procedure. Take a look below at our handpicked compensation management solutions for your business.
1. ChartHop
ChartHop is a leading employee compensation management software that has gained prominence in 2024. It offers a comprehensive suite of tools to help organizations effectively manage their compensation strategies. With ChartHop, businesses can easily track and analyze compensation data, ensuring that they remain competitive in the job market.
2. Payfactors
Payfactors is another tool with excellent features best suited for benchmarking strategies. It automates employee compensation, thereby streamlining the entire process. This eases the HR professionals’ workload, and they can concentrate on other matters that make your organization excel in what it does. Payfactors also handles job descriptions management and data visualization. As a result, it will be easier for you to attract, retain, and compensate top talent.
3. Xactly
Xactly manages employee performance and compensation using its automated features. The tool is highly recommended for quota-based work, simplifying the work on your compensation management teams. As a result, your team is motivated, and both parties are satisfied. Xactly also monitors and optimizes your business sales compensation plans so that it can reflect changes in the business conditions.
4. Workday
Workday is a compensation analysis tool that we highly recommend for data integration. It is a single system having a single data source and a single user experience. Organizations using it will benefit from its cloud-based system that aims to benefit organizations looking for better future performances. Simply put, the tool has excellent features on its single system to help with employee compensation management. Workday also has a mobile application to assist in managing employee compensation on the go.
5. Pave
Pave provides a suite of tools to plan and communicate total compensation, eliminating confusion around equity and helping employees dream big about their future. The Pave suite integrates with dozens of ATS, HRIS, and equity management tools, including Greenhouse, TriNet, BambooHR, Namely, Lever, ADP, Workday, Jobvite, Shareworks, Rippling, Justworks, Paylocity, Sapling, UltiPro, Carta, and E-Trade. Founded in 2019 by CEO Matt Schulman, Pave is headquartered in San Francisco. Learn more about Pave’s vision from our CEO and founder, and visit us at pave.com.
6. BetterComp
BetterComp provides the industry’s most powerful and easiest to use 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 pricing hadn’t evolved in 20 years and decided there had to be a Better way. We help you market price your global job catalog using your own families and levels. Compare and contrast the impact of using different cuts by applying them at scale. Use our outlier detection to help spot exceptions to your pricing policies. And let our powerful reporting options give you insight into your data, all just a few clicks away.
7. DecuSoft Compose
Any employer looking for flexible compensation management should try DecuSoft Compose. It is one of the employee compensation tools that simplify compensation planning, administration, and management by providing a centralized platform that helps compensation personnel manage their daily duties. With DecuSoft Compose, you get to work with professionals who will cooperate with you until you are a happy and satisfied client.
8. Salary.com
Salary.com is one of the technology leaders providing compensation services to all businesses, whether small or large. You simply have to choose a plan that suits your business budget and enjoy the employee compensation benefits it has to offer. Employers or HR professionals can also use the tool to manage expenditure using the tools’ analysis tools and ready data. The experts on the support team will also help you get insights on how to handle employee compensation.
9. Ceridian Dayforce HCM
Ceridian Dayforce HCM is headquartered in Toronto, Canada, but has offices spread across various regions globally. It is backed up with great technology that has modern features to automate organizations’ employee compensation procedures. The tool also has professionals who help HR personnel and employers develop the best solutions for employee compensation issues. As a result, Ceridian Dayforce HCM simplifies HR professional duties and provides an exceptional experience to employees.
10. CompTrak
If you are looking for solutions for transitioning from legacy systems, CompTrack is worth a try. It is a single platform that is user-friendly and brings visibility and security to an employer’s compensation program. With this software, you will quickly get the services your organization has been looking for to manage employee compensation. This includes managing and administering equity plans, incentives, and merit. As a result, manual employee compensation processes are eliminated, bringing about seamless compensation management.
11. Iconixx Sales
When looking for an all-in-one solution for compensation management, Iconixx Sales is the best tool for the purpose. Iconixx Sales is user-friendly, giving employees exceptional experience when accessing the self-service portal. What this tool does is simplify HR compensation procedures by making it easier for the professionals involved to create and manage employee compensation plans that best suit your business. You will also benefit from enhanced communication that is essential in decision making especially when discussing promotions.
12. UKG Pro
This tool has incredible features that help HR professionals effectively manage employee compensation. As a result, organizations benefit from employees’ increased engagement and productivity. This HCM tool is clearly suitable for driving people-focused results. Other services you get to benefit from using this tool are employee engagement surveys and monitoring to ensure that your workforce supports organizational goals and values.
Verdict
You are now aware of the best employee compensation management software, so feel free to make a choice. Note that these compensation analysis tools have varying features and price plans. Therefore, it is best to confirm if they complement what your business requires. With these software, employers have boosted employee retention, enhanced recruitment, budgeted for business future needs, and more. The tools have also helped build equality and transparency among staff members since it is now easier for employers to identify where their businesses fall short.
