Ankush Mahajan — December 18, 2019 It is a well-known fact that a company’s success lies in the hands of its employees. One of the major concerns of the HR department is to keep employees happy and content. As the industry is changing and evolving with time, organizations look up to more efficient means of managing employees and their compensation. With an overwhelming array of work concerning the HR department, there is no better option than getting efficient compensation management software for your firm to automate important processes like compliance and payroll management, employees’ feedback, surveys, and analytics. A report by IBM reveals that implementing compensation management software can reduce payment errors by 90% and save a considerable amount of time.
However, with a large number of software providers in the industry claiming to provide reliable services, you might face uncertainty while selecting the most appropriate compensation management software for your company. To make it simpler and easier for you, I have listed down the 6 best compensation management software in 2020.
Oracle HCM Cloud is a complete cloud-based solution for human capital management. The software provides a smart and agile solution for managing the workforce in the digitally transforming world. Built with the AI-first approach, the software induces faster and smarter decision making. With the help of AI, the software recommends roles, suggests learning, and predicts which employees might be planning to leave. It is equipped with smart and comprehensive tools that are adept at optimizing the company’s workflow. Oracle is an all-in-one cloud solution for human capital management.
Top Features:
- Compensation Calculation
- Incentive Programs
- Recruitment Management
- Payroll Management
- Work-life Solutions
- Talent Management
Compport stands second is my list of efficient compensation and payroll management software for its comprehensive set of features. This software blends excellence with efficiency when it comes to automating the HR management processes. Compport is a highly flexible cloud-based HR software that provides complete assistance in compensation management, analytics, and employee surveys. Designed over brilliant information architecture, the software helps organizations to maximize employees’ performance and productivity through a well-planned reward system. The software is ranked on the top of the list due to its highly efficient processing and ease of deployment. It takes 90% less time than other software in the market to process a compensation plan. The software extends an extremely flexible user-interface that results in 0 efforts from clients’ side for operation and implementation. It is suitable for all types of organizations, irrespective of the size and nature of the business.
Top Features:
- Single tool to manage all the compensation plans
- People Analytics & Reports
- Employee Surveys & Feedback
- Salary Review Plan
- 50+ ready to use survey templates
- Bonus/Incentive Management
Commissionly is a cloud-based sales commission and sales compensation management software. It is a fully automated and customizable software that comes with a good set of management tools like data import tools, wizard-based target/compensation plan, and commission setting tools. The software offers a web dashboard for users to operate and access information from anywhere.
Top Features:
- Varied Commission Structures
- Multi-Currency Support
- Sales Splits
- Flexible Dashboard
- Compensation Plan Modeling
- Incentive Programs
Workday HCM provides a cloud-based solution for human capital management, HR management, and planning. The software provides complete assistance throughout the hire-to-retire process with its advanced tools like time tracking, workforce planning, feedback, etc. It is a flexible platform that can cater to all sizes of businesses and provides real-time insights from the data resulting in smart decision making.
Top Features:
- Recruitment & Talent Management
- Payroll Management
- Employee Database Management
- Performance Management
- Rewards/Benefits Planning
- Time & Attendance Management
A cloud-based all-in-one integrated HR software that offers a suite of employee management systems to simplify the process of management for the HR department. PeopleStreme Remuneration links employee remuneration to performance outcomes and provides valuable insights for decision making. It enables the HR department to manage their people and incorporate employee-driven progress. The amazing set of features make this software highly efficient and effective.
Top Features:
- Remuneration Management
- Workforce Analytics
- Payroll management
- Incident Management
- Engagement Survey
- Employee Recognition
Curo is a highly configurable software system to manage and optimize compensation processes. The software helps in driving business performance and employee engagement through well-strategized compliance and reward plans. It caters to the business requirements of all sizes of organizations. Curo simplifies an array of complex tasks concerning the HR department and helps in managing the workflow in a better and more profound way.
Top Features:
- Bonus Management
- Compensation Assessment
- Employee Reward Programs
- Salary Planning
- Reports & Analysis
- Incentive Programs
Wrapping Up
To provide appropriate, adequate and fair compensation and rewards to the employees within the boundaries of budget and resources is a milestone that can only be achieved with the help of a competent and reliable HR software. Though I have filtered out the list of most promising software in the industry for you, the right software for your organization is the one that addresses your requirements and preferences.
Before opting for the above compensation management software, you need to identify your company’s requirements and do good market research. The software you choose should share your vision and synchronize with your existing system. The right compensation management software is all you need to boost your employees’ efficiency, morale, and enthusiasm for creating a better future for your business.
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