5 Best Compensation Management Software

The world of work is changing. Technology has transformed traditional jobs and the workforce as we know it, while making it more difficult for employers to make sense of how their organization works at a macro level. This makes business operations both inefficient and ineffective in today’s competitive landscape. Companies that don’t take advantage of modern technology risk falling behind competitors who are aggressively moving ahead with new ways to manage people resources on-demand – which ultimately leads to increased performance and productivity across all levels within an enterprise.,

The “best compensation benchmarking tool” is a software that helps companies to determine their competitive market position. It also helps the company to decide on salary rates and other terms of employment.

Compensation management software is a set of tools that assists firms in budgeting, planning, and administering employee pay. This usually entails the generation of total compensation statements as well as bonus, incentive, and merit-based pay functions. Advanced analytics and reporting features, as well as the ability to incorporate market data to help in long-term compensation projection, are all included in the top compensation management software.

Based on cost, features, reporting, simplicity of use, and user feedback, we analyzed the most popular compensation management software choices and determined who they are ideal for.

The top compensation management softwares, in our opinion, are:

• HRSoft’s COMPview is ideal for businesses that are rapidly growing (with 1,000 or more workers) and need to manage various, sophisticated pay plans.
• CompXL: This platform is best for HR administrators that wish to automate and simplify compensation administration by integrating with Excel.
• Comptrak: For worldwide firms who need to handle compensation in many languages and currencies, Comptrak is the best option.
• Salary.com’s CompAnalyst is best for companies who require a lot of market data to establish their employer brand.
• Payfactors is best for hiring managers and HR professionals looking for solutions to aid in the recruiting and retention of employees.

How We Decided Which Compensation Management Software Was the Best

We examined many of the most prominent suppliers to find the finest compensation management software, concentrating on aspects that are most important to company owners. We graded and ranked the services after assessing each one to come up with the top six compensation management software systems for your company.

The following criteria were used to assess each piece of software:

15% of the Total Points

Pricing is a critical consideration for any company management software, but it’s particularly true for small enterprises. We believe that transparent pricing is an important factor to consider, however we discovered that none of the major companies in the compensation management market publish their price online. To get a pricing quotation tailored to your company, all of the providers we reviewed in our guide need you to meet with a member of their sales staff.

20% of the Total Points

In-depth compensation management features including merit and bonus pay, salary structuring tools, stock shares/options, and long-term compensation planning tools may make or break whether a provider is a good fit for your company. Except for Payfactors (which does not provide merit or incentive pay), all of the providers mentioned received a perfect score in this area, indicating that they are all strong competitors in the market.

10% of the Total Points

We believe that consumer evaluations are vital, and we want to take genuine user opinion into account when assessing providers. We looked at reviews on third-party sites such as Capterra. Payfactors has extremely few online reviews on any platform, but HRSoft’s COMPview and CompXL both have over a 4.5 rating based on 10+ reviews. While getting real-time input from consumers presently on a platform does not exclude a provider from consideration, it may be beneficial.

15% of the Total Points

Two reporting aspects that we considered were critical to keep in mind throughout our study were access to analytic reports that included pay equality and gaps, as well as the option to tailor reports to match the unique demands you have for them. In this part, Payfactors and Comptrak both received perfect scores, whereas HRSoft’s COMPview was penalized for its lack of analytic reporting.

20% of the Total Points

Compensation planning and forecasting tools, salary comparisons based on market data, and compensation calculations are all features that we believe have a significant impact on a software’s overall functioning. While several of the companies we looked at, such as CompXL and Payfactors, scored well in this category, others did not. The absence of a management approval procedure cost Salary.com’s CompAnalyst points. Due to the lack of management approval inside the platform, HR experts are forced to implement these checks and balances outside of the system, which slows down efficiency.

20% of the Total Points

It is critical for company owners to have compensation management software that is simple to use and comprehend. We looked at whether each service offers training, live phone support, and if clients can speak with a dedicated agent or team. We also considered whether or not the product has a Dashboard that is simple to use and whether third-party connections are available. The only service on our list to get a perfect grade for simplicity of use is HRSoft’s COMPview.

*Percentages based on total score

HRSoft’s COMPview

Best Compensation Management Software in General

PROS

• Employees and administrators remark that the tools are straightforward and simple to use.
• Training is incredibly beneficial and makes the onboarding process much easier.
• Compensation tools that are robust and customizable

CONS

• Some users find it difficult to personalize the reporting functionalities.
• Only a cloud-based solution is available.

Total Points

4.61

OUT OF

5

HRSoft, a worldwide pioneer in compensation management, offers COMPview, a top-tier HR software. Its sophisticated pay statements and compensation plan modeling, as well as user-friendly bonus, incentive, and employee reward administration, make it ideal for expanding firms with complicated compensation packages.

HRSoft’s COMPview received the highest rating of 4.61 out of 5 throughout our review process, achieving a flawless score for its extensive feature set and user-friendly platform. COMPview is known for its in-depth trainings provided to customers, in addition to its amazing features. While many competing systems, such as Salary.com’s CompAnalyst, have been criticized for a lack of training and advice, COMPview’s users on Capterra rave about how good it is.

The program may be used by HR experts, administrators, and managers to simplify compensation plans, make budget and model modifications, and analyze merit, bonus, and equity awards.

Pricing for COMPview

HRSoft mostly serves businesses with 500 or more people, although it might recommend you to Merit, which serves smaller businesses. Plan 15-30 minutes for an in-depth conversation about your requirements and benefit packages if you’re interested in HRSoft. After that, Sales will provide you a fixed-fee quote. HRSoft may be reached via phone, email, or an online contact form. A free demo is also available to potential users.

Standout Features of COMPview

COMPview’s platform, in addition to basic Functionality, provides a slew of innovative capabilities that set it apart from the competition. The following are some of the most distinguishing characteristics:

• COMPview may be used by HR administrators to plan and administer merit, bonus, and equity awards, as well as to convey those advantages to workers.
• Users may also use HRSoft’s supplementary platforms, such as REWARDview for overall pay and awards, and PERFORMview for performance management tools.
• Compensation budgeting, planning, and forecasting: Users may budget and plan for an infinite number of compensation plans at all levels of the business.
• Administrators may run reports for anything from yearly bonuses to required approvals and audit preparation; nevertheless, some users claim difficulty in developing bespoke reports.
• Data from other HR technologies, such as human resource information systems (HRIS), performance management, and even payroll, may be integrated.
• User-Friendliness: COMPview users report that the administrator and employee dashboards are intuitive; employee compensation statements are easy to understand.

CompXL

Users of Microsoft Excel would like this.

PROS

• Allows company owners to choose the compensation management solutions they need.
• Many firms might benefit from a tool that can be customized to meet their specific requirements.
• User feedback is overwhelmingly good, thanks in large part to CompXL’s outstanding customer service staff.

CONS

• The website is uninformative and difficult to browse.
• Multiple planning managers, according to some users, find it difficult to utilize the application.
• For individuals inexperienced with Excel files, it may be difficult to utilize.

Total Points

4.53

OUT OF

5

CompXL, based in Jacksonville, Florida, was launched in 2006 to assist organizations in automating manual Microsoft Excel compensation administration activities.

CompXL received a 4.53 out of 5 rating in our review, with its Functionality and features scoring particularly well. The platform includes incentive, merit, bonus, and equity features that may be customized to match a company’s specific requirements. These comprehensive features provide their platform a significant edge over rivals like Payfactors, whose consumers complain that their usefulness is restricted.

Customers on Capterra say the platform’s versatility allows it to handle even the most complicated compensation systems while maintaining an easy-to-use user interface.

Pricing for CompXL

CompXL, like most other compensation management software providers, does not provide price information on their website. However, after speaking with sales, we were given a top-end quotation of $40,000 for the first year for a comprehensive system that manages salaries, bonuses, and equity, with a significant portion of the cost going toward setup and training. This is for a 300-person firm that is beginning from the ground up to create a merit-based incentive program that will be integrated into their HRIS. You may reach out to the CompXL sales team by phone if you’d like a quotation tailored to your company’s specific requirements.

Standout Features of CompXL

Clients working with CompXL benefit from having a personal representative who can help them through the design and implementation process as well as providing continuing support. This is particularly useful for those who aren’t Excel specialists. It may, however, assist any user in making the most of the platform’s considerable customisation options. CompXL also interfaces with HRIS software, allowing you to see all of your most recent data in one spot.

• Employers may base merit pay on individual and organizational performance, and users can manage bonus, equity, and total reward statements from a single location with the Merit, Bonus, and Equity features.
• CompXL assists with budgeting, total rewards statements, pay adjustment letters, and long-term agreements; many reviewers may see and update spreadsheets at the same time, allowing customers to expedite compensation planning.
• Compensation information may be compared between departments and between individual workers using analytical tools; market data must be obtained from third-party sources.
• Analytic reports: CompXL customers may see organization-wide budgetary allocations, individual and departmental pay statistics, and associated trends using the analytics dashboards embedded into the user interface.
• Integrations: The program is Excel compatible and works with a variety of HRIS systems, including ADP Workforce Now.
• User-Friendliness: User reviews reveal that the platform is intuitive and easy to navigate, even for those unfamiliar with Excel functions; more complex Functionality may be difficult for those unfamiliar with Excel.

CompTrak

Best for Managing Compensation Across Languages and Currencies in International Businesses

PROS

• Variable compensation may be easily managed using tools that are very configurable.
• Users have access to a variety of training and support options, including in-person help and webinars.
• For bespoke development needs, the implementation team promises short response times.

CONS

• Although the user interface is a little archaic, many users say it is still easy to use.
• Some users have reported concerns with the application’s error reporting.

Total Points

4.43

OUT OF

5

CompTrak is a compensation management application that is cloud-based and runs on a single platform. Because it supports many currencies and languages, it stands out more than others on the market, such as COMPview, for worldwide enterprises. Users may also get real-time foreign currency conversion rates, which eliminates the need to keep track of constantly changing values.

The platform received a 4.43 out of 5 rating from us, with good marks for reporting capabilities, features, and Popularity. CompTrak is a highly easy-to-use interactive application, according to Capterra users, that helps company owners to confidently handle even the most complicated compensation programs.

Pricing for CompTrak

To discover more about CompTrak’s price structure, prospective users must contact the company by phone or email. A free demo is also available, which may be ordered using an online form. We attempted to contact sales via phone and email but received no response.

Standout Features of CompTrak

CompTrak offers Compensation Management, Equity Plan Management, and Total Rewards Statements tools that may be used alone or in combination to assist reduce bulky spreadsheets and manual procedures. Administrators may utilize the tools to manage merit and base pay, bonuses, equity, and bonus deferrals, allowing executives to concentrate on higher-level strategic planning.

• CompTrak allows HR managers to produce user-friendly, dynamic rewards statements that can be seen online. Statements may contain a variety of benefits including as retirement contributions, healthcare benefits, insurance premiums, allowances, discounts, and tuition reimbursement.
• Comparisons of salaries and wages: Administrators may import market data from third-party vendors and Excel files and compare it to their own pay data.
• Analytic reports: Reports may be customized to match the demands of each user; a specialized support staff can help with this.
• Integrations: The platform may connect to an HRIS to keep all of the company’s data in one place, whether it comes from other HR software, third-party data sources, or manual Excel uploads.
• User-Friendliness: CompTrak users find the platform is extremely easy for managers and administrators to use; the customer support team has excellent reviews and is reportedly responsive and helpful.

Salary.com’s CompAnalyst

It’s great for companies that want to build their employer brand.

PROS

• Data for approximately 15,000 job titles is included in the 800 million market data points.
• Dashboard that is simple to use
• A Customer Success Manager and a Professional Services Consultant are available to users.

CONS

• There is no live or in-person training available.
• Only in a cloud-based manner is it accessible.
• Some users claim that data for more specialized professions isn’t accessible.

Total Points

4.40

OUT OF

5

CompAnalyst is a service provided by Salary.com that gives HR professionals access to market data for over 15,000 job titles and 225 sectors. Data for over 27,000 compensable elements is now accessible, allowing HR experts and recruiting managers to adapt job descriptions and wages depending on market data.

This enables companies to stay competitive when structuring their compensation and benefits packages to attract and retain employees. This industry specific product is a huge value add for Salary.com’s CompAnalyst, giving them an advantage over other providers such as CompTrak, whose users have reported it’s data to be limited for certain niche markets.

Overall, the platform scored 4.40 out of 5 in our evaluation. While its Functionality scored low for its lack of budgeting and forecasting tools, and inability to implement a management approval process, its features, reporting, and User-Friendliness, allowed it to still rank high on our list.

Pricing for CompAnalyst

We were charged $5,000 for US-based data and $1,200 for a second nation for a firm of 300 employees wanting to grow. This is a three-year strategy. The cost would rise to $9,500 if you wanted to incorporate data from existing workers, and to $12,000 if you wanted to import data from other sources to evaluate alongside the Salary.com polls.

Contact a sales representative by phone, email, or online form if you’re interested in CompAnalyst. You may also arrange for a free demo to evaluate whether the product matches your data requirements.

Standout Features of CompAnalyst

CompAnalyst can pull data from a variety of sources, including market data, Salary.com surveys, and third-party data, to help HR professionals forecast current and future remuneration, as well as merit and bonus pay. Many HRIS solutions are integrated with the platform, ensuring that internal data is consistent across the board. Its Customer Success Managers and Professional Services Consultants are said to be attentive and help to expedite the compensation management process.

• Merit pay, bonus pay, and incentives: Create performance-based merit matrices based on market data and model present and future merit and bonus pay.
• Compensation budgeting, planning, and forecasting: Managers and HR professionals may utilize market data and research to prepare for future pay hikes.
• Comparisons of salaries and wages: Administrators may compare internal and external data to assess pay fairness and remain competitive in the recruiting process; a dashboard and widgets allow users to see everything at once.
• Users may fine-tune wage price based on characteristics such as specialized abilities, certifications, and education requirements for hiring and retaining employees.
• Administrators may construct market composites based on market data, Salary.com surveys, and third-party data, and automatic alerts can assist HR professionals discover potential price concerns so they can be handled right away.
• CompAnalyst interfaces with your HR system, allowing you to sync internal data for a more thorough compensation analysis.
• User-Friendliness: Users report that CompAnalyst’s Professional Services Consultants and Customer Success Managers are responsive and knowledgeable; prospective customers can contact Salary.com via phone or online form.

Payfactors

Best for Hiring and Retention Tools for HR Professionals

PROS

• It’s simple to combine data from numerous compensation surveys because to the intuitive user interface.
• Support personnel that is both friendly and responsive is easily accessible.
• The market pricing tool makes it simple to keep track of job descriptions (and their status) as well as remuneration data.

CONS

• For specialty occupations that are more popular in urban regions, data may be overstated.
• Some users claim that the platform’s Functionality is restricted compared to other platforms.

Total Points

4.18

OUT OF

5

Payfactors is a cloud-based pay data management platform that enables HR professionals to centralize all of their data, including job descriptions for available jobs, in one location. This is a one-of-a-kind function that most other suppliers, including CompXL, do not supply to its clients. Admins may utilize the information to compare pay across several levels of different occupations, remain current on job and industry-specific wage trends, and improve applicant recruitment and retention.

Payfactors received a 4.43 out of 5 rating from us for their excellent customer service and user experience. While we observed that their product compares well to many others, it’s vital to realize that there aren’t many internet reviews to examine. It’s difficult to receive real-time feedback from existing consumers with just one review on Capterra and five on Google.

Pricing based on Payfactors

Payfactors, like the other suppliers we looked at, does not provide price information on their website. To understand more about customization choices and what sort of plan would work best for your company, request a free trial. We tried to contact them using the online contact form since the website does not include a phone number for sales. We did not, however, get a response.

Features of Payfactors that Stand Out

Payfactors clients will eventually have access to integrated product offerings, including PayScale’s strong capabilities, as a result of their recent merger with PayScale. PayScale’s Insight Lab, for example, allows HR managers to create pay structures, administer merit-based raises, and keep track of pay fairness. The platform’s customer support and training offerings are very extensive, and customers find it straightforward and simple to use.

• Merit pay, bonus pay, and incentives: During compensation and incentive conversations, administrators might establish baseline education and leadership skills criteria to workers.
• Budgeting, planning, and forecasting for compensation: Users may easily check an employee’s salary history on Payfactors and make judgments about future raises.
• HR experts may analyze compensation rates for different levels of a function and discover pay equality concerns using PayScale and MarketPay; users can monitor pay equity and remain competitive with existing and future workers using PayScale and MarketPay.
• Analytic reports: Creating and downloading reports is simple and straightforward; some customers complain about restricted editing possibilities, although customer support may help with altering or adding fields to system-delivered reports.
• Users may connect to a variety of additional HR systems, performance management tools, and data sources to maintain all essential data in one location.
• User-Friendliness: The platform is reportedly easy to use; online resources provide additional guidance when a representative isn’t available.

Compensation Management Software Alternatives

There are a few solutions that might give useful capabilities if your company doesn’t need a full compensation management platform.

Conclusion

Compensation management software can help businesses create total compensation reports, budget for future compensation changes, and model the impacts of bonuses on the business’ Conclusion. HR administrators can also use the software to analyze market data and evaluate whether there are any issues with pay equity or gaps within the company.

Compensation management software may help you simplify the process and provide more effective—and equitable—results, whether you’re handling compensation for a small company or a huge, worldwide corporation. Consider HRSoft’s package of solutions, which includes COMPview, PERFORMview, and REWARDview, if you’re searching for a user-friendly set of pay administration tools.

Visit COMPview for further information.

The “incentive compensation management software” is a tool that helps companies to manage their employees’ incentives. The software allows managers to set goals, track progress and reward performance.

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