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Top 15 Compensation Management Tools in 2021

9 min read
Last Updated on
Top 15 Compensation Management Tools in 2021

Companies consider several factors when deciding on a compensation planning tool. In layman’s terms, compensation management software allows an organization to plan and administer employee compensation packages in an organized manner.

While designing a compensation planning tool, a company may also have internal factors to consider, such as the internal salary structure.

This blog post is designed to give you some of the best compensation planning tools on the market to help you with your talent attraction and retention initiatives.

1. Payfactors

Powered by innovative technology, Payfactors offers an integrated suite of cloud-based compensation management tools. From job descriptions to data visualizations, they help you streamline, centralize, and automate your entire compensation process.

Not only do they provide you with market data, but they also give you dedicated tools and analytics to determine what to pay for every employee.

The software is best suited for anyone managing compensation within their business who needs trusted compensation information approved by human resources.

payfactors_screengrab
(Source - Company website)

Clientele:

Jane, TD Bank, United Airlines, First Citizens Bank, PetSmart.

Features:

  • Organizational Charting
  • Reporting/Analytics
  • Compensation Plan Modeling
  • Compensation Statements
  • Chat support
  • In-person and online training

Pricing:

Contact vendor.

2. Salary

Salary.com continues to be the technology leader in providing employment compensation data, employee compensation software, and services. Using analytical tools and real-time data, they are able to help companies manage their compensation costs.

The company's product, CompAnalyst, automates compensation workflows, delivers real-time data, and ensures that compensation is accurate, fair, and competitive.

CompAnalyst also integrates seamlessly with payroll and HR budget systems, while automatically syncing internal data like job titles, employee performance, salary, and more.

companalyst_screengrab
(Source - Company website)

Clientele:

BMW, Boston medical, GE, The Hallmark, Henry Ford, Kawasaki, Nordstrom.

Features:

  • Reporting and analytics
  • Catalog of compensation surveys
  • Smart job matching
  • Labor cost forecasting
  • Merit modeling

Pricing:

Contact vendor.

3. Paycom

Paycom is a single software platform that combines HR and payroll technology for an effective employee life-cycle.

One of its unique features is that it has everything you need in one place, from hiring to retirement, to effectively manage your entire organization.

Employees can access management tools such as self-service apps to request time off, clock in and out, determine their own pay and more. It also allows them to be responsible for their personal information.

paycom_screengrab
(Source - Company website)

Clientele:

Burger King, FCC Services, Grissoms, IHop restaurant, Oklahoma Blood Institute.

Features:

  • User, Role, and Access Management
  • Payroll Entry
  • Reporting and Dashboards
  • Performance and Reliability
  • Tax Calculation
  • Benefits Manager

Pricing:

Contact vendor.

4. Payscale Marketpay

MarketPay provides companies with an intuitive, easy-to-use solution that gives them the information they need to make smart decisions about pay structure.

By using MarketPay's best-in-class tools, you can price jobs correctly, influence pay strategies, and provide executives with accurate information quickly without the risk of error.

payscale_screengrab-1
(Source - Company website)

Clientele:

Nestle, Baylor University, Mariani Packing Company, Amyris, Bankers Healthcare Group.

Features:

  • Automated Platform Aggregates Data
  • Powerful Report Writer (60+ Standard Reports)
  • Pre-configured Survey Participation Templates
  • Elastic Search
  • Year Over Year Analytics
  • Pricing Wizard Recommends Survey Matches

Pricing:

Contact vendor.

5. UKG Pro

UKG Pro™ is a powerful global human capital management (HCM) solution that is preferred by multinational companies. Using resilient and mindful HR technology, you can deliver an all-in-one HR solution to your global workforce.

UKG Pro delivers human capital management capabilities to drive the results you need across workforce management, talent management, service delivery, and surveys.

UKG_screengrab
(Source - Company website)

Clientele:

Tesla, Marriott, Yamaha, Aramark, Feeding America, Vancity.

Features:

  • Time, Attendance, and PTO
  • Salary Structures
  • Reporting and Dashboards
  • Reward Structuring
  • Compensation History
  • Performance Management Integration
  • Compensation Data Management

Pricing:

Contact vendor.

6. Workday

Workday Human Capital Management (HCM) is built as a single system with a single source of data, a single security model, and a single user experience.

Workday offers organizations a cloud-based system that evolves to meet changing business needs today and in the future.

The user-friendly, global system also ensures that customers are always on the latest version with up-to-date capabilities, whether they’re using Workday on a browser or mobile device.

Workday_screengrab
(Source - Company website)

Clientele:

Dell, GE, Humana, Comcast, Wegmans, Levis Strauss, Carmax.

Features:

  • Compensation Data Management
  • Tracking Time to Project/Task
  • Performance Management Integration
  • Compensation History
  • Time, Attendance, and PTO

Pricing:

Contact vendor.

7. Compport

Compport is a one-stop integrated SaaS solution to manage all your compensation plans. In addition, it provides annual/ad hoc salary reviews, sales incentive plans (customized to meet client needs), long-term incentive plans, and rewards schemes.

It is a unique 100% modular solution that enables users to design single/multiple compensation plans. With complete flexibility and comparability, you can assess the impact and budget and launch it to the line managers.

Employees can also access total rewards statements and letters in a digital form, as well as salary-related components for their respective teams.

Compport_screengrab
(Source - Company website)

Clientele:

Dr. Reddy’s, PWC, Inmobi, Tata Motors Finance, Livspace, Subex.

Features:

  • Salary management
  • Forecasting & Budgeting
  • Rewards Communication
  • Compensation Governance
  • Pay Equity Management
  • Reward & Recognition

Pricing:

Contact vendor.

8. SimplyMerit

With SimplyMerit, leaders and managers can optimize their merit budgets and annual bonus pools through integrated HR Compensation Management.

SimplyMerit is a cloud-based and real-time platform. Therefore, your managers and leaders are aware of everything that is going on and how it is progressing.

SimplyMerit handles the currency conversions and applies the automatic prorations as configured by you. The software also manages approval workflow, as well as generating and distributing your adjustment letters.

Simplymerit_screengrab
(Source - Company website)

Clientele:

Kazoo, People First, Trusaic, ADP, Auxin Group, HR Soft, Namely,

Features:

  • Workflow and collaboration with senior management.
  • Auditability and governance.
  • Analytics and dashboards.
  • Bonus pools
  • Equity grants
  • Merit budgets

Pricing:

Contact vendor.

9. Ceridian Dayforce

Dayforce is a global HCM software platform that transforms the employee experience. It facilitates better decision-making across the entire employee life-cycle by integrating data from across the entire employee life-cycle.

With Dayforce, businesses can easily manage HR, payroll, benefits, workforce management, and talent across the entire organization in one application.

Their unique solution provides real-time updates and calculations that help address complex regulatory requirements.

dayforce_screengrab
(Source - Company website)

Clientele:

The Hillman Group, Milwaukee County, Prince Resorts Hawaii, Nipro Pharma Packaging, Crescent Bank.

Features:

  • Continuous pay calculation
  • Actionable insights
  • Workforce Management
  • Payroll and benefits

Pricing:

Contact vendor

10. CompXL

CompXL is an ultra-configurable compensation planning software that supports MERIT, BONUS, Long Term Awards, and Total Rewards Statements in one easy-to-use solution.

CompXL is a platform that combines the flexibility of Excel formula support along with the efficient workflow of a SaaS solution.

CompXL offers the solution for any organization looking to automate a manual process (Excel plus email) or to fill requirements that your current software cannot handle.

compXL_screengrab
(Source - Company website)

Clientele:

Ralph Lauren, Acco Brands, DocuSign, Carter’s, Acadian, Cabot, Harbor Freight.

Features:

Performance Management Integration
Workflow Automation
Compensation Data Management
Compensation History
Integration APIs
User, Role, and Access Management

Pricing:

Contact vendor.

11. Oracle Peoplesoft

Oracle PeopleSoft applications enable businesses to address their most complex needs.

With their integrated business and industry solutions, organizations can increase employee productivity, increase performance, and lower their total costs of ownership.

PeopleSoft, its related databases, and an ecosystem of apps are supported exclusively by Oracle's enterprise cloud platform.

You can access PeopleSoft Cloud Manager only if your PeopleSoft deployment is hosted on Oracle Cloud, which automates procedures related to cloud migration.

oracle_screengrab
(Source - Company website)

Clientele:

University of Colorado, UNSW Sydney, Sandia National Laboratories, Hays Recruiting Experts.

Features:

  • Output Document Generation
  • Data Import and Export Tools
  • Budgeting / Forecasting
  • Inventory Pricing and Costing
  • Compensation Data Management
  • Output Document Generation

Pricing:

Contact vendor

12. Beqom

The Beqom cloud compensation solution addresses all aspects of compensation and performance. Business managers can use the beqom platform to motivate, align and lead employees.

As a compensation management company, Beqom exclusively assists large corporations in maximizing their compensation. Beqom's focus on compensation makes it possible to address the needs of global industry leaders.

beqom_screengrab
(Source - Company website)

Clientele:

Microsoft, Vodafone, CNHi.

Features:

  • Performance and salary management
  • Long-term incentives and bonus deferral
  • Equal pay and transparency
  • Individual compensation planning
  • Planning, budgeting, and forecasting
  • Equal pay and transparency

Pricing:

Contact vendor.

14. CompTrak

CompTrak offers cloud-based software for compensation management. CompTrak provides a single, unified platform for planning, managing, and communicating your total compensation strategy, including merit and base pay, bonuses, equity, and deferred bonuses.

CompTrak offers companies the ability to launch, customize, and manage complex compensation plans. They make sure it aligns with strategic goals and remove the need for manual work, spreadsheets, and legacy systems.

Organizations can leverage the platform to drive employee engagement, increase performance, and maximize the value of all elements of compensation.

comptrak_screengrab
(Source - Company website)

Clientele:

RBC Capital Markets, Sephora, Raymond James, Metlife, Cracker Barrel.

Features:

  • Comprehensive budgeting tool.
  • Performance management.
  • Allocation, calculation, and processing of multiple types of incentive and bonus plans.
  • LTI (long-term incentives) management
  • Review, analyze and simulate compensation plans.
  • Total Rewards Experience

Pricing:

Contact vendor.

14. Complogix

CompLogix provides businesses of all sizes and in all industries with compensation-based software solutions.

Over the past 20 years, CompLogix (formerly Harvest HCM) has offered simple, easy-to-use, powerful solutions like CompLogix Compensation to help clients manage their compensation plans.

Their system is adjustable; virtually everything, from the pay program supported to data organization, is adaptable to your demands. It can also operate alongside your existing HR software.

complogix_screengrab
(Source - Company website)

Clientele:

Revlon, SurveyMonkey, Tableau, Duracell, Smartsheet, AppDirect.

Features:

  • Custom dashboards and reports.
  • Multiple pay programs with individual budgets.
  • Supports custom reports which can be used to verify pay equity.
  • Allows managers to make evidence-based pay decisions.
  • Advanced rules for pay plan eligibility.

Pricing:

Contact vendor.

15. SAP Success Factors

SAP SuccessFactors Employee Central Payroll software can help reduce risks, simplify payroll management, and automate payroll adjustments by automating and accelerating payroll processing.

You can handle core HR functions, payroll management, talent management, and analytics with an integrated payroll management system. It also reduces costs by harmonizing processes on a single platform, providing localization for over 45 countries.

By leveraging intelligent technologies, you can turn standard human resources procedures into engaging, end-to-end experiences that are simpler, faster, and more meaningful for employees.

Sap_screengrab
(Source - Company website)

Clientele:

Cintas, NPC, Woolsworth Group.

Features:

  • Harmonized cloud payroll processes.
  • Standardized payroll processing
  • Accurate payroll monitoring
  • Consistent processes across HR, payroll, and time and benefits management.

Pricing:

Contact vendor.

Thadoi Thangjam is a Digital Marketing Executive at Vantage Circle. When she’s not geeking out over content strategies, she is probably hunting for the next perfect track to add to her playlist. For any related queries, contact editor@vantagecircle.com