TechDogs-"Top 5 Compensation Management Software Of 2022"

Human Resource Technology

Top 5 Compensation Management Software Of 2022

By TechDogs

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Overview

You might remember Mr. Han from The Karate Kid. He was a mentor and a friend to Dre Parker, a 12-year-old kid, who was enjoying his life in Michigan with his mother, however, shifted to China after his father’s demise. China was not a bed of roses for Dre as he was bullied in school. Mr. Han was a true mentor and taught Dre the art of Kung Fu as well as meaningful life lessons. His training techniques helped Dre understand the importance of every move in life. His methods have imbibed a sense of discipline and responsibility in Dre. After all, his systematic and scientific approach to teaching helped Dre win the Kung Fu tournament!

We all need someone like Mr. Han in our life who will help us to achieve our goals by guiding our efforts in the right direction. So, meet the “Mr. Han” that every HR employee needs - Compensation Management Software. If you are wondering what is Compensation Management Software? How does it work? Which one is best for your organization? Then this article is just for you.

Let’s not keep you waiting and unfold the top 5 Compensation Management Software of 2022. Empty your mind. Focus.
Techdogs- Meet Mr. Han Of The Financial World!-"Top 5 Compensation Management Software Of 2022"
What strikes your mind when you hear Kung Fu? Fight…fight….and more fight, right! However, Mr. Han taught Dre that the real meaning of Kung Fu is not fighting or harming anyone but disarming the other person in self-defense. Kung Fu is for knowledge, defense. Not to make war but create peace. His policies on life and training programs helped Dre become a better person.

Similarly, the real meaning of compensation is not only that the organization is able to attract, motivate and retain employees through good remuneration but also the employees perceive it to be fair and equitable. Compensation management practices come to the rescue of businesses for this. It refers to the establishment and implementation of sound policies, programs and practice of employee compensation. It is a systematic and scientific approach for compensating employees for their work in a fair, equitable and logical manner. Compensation management focuses on remunerating employees for their hard work and their contribution to attaining the organizational goals.

There are many Compensation Management Software out there. We have created a list of the Top 5 Compensation Management Software of 2022 to make it easy for you to find your Mr. Han. So, let’s dive in.
 

Top 5 Compensation Management Software Of 2022


Compensation Management Software assists organizations in planning and administering employee compensation packages. The organizations use them to view and adjust compensation policies, plan employee bonuses and recommend pay adjustments.

Here are the Top 5 Compensation Management Software of 2022 that we would recommend. Choosing one for your organization is still your call. (Disclaimer - the order is random, choose wisely).
 
Paycom
Paycom
Workday HCM
2-(1).png
PayScale Insight Lab
PayScale Insight Lab
COMPview By HRSoft
COMPview By HRSoft
Xactly Incent
Xactly Incent

Tool 1: Paycom


There is no such thing as bad students, only bad teachers. Mr. Han, AKA Compensation Management Software justifies this by proving their worth. Meet the first Compensation Management Software on the list - Paycom. Founded in 1998, Paycom Software Inc. is an American online and human resource technology provider. Fortune magazine recognizes it as one of the fastest-growing publicly traded companies globally and Forbes has ranked it as one of the top five fastest-growing publicly traded technology companies in its Fast Tech rankings. Seems popular!

TechDogs-"Tool 1: Paycom"-A Screengrab Of The Paycom Tool Showing The Employee Profile
Paycom is all-in-one software, i.e., from hire to retire, which provides user-friendly HR and employee-driven payroll technology to enhance the employee life cycle. Just like Mr. Han, who is a multi-talented person and has improved Dre’s life, Paycom drives efficiency, increases data integrity and provides employee information over to their HR through a self-service app.

Employees can manage their timecards, Paid Time Off (PTO), benefits and more through this software. Paycom has its payroll resulting in improved accuracy, reduced employer liability, increased process oversight and unparalleled employee insight into their pay. Besides these fantastic features, it offers an activity dashboard, mobile access, self-service portal, background screening, compliance management, reporting and statistics.
 

Tool 2: Workday HCM


Established in 2005, Workday, Inc. is an American cloud-based financial management and human capital management software vendor. It won the Capterra 2021 Top Performer Award in the category of Compensation Management Software. The companies that trust Workday Human Capital Management (HCM) are Dell, Humana, Gap Inc. and many others.

TechDogs-"Tool 2: Workday HCM"-A Screengrab Showing The Workday HCM Dashboard
Mr. Han is undoubtedly one of the best Kung Fu teachers as he does not believe in rigorous teaching methods. Instead, he uses simple life activities to develop Kung Fu principles in Dre and continuously improves his practice to help him win the Kung Fu tournament. Similarly, Workday HCM, unlike the rigid HR system, delivers skill-based HCM foundations and continuously enables its customers’ success. This success is through the impact of technology, alternative work arrangements and meeting employee expectations easily.

Workday HCM is a single, cloud-based solution for workforce planning, analysis and execution. It delivers skills-based Human Capital Management (HCM) foundation and continuously innovates to ensure customers are always on the latest version with up-to-date capabilities, whether they are using Workday on a browser or mobile device.  This software is built as a single system with a single data source, single security model and single user experience.

You can also rely on Workday HCM for 360-degree feedback, background screening, candidate tracking, activity tracking, assessment management and competency management.
 

Tool 3: PayScale Insight Lab


Founded in 2002, PayScale is an American compensation software and data company that aims to help employers manage employee compensation. It also helps employees understand their worth in the job market. Small businesses to Fortune 500 companies use PayScale to empower pay decisions for more than 23 million employees.

TechDogs-"Tool 3: PayScale Insight Lab"-A Screengrab Showing The Payscale Tool With Built-In Company And Crowdsourced Data
PayScale Insight Lab provides best-in-class service, like Mr. Han who is the finest martial arts fighter (and a great mentor!). It offers smart, easy-to-use compensation management solutions with transparent data sets and intuitive structure modeling. It provides precise, on-demand compensation data which allows organizations the ability to create, track and analyze their compensation strategy. A decent compensation strategy allows businesses to pay fairly and competitively while remaining focused on the bottom line. Always concentrate!

PayScale Insight Lab also helps employers attract and retain the best talent for critical positions across their organizations. This Compensation Management Software is mainly designed for HR and finance managers. It helps them with estimated market pay range, customizing dashboards, managing hiring budgets, evaluating merit matrices and more.

Besides all this, PayScale Insight Lab can also be trusted for customizable reports, reporting/analytics, recruitment management, real-time reporting and data import/export.
 

Tool 4: COMPview by HRSoft


Founded in 2012, COMPview is the product of HRSoft, a global leader in compensation, rewards and performance management. It has received many awards, including the Highest User Adoption and High Performer Compensation Management Software in the 2021 Spring Awards.
 
COMPview aims to reduce the time and stress associated with complex compensation cycles. It works by fully automating a more streamlined, accurate and auditable compensation process in the organization. It systematically guides, controls and simplifies the calculation and allocation of merit, bonus and equity rewards that drive employee engagement, retention and performance.

We’d recommend COMPview for organizations with 1000+ employees. COMPview helps HR leaders define, oversee and control the compensation cycle, from budget modeling to award allocations and employee compensation communication. It helps managers make strategic decisions based on performance and potential. It also provides real-time visibility into decisions that were made based on employee-to-employee to HRs.

That’s not all, COMPview can be trusted for its integration Application Programming Interfaces (APIs), compensation history, customization, dashboards and reward Structuring.  
 

Tool 5: Xactly Incent


Xactly Corporation, the parent company of Xactly Incent, was founded in 2005. It is an American company that provides cloud-based incentive compensation solutions for employees. It has been named the best 2021 Product of The Year under the category of Compensation Management Software by Business Intelligence Group.
 
Xactly Incent, the company’s flagship product, provides robust features and capabilities to design, implement and manage compensation programs successfully. Like Mr. Han who helped Dre design, implement and manage Kung Fu training successfully. This tool simplifies the most complicated compensation programs successfully and makes them easy to manage and error-free.

Its intelligent automation allows organizations to apply best practices to compensation plans while enhancing the routine processes to save time, reduce errors and lower shadow accounting. With its powerful functionalities, Xactly Incent helps organizations increase Return On Investment (ROI) with optimized plans, improved efficiencies and implementation of significant plans. It has a powerful calculation engine that manages the most complex formulas with flexibility and ease.

This Compensation Management Software increases system efficiencies with the integration of compensation data with existing Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) or Human Capital Management (HCM) solutions. Apart from these features, you can rely on Xactly Incent for commission management, dispute resolution and plan documents and agreements.
 

Conclusion


Compensation Management Software can share the manager’s workloads and enhance employee compensation packages. This generates greater employee productivity and job satisfaction. The employees who are engaged by their work and an attractive compensation package are likely to be enthusiastic and radiate positive energy to improve the company culture. True Compensation Management Software will make your life better. 

Now that you have learned about the Compensation Management Software hope you can recognize the one that best suits your organization. Being still and doing nothing are two very different things. We #TechDogsTribe are now being still and saying goodbye until we meet next with another exciting topic. 

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Compensation Management SoftwareCompensation Management Paycom Workday HCM PayScale Insight Lab COMPview Xactly

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