In order to improve employee retention and comply with worker’s compensation rules, most employers offer different types of employee compensation and benefit plans, including boni, life insurance, health insurance, pension, paid vacations and other complementary and non-financial compensations and rewards. Software products for compensation management give them the tools to set up, manage and administer all types of employee rewards and benefits. The key features of compensation management software include billing and self service, the ability to manage auto enrollment, the ability to view and manage employee compensation data from a centralized platform, reporting capability and the ability to integrate with other applications - most notably traditional HR solutions. Most products offer a self-service solution that enables users to enroll in a plan, track compensation plans, update contact data and manage life events from a single dashboard. Read full guide
