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 the full software guide...
Compensation management software aids companies in the planning, tracking, and delivery of compensation packages to employees.
Most software solutions offer the ability to manage salaries and merit schemes through an administrative dashboard, as well as the ability to review compensation data. As such, the software can be used to optimize salaries, bonuses, stock options, and benefits packages to ensure incentives are aligned with productivity goals.
HR departments will particularly find compensation management software to be effective in the development and management of compensation strategies for their workforce. Solutions can either be used on their own or integrated as a part of an existing management suite—where the process can be streamlined further by incorporating employee time tracking and performance software.
A current hot topic in compensation management is the “gender pay gap.” Many countries already enforce legislation prohibiting unequal treatment between male and female employees in terms of their pay and the conditions of their employment. As a result, it is imperative that companies are compliant with their domestic laws to avoid being penalized both financially and through loss of goodwill. Compensation management software can help discover discrepancies and unequal pay patterns, as well as track and report on equal pay schemes.
It is vital when deciding between compensation management software solutions that you find one that matches the ambitions of your existing compensation infrastructure. Naturally, individual needs will differ between large companies or small startups. Regardless of your company’s size, an invaluable software feature is the capability to automate core compensation planning and implementation processes. The various processes that differing compensation management software solutions aim to streamline are as follows:
Salary review and budgeting – Through an interactive dashboard, users are able to view an employee’s position, current salary, and potential future salary based upon the compensation they are entitled to. This data is also necessary for efficient budget forecasting.
Analytics and reporting – It is common for solutions to feature a reporting function. This allows analytical insights to be easily exported and sent to the relevant teams or departments.
Compliance assistance – Ensures compliance with all applicable laws and corporate policies and address inconsistencies in treatment between employees, as well as affirmative action requirements.
Incentive schemes – Manage what incentives schemes will be offered and to whom. This includes boni, life insurance, health insurance, paid vacations, pensions, as well as other non-financial compensation plans.
Self-service functionality – Enable employees to enroll in a scheme, track compensation schemes, update their contact data, and manage life events from a single dashboard.
Integrations – Many solutions are able to integrate with existing HR management software solutions. Examples include attendance tracking and time clock software, as well as performance and appraisal software.
|360 Degree Feedback||Gather and manage anonymous feedback for employees from co-workers and managers.|
|API||Application Programming Interfaces (APIs) are programmatic intersections with external products or platforms that allow for custom integrations with your own solutions or other solutions you are using.|
|Budgeting||Planning and tracking capabilities for financial budgets and plans often used to manage funds across different departments or for investor / shareholder oversight.|
|Comparative Reporting||Report across different employees, departments or job functions at the same time to discover hidden potential for improvement|
|Competency Assessment||Structure employee potential assessments to reduce the impact of subjective impressions|
|Competency Scale||Give employees a quantifiable and visual way to explore their potential and room for improvement|
|Custom Assessments||Customize assessments to fit general assessment templates around your specific department and office structure|
|Dashboard||Dashboards are digital interfaces commonly used to visualise data or give quick access to important features and functions of online platforms. They often serve as an overview gateway in software applications.|
|Data Export||Exporting functionality can be used to streamline the migration of data sets and information across systems, platforms or applications.|
|Data Import||Importing functionality allows you to use data sets from other systems or platforms to cut down on data entry requirements or to more easily migrate records from similar applications you have used in the past.|
|Data Visualization||Data visualization features render a visual interpretation of data sets through the use of charts, infographics and other visual cues generally in form of a reporting dashboard.|
|Employee Database||Manage and update employee records in a centralised database. Used to keep information about work entry, age, past roles and other employee details.|
|Employee Engagement||Collect feedback from employees to recognize achievements, gather feedback and improve employee participation processes in the workplace.|
|Employee Incentive Management||Manage and track incentive schemes for your employees to improve performance and loyalty / retention rate.|
|Employee Onboarding||Streamlines the onboarding process for new employees in form of checklists, password and access management features, as well as other induction elements.|
|Expense Tracking||Track employee travel and other expenses to stay on top of budgeting requirements and reimbursements.|
|External Integrations||Integrations with other software products or platforms to improve efficiency and compatibility across systems.|
|Feedback Management||Manage feedback through the use of surveys and similar elements issued to employees and/or customers to consolidate new ideas or track employee performance.|
|Forecasting||Forecast upcoming expenses, sales, revenue, user levels, etc. through the use of predictive methods and past data.|
|Multi-Account||Support for several different accounts, for example different social media platform accounts.|
|Multi-Currency||Support of different currencies for payments, accounting purposes, taxes, reports and more.|
|Multi-User||Supports more than just one user account and generally allows for collaboration with colleagues.|
|Notifications||Includes notification support and sends you alerts with information on important events and other time sensitive instances. For example through push notifications on mobile phones or email notifications.|
|Objectives Tracking||Set and track goals and objectives to help your employees manage their development and their efforts from progress to completion|
|Onboarding||Helps onboard new employees or customers.|
|Online Surveys||Collect reviews and feedback in a browser or mobile application|
|Paper Surveys||Collect reviews and feedback in a paper-based form that can automatically be imported and scanned by the application|
|Payroll||Manage employee payroll to keep track of taxes due to the government, pension schemes and payments to employees.|
|PDF Export||Allow users to export reports, documents and other materials in the PDF-format|
|Performance Appraisal||Manage and inform bonus payments and employee appraisal based on feedback and performance outcomes|
|Performance Reviews||Run qualitative or quantitative feedback surveys to collect insights on employee performance to manage and guide their professional development|
|P&L||Support for Profit & Loss statements in financial / accounting systems.|
|Report & Compliance||Attain tailored reports and checklists.|
|Self-service Portal||Enables clients to digitally access and request services and information, as well as to submit and resolve issues.|
|Tax Management||Manage tax payments and reporting requirements to ensure compliance with local or national taxation regulations.|
|Travel Management||Manage travel plans and expenses for employees, prospects or potential recruits through a central environment.|
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