COMPENSATION MANAGEMENT SOFTWARE
Gain a 360° View of the Compensation Lifecycle
Manage your enterprise’s compensation lifecycle and accurately recognize top performers with a digitized, integrated system. Keep employees invested and your HR team in control while preventing compensation chaos.
CONTROL THE ENTIRE COMPENSATION LIFECYCLE
From budget modeling to employee communication, HRSoft’s compensation management software puts you in control of the entire compensation cycle. We make it easy to establish rules for every plan, initiate and manage the process with line managers, and pre-calculate awards based on factors you determine.
THE COMPENSATION LIFECYCLE IN ACTION
Develop a compensation lifecycle model that aligns with your overall goals. Review key elements of the plan design, including:
- Salary tiers
- Merit increases
- Equity compensation
- Pay for performance initiatives and incentives
Initiate the compensation lifecycle within your organization and collect data to inform strategic decisions.
- Communicate the strategy to all team members
- Train HR, managers, and employees on the new process
- Rollout in phases for smoother implementation
Work with key stakeholders in real time, allowing for streamlined decision-making and approvals.
- Hold regular meetings to share insights
- Provide relevant data and information to the team
- Gather input and feedback from all stakeholders
Review the annual cycle you just completed and look at its effectiveness. Ask yourself these questions before redesigning the cycle and beginning again:
- Did you accomplish your business goals?
- Is the compensation process efficient and transparent?
- Is the compensation competitive in the market?
- Is there room for continuous improvement?
SIMPLIFYING COMPLEX COMPENSATION PLANS
Avoid Compensation Chaos
Design, approve, execute and measure even the most complex compensation strategies in a single system.
Empower Line Managers
Give your leaders the capability to make more strategic award decisions based on performance and potential.
Easily distribute merit, bonus and equity awards to drive employee engagement, performance and retention.
Manage the Comp Lifecycle
Oversee every aspect of the compensation lifecycle to ensure employees get competitive wages and rewards.
Gain Real-Time Visibility
Provide HR with immediate visibility into decisions being made on an employee-by-employee basis.
Trusted by Global Leaders to Manage Global Employees
Organizations using HRSoft’s compensation management software eliminate the risk associated with the spreadsheet-based management of compensation cycles. Year after year, HRSoft power users have recaptured OpEx that’s as much as 1-3% of total comp spend annually.
COMPENSATION SOFTWARE TAILORED TO YOUR COMPANY.
SUPPORT TAILORED TO YOU.
- 24/7 customer support with service excellence from a dedicated engagement manager
- A single, complete system for all comp
- Configured for the present, designed for the future
- Full ecosystem integration
THE PATH TO BETTER COMPENSATION STARTS HERE
Compensation management software that supports your entire comp lifecycle must be able to grow as you grow. Keep the chaos at bay with the most flexible and scalable compensation that allows you to:
- Easily add or modify plans as business demands change
- Translate awards into 60 different currencies
- Integrate new acquisitions into your comp plans easily and efficiently
FREQUENTLY ASKED QUESTIONS
Compensation management software empowers HR professionals to plan and administer employee compensation packages. It streamlines enterprise compensation strategies by tracking employee salaries, bonuses and other types of compensation. When used correctly, compensation management software can help ensure that employees are fairly compensated for their work and prevent salary disparities. Organizations implement compensation management software as part of their HRIS or as a standalone product.
Compensation management is a process of setting and administering pay and benefits for employees. It’s a complex process that requires HR to consider many factors, including market trends, company budget and individual employee performance. While compensation management is primarily about designing and administering pay and benefits programs, it’s also about creating a positive and motivating work environment. Employees who feel like they are fairly compensated are more likely to be satisfied with their employment and less likely to look for other jobs.
Compensation management is a critical component of human resources. It’s the process of developing and administering pay programs that are fair, competitive and legally compliant. This can include developing job descriptions, conducting job evaluations and setting salary ranges. Other important aspects of compensation management include creating incentives and bonus programs and managing employee benefits. By developing comprehensive pay programs, organizations can attract and retain the best talent.
Compensation refers to the direct and indirect monetary rewards–as well as non-financial compensation–that employees receive in exchange for their work. Direct compensation can take many forms, including base salary, wages, bonuses, commission and overtime. Indirect compensation may include health insurance, paid leave, retirement contributions and career development programs. And non-financial compensation can involve work-life programs, company volunteerism and corporate commitments to a better society.
Strategic compensation is a method of compensating employees in a way that aligns with the company’s goals. One of the main benefits of strategic compensation is that it can help to attract and retain top talent. After all, if employees believe that their compensation is fair and aligned with the company’s goals, they’re more likely to be motivated to do their best work. Additionally, strategic compensation can help to create a more cohesive team by ensuring that everyone is working towards the same goals.
In the world of human resources, the terms “compensation” and “benefits” are often used interchangeably. While they are both included in an employee’s total compensation package, they serve different purposes. For example, compensation typically refers to the monetary rewards provided to employees for their work. It can include salary, bonuses and commission. Meanwhile, benefits often refer to non-cash perks offered to employees, such as health insurance, paid leave and retirement contributions. Both compensation and benefits are included in an employee’s total compensation package.
Compensation management is important for several reasons. First, it can help you attract and retain talent. By offering competitive pay and benefits, you’ll be able to recruit the best employees for your company. Additionally, providing employees with a fair wage allows you to keep them motivated and engaged in their work. Finally, compensation management can help you control costs. When you carefully manage your compensation budget, you can avoid overspending on wages and benefits. When done correctly, compensation management can be a powerful tool for your business.