The Top 6 Compensation Management Software Choices for 2023
Discover the top six compensation management software to help you with employee salary, bonus, and other related expenses in 2023. We’ve reviewed the latest tools to help you make the best choice for your business.
Businesses can benefit from compensation management software, whether big or small, international or local. Compensation management software can be helpful for all brands and HR professionals; it expedites the payment process, helps organize data, and allows employers to accurately assess workplace compensation.
But there are a lot of different platforms to choose from. Compensation management software in 2023 is more important (and complicated) than ever. Our guide can help you decide which compensation management software is best for your organization. From small scale payroll to managing international enterprises, the following platforms are the best compensation management software choices in 2023.
Best compensation management software for 2023
Workday: Best All-in-One Solution
Workday approaches compensation management by dividing tools into different services. Through the enterprise management cloud, HR professionals have access to finance, analytics and payment planning features.
Workday also includes more specific tools for employee engagement. It allows you to track employee habits and benefits within your organization. Employees are also able to craft their own compensation plans which can be reviewed by HR and employment professionals.
The strength of Workday lies in its broad capabilities. It is simple and makes organizing payments and workers easy. Workday comes as a standard version and an advanced version.
- Employees can create personalized compensation plans.
- HR professionals can view employee data and market trends.
- Flexible team sizes.
- Employees and employers can track individual compensation metrics.
- Tailored benefits.
- Employee-employer communication.
- Great for large organizations.
- Analytics, management, customization, and collaboration tools are all included.
- Different platforms available based on needs. Workday and Workday Advanced, which allows professionals to customize and develop delayed compensation solutions.
- Employee control over compensation.
- Lacking powerful automation tools.
- Customization is complex.
- Updating the platform can be tedious.
- Workday HCM (Human Capital Management) software is expensive. Using the platform will set teams back by roughly $45-60 per employee, per month. But that’s not all. Workday also charges nearly $275,000 annually, which typically means this option is only suited to large businesses.
- Of course, smaller enterprises can use — and be successful with — Workday. But you must be more aware of your workplace expenditures and expected compensation numbers.
Spiff: Best For Scalability
Spiff is a great platform for businesses that expect to grow quickly. Many of the tools facilitate fast operations, allowing you to create compensation plans quickly and manage employee/corporate goals.
Spiff also uses motivational tools to help HR teams develop work strategies and increase workplace productivity. The platform is great for providing commissions and forming successful teams.
- Commission tracking.
- IT and employee management.
- Mobile connectivity.
- Digital automation.
- Cloud computing functionality.
- Importing data is simple.
- Large teams can be managed effectively.
- It is easy to add new members to a team.
- Thorough analytics.
- Quality customer support.
- More expensive than some alternatives.
- Can be confusing.
- Information is not always available in real-time.
- Spiff is currently priced on a custom basis. In the past, packages were available at $35 and $45 per employee, per month.
Decusoft Compose: Best For HR Teams
Decusoft Compose gives HR teams immense control over employee compensation. The system allows professionals to integrate their dashboards with other popular HR and payroll platforms.
Decusoft Compose also includes a secure data hub for employee compensation details and benefits. The software is perfect for teams that are looking to develop an adaptable HR strategy.
- Allows for different payment methods.
- HR compensation planner.
- Different currencies can be used.
- Salary and benefit records.
- Detailed employee reports.
- Customizable platform.
- HR control.
- Useful management tools for compensation, bonuses, project development and more.
- global platform.
- Best suited to large organizations.
- Simple analytics.
- Platform reliability.
- Decusoft Compose provides pricing and a platform for demonstration on an individual basis.
Assemble: Best For Mid-Sized Organizations
Of the platforms on this list, Assemble is one of the more complicated. Fortunately, the service also includes some incredible tools.
The platform enables enterprises to increase workplace performance. It also focuses on collaboration between teams; Indeed, Assemble claims that its tools increase ROI by more than 10X.
Generally, Assemble is better for mid to large-sized organisations. You can count on Assemble to help organize your enterprise, as the platform meticulously tracks compensation, employees and project development. These numbers are all easily accessible, and can make compensation management a breeze.
- Great customer support.
- Employee onboarding.
- Workplace departments.
- performance tracking.
- Goal tracking.
- Most likely to increase talent acquisition and retention.
- Intuitive UI.
- Consistent performance.
- limited customization.
- Price on inquiry.
- Assembly only provides pricing on an individual basis. You can contact their team for a quote.
Xactly: Best For Analytics
Xactly gives professionals more information and, therefore, more control over their organization. The platform tracks employee compensation and can be used to provide incentives for workers that correlate to financial benefits.
Xactly also uses automation tools to aid in workplace compliance and data management. HR and executives can view specific employment figures and performance analytics. If your team is large, or working on a diverse array of projects, Xactly’s in-depth analytics tools might be the perfect solution.
- Increase payment accuracy.
- Evaluate teams.
- Commissions calculator.
- Data importing.
- Extremely detailed analytics.
- Thorough reports.
- Develop corporate plans quickly.
- Automated commission reports.
- As data grows, users can experience performance decline.
- Price onlyavailable by query.
- Xactly provides pricing on an individual basis.
How to choose the right compensation management software
Choosing the best compensation management software for your organization is largely a matter of considering your personal needs. For example, mid-size businesses will benefit most from the structure offered by Assemble. Large and international companies, meanwhile, will benefit from the HR control that Decusoft Compose offers. Small businesses looking for payroll processing solutions and development tools may find the most success on Spiff.
It is also important to remember that nothing is set in stone. If you try a service for your organization, it might not work out. Don’t be afraid to search for alternatives. Fortunately, by following this list, you should be able to avoid the tedium of choosing by trial and error. Pick the platform that is most likely to help your business flourish. It might do just that.