As HR professionals, you must consider a few key features of compensation software. You are not just looking for a simple management system but software solutions to help you balance your budget correctly.
When financial services balance compensation packages, they must know that all your employees' hard work is included. Therefore, software solutions should consist of employee tracking, compensation statements, user-friendly UX, and more.
This article will explore Software and services, payroll management tools, and benefits management tools of the best HR software for your business.
Compensation Management Software Wishlist
There are a few things you have compensation management software helps with. First, it should be visually pretty to look at and have good ease of use. It should help your company make comprehensive salary budgets and be able to calculate bonuses and equity. Finally, it should be a management platform that can track your employee attendance via a simple app.
This compensation management software should also take into account holidays and regional
days off of their international workforce. Globally, 16% of companies are fully remote, according to an Owl labs study, which means a lot of your workers celebrate different holidays than you. So they need comprehensive compensation pay programs that work for their region.
Top 4 Compensation Management Software Ranked
Youbelee
People and process management tools at your disposal. Youbelee has great compensation management software and many other employee performance tools at its disposal, with many benefits for your company.
When it comes to time attendance tracking, they offer a solution that helps the user and doesn't weigh them down. A lot f hr managers have a lot of employees, and keeping track of them all can be a pain. You can do all this and more in youbelee's app. Check out who is working remotely and who is at the office, and who has the day off or is celebrating a holiday
How about analyzing your worker's schedules? Do you need all that data in one place? You can easily export any work session for further analysis or import it to any other third-party system. You can even end an employee's session remotely with your management tool within the app itself.
This is all you need the insights and the confidence you need to get your employee compensation right.
PROS: Free Trial, No setup fee, Software can be tweaked to work for your region's needs. Bonus and equity are calculated automatically. Exporting work sessions is easy, so you can make a compensation strategy—affordable price when scaling up. Cloud-based compensation software solutions allow you to access your critical data whenever needed. More features like asset management, leave tracking, payslip generation, expense tracking, hr letter generation, employee performance tracking, etc. All-in-one HR software.
WORKDAY HCM
Workday human capital management is made with consistency and reliability in mind. It is a part of a greater whole in the Workday products family. It is cloud-based and has unique spend management tools.
Want strategic sourcing or inventory management? Workday HCM has it. You can also get in-app email notifications for any pending activities.
PROS: Cloud Based, Expense tracking, real-time notifications, Human Capital Management, and Talent management. Good at tracking employee performance and securing employee data.
CONS: No user-level customization capabilities, poor dashboard enhancements, Error messages are not clear and are difficult to resolve. Sometimes the notifications can be buggy and stay "unread" for weeks even after reading.
ADP Workforce Now
Excellent payroll processing and different types of compensation available to choose from. They are a reputable company with secure Software and friendly customer service. Great for large companies that are working on employee engagement and work balance. It is great for scalability, compensation processes, and talent management.
ADP also offers a way to customize employee time off plans, as they can change their personal information. By doing that, your employees know that their balances are up to date and counted correctly.
PROS: tools that affect compensation strategies improving performance, payroll dashboard, has an application, customized time off plans, speed and the response of the compensation software, secure, cloud-based compensation.
CONS: Rough onboarding program, demanding integrating of international workforce, the implementation process can sometimes seem outright broken, updates are slow to roll out.
Spiff
Spliff is a company that is great when you want to simplify your commission calculation. You will save your team hours of grueling manual labor modeling, updating, and managing complicated spreadsheets.
When you want complete transparency for your closing deals plus all the commission that will be included, then Spliff is the way to go. With its user-friendly UI, you don't need to be the most tech-savvy person in the world to use it to your advantage.
PROS: The Software is designed to be user-friendly, a management system with complete transparency; track and run all your commissions, saving you a lot of time. Easy to come up with a compensation strategy.
CONS: It could be prettier, almost too simple of an interface—more data for your quota attainment. When you put incorrect info into SF, you get the wrong commissions which can be hard to pin down. Also, it has a complicated way of calculating quarterly bonuses. The cost is too high for such a niche product—no free trial.
Conclusion
Ultimately, whatever compensation management software you use should work for your employees on all levels of their employment. Niche tools can be great, but when you operate on a fixed budget, an all-in compensation management software tool might be best.
Many of them will help you analyze your employee data and their types of compensation, helping you better understand how to keep your wages competitive. This way, your employees are paid fairly and adequately. Which will help with your attrition rates and help employee engagement stay high.
On a related topic check out how you can choose the right payroll schedule for your company!