The 6 Best Compensation Management Software in 2023
Explore the six best compensation management software to help you manage employee salaries, bonuses, and other related expenses in 2023. We’ve reviewed the latest tools to help you make the best choice for your business.
Businesses, whether large or small, international or local, can benefit from compensation management software. Compensation management software can be useful for all brands and HR professionals; it speeds up the payroll process, helps organize data, and allows employers to accurately assess workplace compensation.
But there are so many different platforms to choose from. Compensation management software in 2023 is more important (and more 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 companies, the following platforms are the best compensation management software in 2023.
The best compensation management software in 2023
Workday: The best all-in-one solution
Workday approaches compensation management by dividing assets into different services. Through the enterprise management cloud, HR professionals can access financial, analytics and salary planning functions.
Workday also includes more specific tools for employee engagement. It allows you to track employee habits and benefits across your company. Employees can also develop their own compensation plan, which can be reviewed by HR and employment professionals.
Workday’s strength lies in its extensive capabilities. It’s simple and makes it easy to organize payments and workers. Workday is available in standard and enhanced versions.
- Employees can create customized compensation plans.
- HR professionals can view employee data and market trends.
- Flexible team sizes.
- Employees and employers can track individual compensation metrics.
- Personalized benefits.
- Employee-employer communication.
- Great for organizations.
- Analytics, monitoring, customization and collaboration tools are all there.
- Different platforms are available according to your needs. Workday and Workday Advanced, which enable professionals to customize and develop deferred compensation solutions.
- Employee control over compensation.
- Lack of effective automation tools.
- Customization is complex.
- Updating your platform can be tedious.
- Workday HCM (Human Capital Management) software is expensive. Using the platform cuts teams about $45-$60 per employee per month. But that’s not all. Workday also charges nearly $275,000 per year, which generally means that this option is only suitable for large companies.
- Of course, smaller businesses can use Workday—and be successful. But you should be more aware of your workplace expenses and expected compensation.
Spiff: Best for scalability
Spiff is a great platform for businesses looking to grow quickly. Many tools facilitate quick operations, allowing you to quickly create compensation plans and manage employee/company goals.
Spiff also uses motivational tools to help HR teams develop work strategies and increase workplace productivity. The platform is excellent for securing commissions and building successful teams.
- Commission tracking.
- IT and employee management.
- Mobile connection.
- Digital automation.
- Cloud computing function.
- Importing data is easy.
- Large teams can be effectively managed.
- Adding new members to a team is easy.
- Thorough analysis.
- Quality customer service.
- More expensive than some alternatives.
- It can be confusing.
- Information is not always available in real time.
- Spiff is currently priced on an individual basis. In the past, plans were available for $35 and $45 per employee per month.
Decusoft Compose: Best for HR teams
Decusoft Compose gives HR teams massive 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 center for employee compensation details and benefits. The software is perfect for teams looking to develop an adaptable HR strategy.
- It allows different payment methods.
- HR Compensation Planner.
- Different currencies can be used.
- Pay and benefit records.
- Detailed employee reports.
- Customizable platform.
- HR control.
- Useful management tools for compensation, bonuses, project development and more.
- Global platform.
- Best for large organizations.
- Simple analysis.
- Platform reliability.
- Decusoft Compose provides unique pricing and a platform demo.
Assembly: Best for medium-sized organizations
Assemble is one of the more complicated platforms on this list. Fortunately, the service also includes some incredible tools.
The platform enables businesses to increase workplace performance. It also focuses on collaboration between teams; in fact, Assemble claims its tools increase ROI by more than 10x.
In general, Assemble is better for medium to large sized organizations. You can count on Assemble to help organize your business as the platform meticulously tracks compensation, employees and project development. These numbers are all readily available and can make compensation management a breeze.
- Great customer service.
- Employee login.
- Workplace classes.
- Performance tracking.
- Target tracking.
- Likely to increase talent acquisition and retention.
- Intuitive user interface.
- Consistent performance.
- Limited customization.
- Price on request.
- Assemble only gives a unique price. You can contact their team for a quote.
Exactly: Best for Analytics
Xactly gives professionals more information and thus more control over their organization. The platform tracks employee compensation and can be used to provide incentives to employees that are tied to financial benefits.
Xactly also uses automation tools to facilitate workplace compliance and data management. HR and managers can view specific employment data and performance analysis. If your team is large or working on a variety of projects, Xactly’s deep analytics tools can be the perfect solution.
- Increase payment accuracy.
- Rate the teams.
- Commission calculator.
- Data import.
- Extremely detailed analysis.
- Thorough reports.
- Develop enterprise plans quickly.
- Automated commission reports.
- As data grows, users may experience performance degradation.
- The price is only available on request.
- Xactly provides unique pricing.
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, medium-sized businesses benefit the most from the structure offered by Assemble. Meanwhile, large and international companies will benefit from the HR control offered by Decusoft Compose. Small businesses looking for payroll solutions and development tools can find the most success with Spiff.
It’s also important to note that nothing is set in stone. If you try a service for your organization, it might not work. Don’t be afraid to look for alternatives. Fortunately, if you follow this list, you should be able to avoid the tedium of choosing based on trial and error. Choose the platform most likely to help your business thrive. It may be doing just that.