What is a Compensation Management Software?
Compensation Management Software allows businesses to streamline and plan employees budgets to create the best compensation packages. Enables users to develop merit matrices, manage salaries and create compensation reports. It allows users to view and recommend pay adjustments, plan employee bonuses, and adjust compensation policies. Compensation Management Software enables users to gain insights into representatives’ performance and sort information via various filters.
Compensation Management Software allows users to determine compensation tasks and assign them to their team members for approval. Enables users to store compensation data in a centralized database and retrieve them in the future as per their requirements. It also allows users to upload data in Excel format into the system automatically.
Features of a Compensation Management Software
List of Compensation Management Software
When you start looking for the best compensation management software, it is easy to get overwhelmed with the list of options available. Here is the handpicked list of compensation management software to choose as per your requirement:
1. Spiff
Spiff is a cloud-based compensation management software suitable for businesses of all sizes. Enables users to automate commission calculation processes. Allows representatives to update deals based on sales targets. It also enables an admin to notify team members about goals achieved, key performance indicators, etc. Spiff compensation management software allows an admin to withdraw or assign tasks among sales agents and modify group commissions based on membership terms.
Key Features:
- Allows users to integrate with HubSpot, QuickBooks, Salesforce, NetSuite, etc
- Allows users to gain insights into sales performance and sort information via various filters
- Enables users to synchronize existing systems with CRM, ERP, and payment applications in real-time
- Provides a mobile app for iOS and Android
To know more about Spiff Compensation Management Software features and product options, click here to continue.
2. Commissionly
Commissionly is a cloud-based compensation management software suitable for businesses of all sizes, such as insurance, recruitment, medical sales, IT sales, etc. It includes target setting, data import tools, compensation calculations, and reporting. Managers and employees can access their data to create reports to generate commission amounts.
Commissionly compensation management software enables users to set targets based on product categories, sales, margins and revenue. Allows managers to create reports on each employee with a specific target.
Key Features:
- Enables employees to review compensation to validate data
- Allows users to store information in a centralized database
- Allows users to integrate with AgileCRM, Quickbooks, BigCommerce, Xero, etc
- It also supports multiple currencies
To know more about Commissionly Compensation Management Software features and product options, click here to continue.
3. Performio
Performio is a cloud-based compensation management software suitable for businesses of all sizes. It includes the automotive, retail, telecommunications, software, and business service industries. Allows users to view performance metrics and accurate commission. Enables users to gain insights into current and historical sales data. Performio compensation management software allows users to create and view sales commission reports in graphs.
Key Features:
- Allows users to integrate with NetSuite, Salesforce, DocuSign, etc
- Provides a mobile app for iOS and Android
- Enables users to manage multiple sales compensation plans
- Also provides Single Sign-On (SSO) authentication
To know more about Performio Compensation Management Software features and product options, click here to continue.
4. Compensation XL
CompensationXL is a cloud-based compensation management software suitable for businesses of all sizes. Allows users to upload data in Excel format into the system automatically. Provides a self-service dashboard that enables managers to make recommendations and create reports. CompensationXL software also allows users to align rewards with individual and organizational performance and maintain incentives, such as bonuses and equity.
Key Features:
- Enables users to integrate with ADP Workforce and PeopleFluent
- It also supports multiple currencies
- Available on-premise and cloud-based
- Provides a Single Sign-On (SSO) authentication
To know more about Compensation XL Compensation Management Software features and product options, click here to continue.
5. QCommission
QCommission is compensation management software designed for businesses of all sizes. Allows users to calculate the compensation of sales representatives. Enables managers to calculate complete or partial payments and gain insights into sales performance. QCommission compensation management software allows an admin to split commissions for various representatives and categorize commissions based on products.
Key Features:
- Allows users to integrate with Oracle Fusion, QuickBooks, Sage, Salesforce, etc
- Available on-premise and cloud-based
- Enables users to create reports using in-built templates
- Allows users to export reports in graphs and charts
To know more about QCommission Compensation Management Software features and product options, click here to continue.
6. TalentComp
TalentComp is a compensation management software designed for businesses of all sizes. Allows users to manage compensation in multiple currencies. Enables an admin to view real-time compensation statuses, such as promotions, bonuses, and merit lists. It also allows managers to view the salary and compensation of a specific employee. TalentComp compensation management software enables an admin to print compensation statements and export data to the payroll system.
Key Features:
- Supports multiple languages, such as Portuguese, English, French, Italian, and Spanish
- Available on-premise and cloud-based
- Allows managers to track an employee's performance history
- Enables users to integrate with HRIS and Payroll applications
To know more about TalentComp Compensation Management Software features and product options, click here to continue.
7. CompAccelerator
CompACT is a compensation management software designed for businesses of all sizes. It includes bonus management, incentive administration, salary review, etc. Enables users to manage short-term plans, such as bonuses or incentives and long-term plans, such as equity and stock. CompACT compensation management software also allows users to create reports and charts using in-built templates.
Key Features:
- Enables an admin to set permissions and determine access individuals as per requirements
- Available on-premise and cloud-based
- Allows users to gain insights into budgets in real-time
- Allows an admin to set rules for various incentive plans
To know more about CompACT Compensation Management Software features and product options, click here to continue.
8. PromptPayPlanner
PromptPayPlanner is a compensation management software designed for businesses of all sizes. Enables users to review employees’ performance and streamline communication with staff members. Allows an admin to gain insights into expenses and budgets in real-time. It also enables users to create a customizable dashboard as per their requirements. PromptPayPlanner compensation management software allows an admin to search and filter employee information based on title, name, etc.
Key Features:
- Allows users to integrate with UltiPro, Ceridian, SAP Success Factors, and Workday
- It also supports multiple languages and multiple currencies
- Enables users to create graphs and presentations in PDF format
- Available on Desktop Windows and on-premise Windows and Linux
To know more about PromptPayPlanner Compensation Management Software features and product options, click here to continue.
Conclusion
Compensation Management Software enables an admin to notify team members about goals achieved, key performance indicators, etc. Enables users to set targets based on product categories, sales, margin and revenue. It also allows managers to create reports on each employee with a specific target.
Featured Image Courtesy – Photo by Mathieu Stern on Unsplash
