Let's face it, managing a small business and working long hours to pay the bills - on top of your team’s compensation is not for the faint-hearted! And ultimately, why should you take on that added burden if it can be automated with efficient compensation management software?
The best compensation management software in 2023 is CaptivateIQ, Paycom, Namely, RUN Powered by ADP, SpriggHR, ChartHop, and Performance Pro. Including Zenefits, Workday HCM, and Lanteria HR. Most leading compensation management software applications provide a comprehensive HR solution.
While choosing a world-class compensation management software tool may sound straightforward, that is sadly not always the case.
So, read on if you want to purchase the right software to streamline your tedious HR processes as the following list of the top ten compensation management software tools was carefully curated based on their range of features, value for money, and user satisfaction.
Let’s get started!
CaptivateIQ (Best For Sales Teams)
This popular software platform is ideal for businesses with at least 15 sales employees who are paid a commission. CaptivateIQ is a slick, flexible, and automated compensation management tool that can save you a lot of time and effort as you will no longer have to manually calculate your team’s commission payments.
Your sales team will be motivated by the fact that they will receive timeous and accurate monthly commission payments. And you don't have to spend countless hours balancing your books.
Paycom (Best For Streamlining HR Processes)
Seasoned Paycom has been streamlining complex HR processes for nearly 25 years. With their single-application tool and innovative add-ons, they have proven to be an industry leader.
Although, what truly makes Paycom stand out from its competitors is the “Beti” interface. It empowers employees with the right tools to manage their payroll and fix errors along the way. (Related article: Accurate & Routine: 7 Payroll Processing Best Practices)
Namely (Best For Mid-Sized Businesses)
Namely, with its cutting-edge, instinctive HR technology and expertise has built a sterling reputation for providing an all-in-one, comprehensive HR solutions for businesses with 25 to 1000 employees.
And they offer a scalable and flexible software solution that can be tailor-made to meet your unique business needs.
RUN Powered by ADP (Best For Small Businesses)
RUN is the ideal HT platform for small businesses as it allows owners like you to complete your payroll in minutes, even if you are in the middle of nowhere. Most importantly, this innovative platform allows you to automate your team’s payroll, so there’s one less thing to worry about every month.
(Related article: How to Create a Highly Effective Compensation Strategy for the General Manager of Your Small Business)
But the best part is that you can stay updated with state or federal tax requirements, as RUN provides automatic tax updates for the entire country. You will have the added benefit of getting payroll support from a certified HR professional on a 24/7 basis. And they are currently offering a free trial, so you can test the software.
SpriggHR (Best For Compensation & Performance Management)
SpriggHR has been operational for 12 years, and in that time, they have excelled in providing a cost-effective HR platform. They offer a comprehensive and uncomplicated software solution that incorporates payroll with HR best practices like Performance Management.
SpriggHR software features include performance evaluations, 360 performance reviews, development planning, goal setting, employee time-off, and vacation records management. Sprigg also automates regular check-in meetings between managers and their teams and provides real-time performance-related feedback to aid communication.
ChartHop (Best For Medium-Large Businesses)
ChartHop is quickly building a reputation for excellence, so it's no wonder its growing client base includes the likes of BetterCloud, 1Password, and Startburst.
This high-tech HR platform can seamlessly integrate various HR tech platforms with an employee-centered user interface that equally empowers and informs all employees.
Performance Pro (Best For Automated Performance Management)
Performance Pro is suited to any business looking for a user-friendly, customizable, full-suite HR software platform that simplifies. And automates their employee performance management.
It offers a wide range of time-saving features. Like an HR content library, helpful competency testing guides, and valuable tools that help supervisors establish SMART goals and provide insightful performance feedback.
Professional development is vital to retain top-performing talent. In addition, it empowers people with a sense of purpose to reach their strategic goals. So, if you want to improve your team’s productivity, a compensation management tool that also streamlines performance management – is essential!
Zenefits (Best For Small-Medium Sized Businesses)
The Zenefits People Platform is a cloud-based, SaaS, comprehensive HR platform. It caters to all sized SMBs, so it does not matter whether you have 2 or 1000+ employees.
This intuitive compensation management tool seamlessly integrates payroll, performance management, HR apps, and helpful partner apps with advisory services to ensure that businesses remain compliant with state and federal laws.
But most importantly, it simplifies time-consuming HR processes so you can get down to business without getting bogged down with tons of unnecessary paperwork.
Workday HCM (Best for Talent Management)
Workday HCM is a cloud-based, comprehensive HR software platform that caters to all-sized businesses. Although this cutting-edge compensation management tool is also used by enterprise-level G2k and Fortune 500 companies.
This unique HR platform offers an incredible range of features, from efficient Human Capital Management (HCM) and workforce planning to compensation management.
And unlike rigid and traditional HR processes, this agile and innovative software tool incorporates contemporary business practices like flexible or hybrid employee working arrangements. An added feature that some compensation management software platforms lack.
Lanteria HR (Best for Medium-Large Sized Businesses)
This list of the best compensation management software would be incomplete without mentioning innovative Lanteria as it is an HR management essential!
So, it’s no surprise they have a stellar list of clients like SEGA, Lockheed Martin, and WARNER BROS. This flexible compensation management platform for mid-large-sized businesses is a digital HR assistant that seamlessly integrates with Office 365 and Microsoft SharePoint.
In addition to standard HR platform features like payroll, it automates recruitment processes and monitors an employee's performance, including their time and attendance data. Most importantly, Lanteria HR provides bespoke training programs to upskill employees and improve their performance.
Final Thoughts
All the best compensation management software platforms in 2023 include value-added features like professional development to upskill teams and retain talent. Although, it’s essential to choose a scalable and user-friendly compensation management platform that is time and cost-efficient.