11 best compensation management software in 2023

¹ Leapsome‍

Leapsome takes a holistic approach to people enablement with its all-in-one people enablement platform.

The company is committed to helping growth-oriented businesses manage every aspect of their people development: from employee engagement to performance reviews and personalized learning and development. 

And now, Leapsome is also bringing promotion and compensation management. 

‍

Leapsome is a great option for companies that see compensation as a way to motivate, reward, and retain employees, as the platform’s compensation features also communicate with its tools for goals and OKRs, performance reviews, and development frameworks. 

This interconnectedness of compensation and performance management systems gives managers and HR leaders better visibility into employee performance. It also helps prevent unconscious bias when making assessments and recommendations about an employee raise or bonus. 

Additionally, Leapsome is ideal for companies that want to make data-informed decisions around employee promotions and compensation. Why? The analytics dashboard gives you quick insight into your company’s pay bands and pay distribution. That way, managers and stakeholders will have internal standards to guide processes like updating salary bands or offering employees raises or promotions.
‍

Notable features

• Customizable templates for a structured compensation review process

• Access to employee information around performance reviews, goals, and development frameworks

• Easy coordination of your compensation and performance review cycles 

• Smart compensation recommendations for managers based on set rules

• Track compensation review progress and analyze review results
  ‍

And Leapsome includes the following features with any module:
‍

• HRIS integrations

• Slack and Microsoft Teams integrations

• Award-winning customer support

• SSO and encryption features

• ISO 27001 compliance

• Multilingual interface

Leapsome customers rave about how the software enables better communication between departments and between managers and employees. And Leapsome has integrated those same collaboration tools in the new Reward module.
‍

Pricing

Leapsome offers modular pricing, starting at US$8 per user per month.

² Anaplan

Anaplan is a cloud-based business modeling and planning software that aims to provide data for better collaboration and decision-making.

The software delivers a single hub for users to build, deploy, maintain, and share business models without coding or relying on IT departments or data scientists. Once they upload their internal data to Anaplan’s cloud, users can analyze diverse data sets from various areas of their business, such as their HR, finance, or sales departments.
 

Notable features

• Predictive intelligence

• Excel-style models that make for easier data comprehension

• Enterprise-wide cloud security

• Flexible data sharing

• Extensions for Google Sheets, Microsoft Excel, PowerPoint, and Office 365

While it’s not specifically a compensation management software, what makes Anaplan popular is that it can be used for a wide range of modeling and planning solutions, including compensation planning. And users enjoy how the tool’s analytics make understanding data easier.

However, some users report a steeper learning curve regarding model building within the platform.
‍

Pricing

Anaplan’s pricing isn’t readily available.

³ Beqom

Beqom is a compensation management software designed to streamline the integration of compensation and incentive processes. The platform’s core focus is total compensation, and it helps companies manage their end-to-end compensation depending on their size and business needs.

With the tool’s analytics dashboards, managers and leadership can get visibility into every employee’s total rewards structure, identify workforce patterns and changes, and spot potential obstacles.
‍

Notable features

• Salary management

• Bonus management

• Individual compensation planning

• Long-term incentives and bonus deferral data

• Equal pay analysis and compliance features

Beqom users cite the software’s self-service aspect and detailed reporting as their favorite elements. However, Beqom may not work for you if you wish to integrate your compensation and promotion practices. Additionally, some customers have noted that they don’t feel the support team is always equipped to answer their questions or handle their issues effectively.
‍

Pricing

Beqom’s pricing isn’t readily available.

⁴ Bob (also known as HiBob)

Bob is an HRIS platform with tools for team, performance, and compensation management. 

Bob’s compensation management system gives you access to local salary benchmarks and allows for collaborative compensation decisions across departments and levels.
‍

Notable features

• Team management tools for time tracking, attendance, and paid time off

• Performance management

• Compensation management

Bob doesn’t have its own built-in features that integrate employee goals, OKRs, and development frameworks with compensation, but customers praise its user-friendly UI and integrations with other HR tools, like applicant tracking systems and employee engagement tools.
‍

Pricing

Bob’s pricing isn’t readily available.

⁵ ChartHop

ChartHop helps managers assemble data to make unbiased decisions around compensation. This includes insights on current salary, equity, and total compensation bands, as well as employee information relating to recent raises and length of time with the company.

ChartHop’s platform also lets you share this data company-wide. This is particularly helpful if, for instance, your finance department wants to see how recent compensation decisions will impact budgeting.
‍

Notable features

• Compensation management

• Performance management

• Organization and headcount planning

• Diversity, equity, and inclusion (DEI) dashboards and reports

• HRIS integrations

While some customers find that ChartHop presents a bit of a learning curve for organizational use, many users appreciate the platform’s features for visualizing organizational charts and how easily they can see and compile reports with their data sheets.
‍

Pricing

You can access ChartHop’s compensation review features with the Premium plan, which costs US$16 per user per month, or with a basic plan for US$8 per user per month, plus an additional US$4 for the compensation module.

⁶ Compport

Compport is a compensation software that helps you manage various aspects of the compensation management process, including salary structuring, reward and recognition plans, bonus and incentive management, and salary reviews. Compport users can also access analytics to gain insight into internal trends like turnover, gender diversity, and productivity.
‍

Notable features

• Automated merit or ad hoc salary increments

• Bonus and incentive management

• Salary structuring

• Pay equity management

• Multidimensional analytics

Customers say that one of Compport’s strengths is how easy it is to configure, even if they wish it had a more language options besides English.
‍

Pricing

Compport’s pricing isn’t readily available.

⁷ Gradar

Gradar is a job evaluation software that gives you access to consultant-level insights and lets you analyze and assess your roles across 25 grades and within three general career paths: individual contributor, management, and project management. You can use these insights to create career frameworks, remuneration schemes, and compensation structures within Gradar’s platform.

The software’s benchmarking tools let you upload your internal job evaluation results and market data so you can set up total compensation benchmarks for each role in your organization.
‍

Notable features

• Job evaluation

• Competency management

• Compensation benchmarking

• Compensation structuring

• Equal pay analysis

While Gradar may present a learning curve and doesn’t offer integrated tools for internal communication, performance reviews, or employee goals, users point to their customer service and modern approach to job evaluation as their main reasons for choosing the platform.
‍

Pricing

Although you won’t get access to Gradar’s compensation information tools with their free plan, Gradar offers four pricing options:

• A free Basic plan with limited features

• A Starter plan that lets you evaluate up to 75 jobs for US$2,100 a year

• A Professional Plus plan to evaluate unlimited jobs for US$3,600 a year

• An Enterprise plan with access to all features and unlimited job evaluations for US$6,000 a year

⁸ Payfactors

Payscale’s product for compensation management — Payfactors — uses three distinct data sets to help organizations be more predictive in their compensation planning. Payfactors users can make compensation-related decisions based on insights from industry peers, HR market analysis, and Payscale’s employee-reported salary database.

One standout Payfactors feature is its function for “what-if” scenarios, which lets you model the impacts of potential market or internal changes on your compensation scheme.
‍

Notable features

• Market pricing

• Compensation planning

• Total rewards statements

• Reporting and analytics

• Pay equity monitoring

Although Payfactors doesn’t offer integrated features for performance management and employee engagement, and some users report a “clunky interface,” the tool’s customers appreciate being able to access comprehensive datasets for compensation structuring.
‍

Pricing

Payfactors’ pricing isn’t readily available.

⁹ SimplyMerit

SimplyMerit by MorganHR is a cloud-based compensation management software specifically designed to help teams manage, automate, and optimize merit cycles and incentive pay budgeting.

To that end, the software focuses on empowering managers to optimize elements of their total rewards program, including merit pay, bonuses, and equity grants. It also helps managers and HR teams visualize how changes in incentive pay can affect their overall compensation structure.

Keeping that in mind, SimplyMerit may work best for you if you’re already familiar with the basics of compensation planning and are just looking for a tool to help you navigate merit and incentive compensation.

Among the tool’s highlights are its pay equity alerts. These alerts notify managers, HR professionals, and leadership about areas in their bonus and merit schemes that could be more equitable and fair.
‍

Notable features

• Automated workflows for merit pay revision requests and approvals

• Collaboration features

• Analytics and reporting

• Compensation modeling and planning

According to SimplyMerit customers, the platform doesn’t integrate with all HRIS systems easily. However, users point to its ease of use, specifically citing the software’s Excel-like design for customizing your compensation planning.
‍

Pricing

SimplyMerit’s pricing isn’t readily available.

¹⁰ Welcome (by BambooHR)

Welcome (owned by BambooHR) is a talent and compensation management software that offers tools for accessing market data on compensation, creating total rewards schemes, and making competitive offers to prospective talent.

With Welcome’s Compensation Data plan, HR can create compensation scenarios for candidates and employees, measured against compensation data from current employees and real-time market research.
‍

Notable features

• Compensation management

• Total rewards management

• Internal and industry benchmarking

As a relatively new tool, there isn’t much user feedback for Welcome yet.
‍

Pricing

Welcome’s pricing isn’t readily available.

¹¹ Workday HCM

Workday is a human capital management (HCM) system that offers solutions for workforce management and planning, but it also has specialized compensation software. With Workday’s compensation management system, managers, leadership, and HR teams can collaborate to create compensation packages that include base pay and total rewards.

A notable Workday feature is that the platform makes it easier to work with external compensation survey data.
‍

Notable features

• Compensation analysis tools

• Pay equity dashboards

• Total rewards statements

• Compensation review tools

Workday users report that they enjoy the visibility and transparency the platform provides and feel it’s easy to use for both administrators and employees. However, they note backend UI issues that take time to navigate.
‍

Pricing

Workday’s pricing isn’t readily available.

Compensation management software comparison

If you’re struggling to decide between two or more options, here’s a more concise overview of each software tool and its features.

*The information above is based on our research from June to September 2022. All user feedback referenced in the text has been sourced from independent software review platforms such as G2 and Capterra in December 2022