11 best compensation management software in 2024
Forward-looking companies need to start thinking about compensation as a long-term strategy for recruitment and retention — not a reactive, quick-fix solution.
That means it’s time to move away from inflexible manual processes, outdated metrics, and “gut decisions.” Instead, you should implement a comprehensive compensation management software solution.
But with the breadth of options available, where do you start? Choosing the right compensation tool takes research and time, but we’ve done the work for you, by breaking down a list of the top 11 compensation management solutions.*
*The information below 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
Starts at US$8 per user per month when billed monthly
14
4.8
Important criteria for compensation management solutions
Managing employee compensation in a fair, equitable, and sustainable way takes more than a strategy — you need software that’ll bolster your compensation planning practices. Here are key elements you shouldn’t go without:
Scalability
As organizations evolve, so do their compensation planning needs. Is the compensation software designed to handle more users and sophisticated tasks as you grow?
Analytics
Easy-to-understand analytics will help you create a more transparent compensation process — and your finance department will appreciate them for better budgeting.
Intuitive UI
A compensation management system should be easy for employees and admins to use. Avoid software that is clunky or hard to customize.
Take your compensation planning to the next level
Enable your teams to make data-informed compensation decisions with Leapsome’s compensation management tools
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
- High praise for enabling better communication between departments
- Compensation tool integrates with reviews, goals, and development framework features
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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
- Clear analytics make understanding data easier
- list item
- not specifically for compensation management but offers features for compensation planning
- Reportedly steep learning curve for model building within the platform
- list item
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
- self-service aspects
- detailed reporting
- list item
- limited options to integrate compensation and promotion practices
- some reported issues with the beqom support team
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4. Bob (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
- no features to integrate employee goals, OKRs, and development frameworks with compensation
- list item
- user-friendly UI
- Integrations with other HR tools
- list item
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
- good visualization of organizational charts
- easy to see and compile reports with data sheets
- list item
- reported learning curve for organizational use
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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
- easy to configure
- list item
- language options seem limited besides English
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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
- Reported good customer service
- Modern approach to job evaluation
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- Steep learning curve
- No integrated tools for internal communication, performance review, or employee goals
- list item
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
- access to comprehensive datasets for compensation structuring
- list item
- Reportedly "clunky interface"
- No integrated features for performance management and employee engagement
- list item
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
- Ease of use
- Excel-like design for customizing compensation planning
- list item
- Doesn't integrate with al HRIS systems easily
- list item
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
- list item
- new tool so a lack of user reviews
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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
- Good visibility and transparency
- Ease of use for both administrators and employees
- list item
- Backend UI issues
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Why customers love us
“We've been using Leapsome for over a year, and we love it”
Susie P.
HR manager
AI software (10-100 employees)
“I love how easy Leapsome is to set up and explore as a manager and user”
Sarah S.
Chief operational officer
B2B agency (10-100 emp.)
“Leapsome has provided more ways to keep our employees engaged”
Katy S.
Exec. Administrator & Comms. Manager
Research Services (500-1000 emp.)
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Frequently Asked Questions
Provides clarity on work expectations by providing a centralized location for answers;Gives employees a place to provide open and constructive feedback on the workplace;Cuts down on the amount of physical paperwork employees need to sign and keep track of.
Provides clarity on work expectations by providing a centralized location for answers;Gives employees a place to provide open and constructive feedback on the workplace;Cuts down on the amount of physical paperwork employees need to sign and keep track of.
Provides clarity on work expectations by providing a centralized location for answers;Gives employees a place to provide open and constructive feedback on the workplace;Cuts down on the amount of physical paperwork employees need to sign and keep track of.
Provides clarity on work expectations by providing a centralized location for answers;Gives employees a place to provide open and constructive feedback on the workplace;Cuts down on the amount of physical paperwork employees need to sign and keep track of.
Common Pricing questions
Our Customer Success team will help you get up and running and guide you to customize Leapsome to your organization’s needs. To learn more about the services we offer, head to our customer experience page.
Please note: Our customer success team’s services are only available to customers who implement Leapsome with an annual contract of €6,000 (or US$6,000) or more. However, ongoing email support and our Success Center of articles, videos, and best-practice resources are always available for all customers.
Yes, absolutely! You can test out Leapsome free of charge for a full 14 days — no credit card required.
Pricing depends on the number of employees, modules used, and contract length. You can use the calculator above to see an estimate of the price per employee per month by selecting the modules that you are interested in but please reach out to get a quote.
Continuous feedback is essential for employee development. To facilitate this, the Competency Framework, Instant Feedback, and Meetings modules are included in all plans, for all customers, at no extra cost.
These features are tightly integrated with the other parts of the platform. You can think of these as the glue that binds your processes together, giving your employees the tools to establish a culture of regular feedback and recognition.
The security of your data is our top priority. Learn more about our data protection policies.
Thanks to our best practice frameworks, Leapsome is ready to use from day 1. The setup is made easy with integrations with major HRIS platforms. Full implementation is usually done in 1–4 weeks.
There’s no setup fee and no additional or hidden costs!
The Leapsome platform — including all email notifications — is available in 13 languages: Chinese, Dutch, English, French, German, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, and Swedish. Our sales team, customer support team, and our Success Center are available in English and German.
Our Customer Success team will help you get up and running and guide you to customize Leapsome to your organization’s needs. To learn more about the services we offer, head to our customer experience page.
Please note: Our customer success team’s services are only available to customers who implement Leapsome with an annual contract of €6,000 (or US$6,000) or more. However, ongoing email support and our Success Center of articles, videos, and best-practice resources are always available for all customers.
Yes, absolutely! You can test out Leapsome free of charge for a full 14 days — no credit card required.
Pricing depends on the number of employees, modules used, and contract length. You can use the calculator above to see an estimate of the price per employee per month by selecting the modules that you are interested in but please reach out to get a quote.
Continuous feedback is essential for employee development. To facilitate this, the Competency Framework, Instant Feedback, and Meetings modules are included in all plans, for all customers, at no extra cost.
These features are tightly integrated with the other parts of the platform. You can think of these as the glue that binds your processes together, giving your employees the tools to establish a culture of regular feedback and recognition.
The security of your data is our top priority. Learn more about our data protection policies.
Thanks to our best practice frameworks, Leapsome is ready to use from day 1. The setup is made easy with integrations with major HRIS platforms. Full implementation is usually done in 1–4 weeks.
There’s no setup fee and no additional or hidden costs!
The Leapsome platform — including all email notifications — is available in 13 languages: Chinese, Dutch, English, French, German, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, and Swedish. Our sales team, customer support team, and our Success Center are available in English and German.
If your compensation strategy is lacking in, well, much of a strategy, it’s time to upgrade to a compensation management solution to help you make data-backed decisions for a fairer, more equitable compensation scheme.
And while the variety of compensation management software out there is encouraging, it can also be overwhelming. Ultimately, you have to make a choice that will enable not only your business to grow and your people to thrive.
So, if you’re ready to try a compensation management tool that will help you become more competitive and people-oriented, Leapsome’s here for you.