Best Compensation Management Software — January 2022

We put together a short list of the best compensation software, including pricing, ROI, benefits, features, and more.

Chris Hatler
HR tech researcher, writer and editor
October 7, 2022

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Our Expert Picks: The Best Compensation Management Software

ChartHop promises to take you beyond manual spreadsheets with their compensation planning solution that automatically generates a compensation review plan to share with management based on any metrics you choose.
With access to over 40,000 employee records from 500+ companies, Pave has some of the strongest benchmarking data in the compensation management space.
beqom has a 99% customer retention rate for a reason. It’s a comprehensive solution to compensation management with powerful planning, budgeting, and forecasting functions that let you track headcount and compensation based on data from across your HR tech stack.
With a sleek and easy-to-navigate platform, Compete stand out for offering real-time data about benefits and compensation in the tech industry. HR leaders at hundreds of tech companies use their platform to stay competitive in their offerings and retain their people.
Salary.com’s CompAnalyst is the largest HR-reported source of market pricing, with 800 million market data points in 22 countries.
CURO has saved their customers hundreds of thousands by driving efficiency, improving effectiveness, and providing a clear line of sight between achievement and compensation outcome.
Hibob’s compensation management software is built into its people platform, but it’s strong enough to stand on its own with powerful reporting and collaboration tools.
PayScale is the trusted compensation platform for more than 7,500 customers, ranging from small businesses to Fortune 1000 companies.
COMPview is a flexible solution for companies of all sizes. It’s designed to adapt to any compensation plan, whether simple or complex.

Best Compensation Management Software — January 2022

We put together a short list of the best compensation software, including pricing, ROI, benefits, features, and more.

Chris Hatler, HR tech researcher, writer and editor Oct 07, 2022

Compensation management software is essential to the modern human resources department. Compensation adds up to 70.3% of total employer costs in the private industry. Therefore, it’s important for HR teams to take extra care when planning how to pay employees.

Many other factors contribute to needing compensation management software as well. Not sure the monetary value of a specific skill? Having trouble tracking performance-based compensation across different teams? Trying to boost retention through transparent payment decisions?

To simplify your buying process, we handpicked the best compensation management solutions out of dozens in the market. Before you decide to buy, check out this guide to understand what’s out there, how much each product costs, what to ask on demos, and more.

We spend hundreds of hours researching the best HR and recruiting software so you don’t have to.  We never take money from vendors during our research phase and rely heavily on practitioners and experts to help us recommend the right software.  However we may earn a fee if you click on vendor links on this page.

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We put in the effort to make this guide awesome

18
Hours Researched
6
Experts Consulted
20
Vendors Reviewed

Our criteria: How we chose the best vendors

We take our research seriously and want to make sure we are presenting our readers with the very best solutions in a given software category.  Here's how we select vendors to be in our buyer guides:

  • Product: We want to have a deep understanding of a vendor's product before recommending it.  This usually means getting a demo by a senior executive (their CEO, head of product, etc), and/or using the product ourselves to make sure it has a solid UI, intuitive workflows, and the features to make it a best in class offering.
  • User feedback: We do our best to understand what users say when they experience this product.  User input allows us to accomplish a more thorough due diligence of products, put new vendors on our radar, and generally make sure we are presenting the right products to our readers.
  • Financial metrics: We are very much finance nerds and so use a product's retention rates, growth, profitability, and scale to understand whether or not it is truly best in class.
  • Best for a use case: Sometimes the best solution is the cheapest, the best tool for international companies, or the best for startups. We try to include a diversity of solutions so that our readers can find the tool that is best for what they need.

Here's more detail if you want to read further on how we research vendors.

In this guide you'll find

An Intro On Compensation Management Software

Compensation management software is essential to the modern human resources department. Compensation adds up to 70.3% of total employer costs in the private industry. Therefore, it’s important for HR teams to take extra care when planning how to pay employees.

Many other factors contribute to needing compensation management software as well. Not sure the monetary value of a specific skill? Having trouble tracking performance-based compensation across different teams? Trying to boost retention through transparent payment decisions?

To simplify your buying process, we handpicked the best compensation management solutions out of dozens in the market. Before you decide to buy, check out this guide to understand what’s out there, how much each product costs, what to ask on demos, and more.

Featured in

Top Compensation Management Tools

We track thousands of HR Tech solutions. Here are the best compensation management software as of 2022.

ChartHop

Review:

ChartHop’s compensation management solution is excellent at distributing salary data and creating personalized scenario planning.

Your team decides what information to share with managers, from compensation and performance data to demographic and benchmarking data. Once all that information is chosen, ChartHop automatically creates compensation scenarios and exports it to detailed “smart guides” for managers to see. 

Managers can then add their proposed changes to a dashboard that forecasts how the compensation changes affect the company. After that, they can approve changes and move them up the chain of command. It’s a powerful, intuitive tool that streamlines the review process.

ChartHop

Stats:

  • Saved customers a total of $2.5M in lost productivity
  • Raised $14M in Series A funding
  • Peloton, OpenAI, better.com
  • Charthop saved InVision, a visual collaboration and productivity platform $2.5 million in lost productivity by empowering their team to make better strategic people decisions.

ChartHop

Pricing:

ChartHop’s compensation planning solution is a part of their suite of employee management products. 

The pricing tiers that offer compensation planning are Grow, Scale, and Enterprise. They are $7 per employee per month, $10 per employee per month, and custom priced respectively.

Personalized support is provided in ChartHop’s enterprise pricing plan.

Charthop has 4 different pricing plans. When billed annually, here’s what they look like:

  • Charthop Build: At $3.50 per employee per month, this plan has all the fundamental features — a live org chart, employee profiles, DE&I reports, and integrations with HRIS, Slack, and Carta. 
  • Charthop Grow: Priced at $7 per employee per month, the Grow plan offers additional features such as employee engagement surveys, reporting, and custom data. If you don’t currently use a dedicated employee experience software, you can try check out this plan.
  • Charthop Scale: This plan is best suited for businesses that want to scale at speed. Equipped with features like a performance management system, ATS integration, and headcount planning, this plan is priced at $10 per employee per month. 
  • Charthop Enterprise: Large enterprises whose main priority is agility and efficiency can opt for this plan. This pricing is not disclosed upfront. For more information, you can contact Charthop's sales team. 

For an additional $2 per employee per month, billed annually, you also get access to their compensation planning tool. If you want to run your comp cycle on the same platform as your HRIS and performance management software, then this feature is beneficial.

Best For

Any company looking for an entire people planning suite with compensation built in.

COMPview

Review:

COMPview, the compensation management software offered by HRSoft, is a no frills compensation solution that can easily adapt to any compensation model. 

Upon logging in, users are met with a detailed dashboard that provides birds eye details on the status of compensation. From there, different users can access different functionalities. Frontline managers can make recommendations for their team members, leaders have access to a workflow for reviewing and approving, and upper management will receive detailed reports and compensation statements. 

COMPview’s value proposition is being agile to meet the different requirements of its variety of customers. As such, they provide a dedicated customer support team that will be with you from implementation all the way to customer success.

COMPview

Stats:

  • 98% retention rate
  • 250 customers
  • Estimated ROI of 1-2% of compensation spend per year

COMPview

Pricing:

COMPview is priced on a per employee per year model, plus a flat implementation fee.

Best For:

Companies of any size looking for a flexible comp solution.

CURO

Review:

CURO is an impressive solution that covers all aspects of compensation management. It really shines in its complex bonus management features. You can define eligibility criteria for bonuses and salary bumps, track performance, and manage short and long-term incentives as well as promotion scenarios. 

All this has helped its customers save money by “slicing” bonuses. CURO will recognize if an employee switched roles halfway through the year. As a result, employers roll out their annual bonus based on both roles, instead of just the role at year’s end. At a big company with lots of in-house mobility, that can add up to hundreds of thousands in savings.

CURO

Stats:

  • 95% customer retention
  • Founded in 2010
  • Global company with 50% of customers are based in North America

CURO

Pricing:

CURO customers pay for a license which is based on your number of employees. There are additional professional service fees based on your implementation and service needs.

Best For:

Large and enterprise companies looking to drive efficiency and savings.

Pave

Review:

Pave’s compensation management software stands out because of its three-pronged approach: Plan, Communicate, and Benchmark. 

Your company can make smart, purposeful compensation decisions based on real-time salary data, analytics, and merit cycle workflows for administering bonuses and equity. Employees have access to a dashboard to view salary, equity, bonuses, and benefits as part of their total compensation. This same visualization is offered to top candidates as well to promote transparency in the hiring process. 

Pave also provides real-time, up-to-date market salary data to bolster compensation decisions.

Pave

Stats:

  • Raised $16 million in Series A funding
  • Founded in 2019
  • Provides 40,000+ employee records from 500+ companies for benchmarking
  • Allbirds, HOVER, Canva

Pave

Pricing:

Pave’s pricing is not available on their website. You must contact a sales representative by clicking the “Request Demo” button in the top right corner of its website.

Best For:

Companies looking to provide transparent compensation to employees and candidates.

beqom

Review:

beqom’s compensation management software is a comprehensive suite with everything from performance, salary, and bonus management to budget planning and forecasting. Additional features allow you to measure compensation across gender, age, and race to uncover gaps, boosting transparency and equal pay in your organization.

You can also break down total compensation into smaller categories, such as executives and individuals, to get a granular understanding of how you’re paying different people.

beqom

Stats:

  • $300 billion in compensation managed
  • 3 million users in over 160 countries
  • 99% customer retention rate
  • Lowe’s, the Adecco Group, BNP Paribas, PepsiCo

beqom

Pricing:

beqom‘s pricing model is an all-inclusive annual fee. For specifics, you must contact a representative to get a quote based on your needs.

Best For:

Large and enterprise companies.

Bob

Review:

Hibob’s compensation management software is linked to its existing people platform, making it a great choice for companies looking for an all-encompassing HR suite. However, just because it’s a feature in bob’s larger platform, it doesn’t mean compensation management is an afterthought. It’s a powerful, efficient tool with yearly compensation reviews, equity and bonus allocation, detailed reporting and analytics, and so much more.

Bob

Stats:

  • Founded in 2016
  • Used by over 1000 customers
  • 200+ employees

Bob

Pricing:

While Hibob doesn’t disclose pricing online, you can contact its sales team for a custom quote.

Best For:

Small to mid-sized companies looking for an HR suite with compensation management built in.

CompAnalyst

Review:

Salary.com’s CompAnalyst solution is a few different features under the same umbrella name.  Its standard feature set includes labor cost forecasting, total compensation statements, survey management, reporting & analytics, and merit modeling.

Specifically, its Market Data tool is renowned for its massive database of market pricing. In addition, you’ll get instant access to over 50,000 named executives from public US companies, easily benchmarking your executive headhunting.

What makes CompAnalyst stand out, is its ability to grow alongside your organization. There is a standard feature set ideal for HR teams of one or two, which can expand as your company builds out a talent acquisition team and eventually a dedicated compensation team.

CompAnalyst

Stats:

  • Market Data tool has access to 15,000 unique job titles, 27,000 compensable factors, and 800 million data points in 21 countries.
  • It also has access to compensation data for more than 50,000 named executives from public US companies.

CompAnalyst

Pricing:

CompAnalyst is made up of a few different solutions, which you pay for separately. You must get in contact with a sales rep for detailed pricing.

Best For:

Companies of all sizes will find CompAnalyst useful. As your company grows, you can expand your feature set from the base level.

PayScale

Review:

PayScale recently merged with Payfactors to become one of the largest compensation software providers in North America. PayScale has a few different offerings under its umbrella, including Insight Lab, MarketPay, PayScaleTeam, Benchmark, and PayScale Data. With so much variety, customers can pick and choose which features they specifically need. 

Certain product suites are geared towards company size as well. For example, MarketPay is designed with the enterprise customer in mind. Therefore, companies of all shapes and sizes can find a solution tailored to their needs. PayScale also offers numerous compensation resources on their website based on thorough research.

PayScale

Stats:

  • 350,000 new online salary profiles per month
  • Over 300 survey partners
  • 5,500 priced jobs from employers
  • Over 7,500 customers

PayScale

Pricing:

Pricing is not available on PayScale’s website. However, it does offer a free job pricing if you make an account.

Best For:

Companies of all sizes that need a tailored comp management solution.

Compete

Review:

Compete’s co-founder and CEO, Amit Rapaport, comes from the world of HR. During her years in several roles, she realized that a major challenge for most HR people was tapping into real-time compensation data. Addressing this pain point is why Compete was founded. Each and every one of their customers provide data from their organization in an anonymous manner, which is fed into their ever-growing database.

On the user side, HR and hiring managers can search for any role, see how much it pays, and look at the benchmark for benefits and other forms of compensation. There’s hard data for salaries, dozens of benefits such as vacation days, maternity leave, healthcare, 401K, and of course benchmarking data about equity. Managers can then make their own conclusions vis a vis compensation and make an informed effort on how to retain their employees.

Compete

Stats:

  • Analysis on over 50 types of benefits 
  • No use of third-party data 
  • ISO 27001 certified

Compete

Pricing:

Compete is available at a single price and they’ve made sure it’s affordable for startups as well, even if you only hire one person. Regardless of your company size, they offer an unlimited amount of seats.

Best For:

HR leaders, CFOs, and Venture Capital Funds in tech.

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Final Advice and Important Takeaways

When choosing a compensation management software, think critically about your goals. Each of our featured vendors will provide you with streamlined comp management. Therefore, you must consider the extraneous factors that might make a certain vendor stand out.

Are you mainly looking for salary benchmarking? Choose a vendor with a huge database of salary information. Are you looking for an entire HR suite with compensation included? Choose a vendor that offers that feature set. Are you looking to spend as little money as possible? Take a look at each vendor and compare costs. 

Regardless, you will end up with a useful solution. Just make sure you focus on the must-haves rather than the nice-to-haves. 

Finally, compensation is necessarily linked to performance. If your team is having a hard time building out a detailed bonus plan, performance management software will make it much easier to track OKRs and annual reviews. Take a look at our performance management software landscape for more detail, including pricing, ROI, benefits, features, and more.

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