Best Compensation Management Software — May 2021

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

Author Phil Strazzulla, HR Tech Expert, Harvard MBA, Finance and Software Nerd
Phil Strazzulla,HR Tech Expert, Harvard MBA, Finance and Software Nerd - Oct 18, 2021

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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A Quick Breakdown: Best Compensation Management Software

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.
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 access to over 40,000 employee records from 500+ companies, Pave has some of the strongest benchmarking data in the compensation management space.
PayScale is the trusted compensation platform for more than 7,500 customers, ranging from small businesses to Fortune 1000 companies.
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.
Salary.com’s CompAnalyst is the largest HR-reported source of market pricing, with 800 million market data points in 22 countries.
COMPview is a flexible solution for companies of all sizes. It’s designed to adapt to any compensation plan, whether simple or complex.
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.

We put in the effort to make this guide awesome

18
Hours Researched
6
Experts Consulted
20
Vendors Reviewed

Featured in

Top Compensation Management Tools

We track thousands of HR Tech solutions. Here are the best compensation management software as of May 2021.

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.

Worth Checking Out:

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.

Worth Checking Out:

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.

Worth Checking Out:

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.

Worth Checking Out:

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.

Worth Checking Out:

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.

Worth Checking Out:

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

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.

Best For

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

Worth Checking Out:

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.

Worth Checking Out:

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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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