What is a Compensation management software?
Compensation management software helps organizations plan and administer employee compensation packages. Compensation management systems are used to manage salaries through an administrative dashboard, develop merit matrices, and report on company compensation data. Organizations use compensation management software to view and adjust compensation policies, plan employee bonuses, and recommend pay adjustments. Compensation management systems are most commonly implemented by HR departments, enabling managers to develop streamlined compensation strategies for their teams. With compensation management software, organizations can ensure equitable employee compensation and optimize salary budgets.