Compensation Management Software
Flexible Compensation Planning Solutions for HR Leaders
When it comes to compensation planning, there is no universal strategy that fits every situation. HR leaders require a solution that offers customization and flexibility to effectively recruit and reward employees, considering the various types of awards and pay options available. Speak to a representative today, call 513-338-0399.
More than 50,000 businesses nationwide trust Paycor*
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Top Talent Starts with an Effective Compensation Strategy
Robust Features for Any Size Business
Streamline compensation planning and automate bonuses and merit increases to drive recruitment and retention for enhanced organizational success.
Pay Benchmarking
Quickly compare your salary ranges with similar roles and industries to offer competitive and fair pay for your employees and job candidates.
Paycor Analytics Workforce Compensation
Analyze total spend, budgeted amounts, and help ensure pay equity with a comprehensive compensation breakdown, empowering you to craft effective strategies and stay informed about workforce costs.
Compensation Management
Automate tasks, streamline cycles, and drive efficiency. Foster collaboration, help ensure pay transparency, and improve retention while reducing workload and accelerating decision-making.
Why Compensation Planning is Important
A strategic compensation management plan is essential for attracting and retaining top talent, managing budgets, and helping to maintain compliance with the Fair Labor Standards Act (FLSA). It empowers hiring managers to confidently offer competitive compensation, enables impactful development plans, and maintains fair and unbiased pay practices.
Attract & Retain Talent
Benchmark salaries against the competition and consider the complete compensation package to help retain existing talent.
Streamline & Create Efficiencies
Reduce administrative tasks and empower managers to make informed payroll decisions, while eliminating manual data entry and duplicate entries.
Help Ensure Pay Equity
Gather data to identify and address wage gaps based on gender, race, or ethnicity and help maintain compliance with the Fair Labor Standards Act (FLSA).
Everything You Need,
All in One Place
Comprehensive Salary Benchmarking
Access salary benchmark data within Paycor’s unified, integrated solution for more than 10 million jobs across the U.S.
Streamline Approval Process
Comprehensive insights for employee, approver, budget, and slate data enables you to verify accuracy before finalizing.
Deep Insights
A flexible yet comprehensive employee event timeline provides decision support for managers. And the clear review process helps reduce mistakes and changes.
Why 50,000+ Businesses* Trust Paycor
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The Paycor Difference
“I’m rarely at my desk. I am either in the control room or on the field; I’m always on my feet. Having that Paycor mobile app to manage my staff really empowers me to be a great leader.”
– Alex Schweppe, Game Entertainment Manager
Paycor Mobile
With a large contingent of seasonal employees, frontline managers depend on Paycor’s mobile app to help manage their team’s schedule and hours worked
Payroll & Tax Filing
With multiple pay groups and complex tax rules for players and personnel, the Bengals trust Paycor’s 30+ years of experience managing all aspects of payroll and tax filing.
Compensation Planning FAQs
How does compensation management software ensure fair and equitable pay?
Compensation management software ensures fair and equitable pay by systematically analyzing compensation data to identify and address pay disparities across the organization. This allows HR teams take necessary corrective actions, ensuring fair compensation practices across diverse workforces. Paycor’s Compensation Planning enables organizations to implement transparent pay structures that help eliminate bias in compensation decisions.
How does compensation management software help with budgeting and planning?
Compensation management software provides a common platform for all stakeholders to input and review budgets, while built-in digital planning tools help organizations forecast future compensation expenses. Paycor’s Compensation Management solution helps leaders stay within budget, manage pay cycles, and conduct efficient approval processes, ensuring more informed decision-making for salaries bonuses, and other compensation elements.
Is compensation management software scalable for growing businesses?
Yes, compensation management’s scalable solutions are built to support business growth, accommodating an expanding workforce and increasingly complex data sets. Modern systems are future-proofed to grow with the organization, and as businesses grow, the software scales with them, allowing companies to adapt quickly to changing workforce needs.
Who can access Compensation Planning?
HR Admins: Can configure and manage Compensation Planning events.
Managers: Options to view/complete Tasks & Notifications once the HR Administrator has assigned you a task to complete a recommendation.
Who can submit recommendations within the software?
Managers. When you launch a plan, the managers of any employees included in the plan will receive a task to submit recommendations.
How are workflows involved with a plan?
Pay changes made through Compensation Planning will not kick off any workflows. Administrators can review all the changes before making them live.
How can I determine who is included in the plan?
By default, all employees in the company are included in the plan. You can select departments, specific hire dates or individual employees.
What reports are available within the compensation software?
Employee Compensation Report
Total Compensation Report
To see reports, hover over Reporting in the Paycor platform and type compensation into the search bar.
How do you incorporate performance reviews?
Pay changes made through Compensation Planning will not kick off any workflows. Administrators can review all the changes before making them live.
Can we input dollars and %?
You can select a total dollar amount per manager or a target % of employees’ salaries. You can also set reviewer guidelines to limit the range of values that a manager can enter for an employee (Minimum %, Target %, Maximum %).
Featured Resources
The HR COE is an action plan based on Paycor’s proprietary data and research. Think of it as your roadmap to achieving HR excellence in talent management, workforce management, benefits and the employee experience.
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