Compensation management software
Making compensation management fair, transparent, and secure
Keep your employees happy by crafting compensation structures that align with your company culture, employees, and budget in the most secure way possible.
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Simplify compensation management
Create CTC and benefit components that best reflect your company culture and policies. You can add multiple salary packages for different job roles, locations, complex legal entities, and business units with preferred currencies.
Streamline salary revisions
An employee's salary can be revised for various reasons and not just during appraisals. With Zoho People, managers can make salary revisions, set an approval process, mention a reason for the revision, and add remarks, all from a single place.
Effortlessly push salary hikes
Manage salary raises without hassles. Ensure that salary hikes pushed from performance are visible to employees only after being sanctioned by the compensation administrators.
Visualize compensation metrics
Gather in-depth insights on the various aspects of compensation like salary distribution, employee compensation trend, salary history, benefits history, salary revision history, and more.
More reasons to choose Zoho People's compensation solution
Secure compensation data
Define who can store and manage the organization's compensation information through administrative access to settings and operations.
Easily access salary information
Encourage employees to view their salary breakup, salary history, and revision letters directly from the self-service portal.
Generate revision letters quickly
Generate and send revision letters to your employees to notify them about their salary revision using our ready-made templates.
We're solving some of our most pressing issues with Zoho People. Whether it's tracking time off or managing shifts, the aviation industry requires extreme precision and we were able to accomplish that with Zoho People.
Surajit Banerjee Head of HR, SpiceJet Limited
Frequently Asked Questions
What is compensation management software?
Compensation management software is a digital system that helps organizations manage, calculate, and automate employee compensation data. The system provides you with the tools to manage employee salaries, incentive calculations, bonuses, performance-based rewards, and benefits effectively. With compensation software, organizations can maintain equitable and fair pay structures, all while staying compliant with labor laws and regulations.
What is the difference between compensation management software and payroll software?
Compensation management software helps in implementing compensation structures for employees. It includes cash benefits and non-cash benefits, ensuring fair and competitive pay that aligns with the company's goals.
Payroll management software, on the other hand, is a system that calculates employee salaries based on the organization's compensation policies. It ensures timely payment to employees while complying with legal requirements.
Why is it necessary for organizations to have compensation management software?
Compensation management software helps organizations effectively manage employee salaries and benefits, ensure fairness, and stay compliant with labor laws and regulations. Here's why it's necessary:
Employee satisfaction and retention:
Use data to build a fair and equitable compensation process that aligns with your business goals while improving employee engagement and retention.Fairness and transparency:
Clearly communicate compensation structures to employees for fair and transparent compensation practices and a more engaged workforce.Efficiency and accuracy:
Automate manual processes like salary calculations, bonus allocations, and approval workflows to minimize errors while saving time and resources.Data driven decisions:
Get real-time visibility into compensation reports on salary and wages, bonuses, benefits, and incentives to structure better compensation strategies.
What are the different types of compensation?
Compensation is defined as the remuneration given by an employer to an employee during their time of employment in the company. In general, there are two types: direct compensation and indirect compensation.
Direct compensation:
This is the monetary wages paid to employees for their services. It includes salary, commission, bonuses, and incentives.Indirect compensation:
This is a non-monetary form of payment offered to employees. It includes paid time-off, health benefits and insurance coverage, equity and stock options, retirement benefits, and more.
What does Zoho People's compensation service do?
Zoho People has a built-in compensation service that helps organizations:
- Store and track the CTC breakup along with benefits.
- Add and maintain multiple salary packages for different employees, specific locations, designations, and more.
- Create salary revision templates that can be used to quickly generate revision letters.
- Push salary hike information directly from the performance service to the compensation service.