Description
Compensation
management software is an integral tool for the human resource team of any
major corporation or organization. It was developed in response to online tools
such as Glassdoor used by employees to demand better compensation packages.
Alternative human resource management policies adopted by various corporations
to gauge performance metrics have led to employees leaving for better
opportunities
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Integral Employee Management Tool
End
users of the software include large organizations and small and medium
enterprises (SMEs). SMEs are expected to make use of the software in order to
retain their top employees. Easy storage facilities afforded by the Cloud are
also expected to influence the decisions of these companies in purchasing it.
Compensation management can be used by major corporations to make astute
decisions regarding their employees. The integration of various applications,
including compensation management, will prove valuable to companies in
enhancing their employee rewards and incentives programs. An instance of this
is UltiPro Compensation Management software, which assists human resource
managers in making informed decisions regarding their employees.
Large
enterprises can employ the software to gauge employee performance and reward
them accordingly. American International Group (AIG), one of the biggest
insurance companies, has used compensation management software by Incentive
Solutions to decide on salary increments for their customer sales
representatives. Complex calculation processes were made easier with the help
of algorithms. Employees could get a sense of their expected bonuses due to the
transparency in the system.
Market Overview
The
global compensation management software market is anticipated to display
tremendous growth over the forecast period (2017-2022) due to changing skill
sets of employees and competitive industry salaries. Demand for automated
management processes is expected to drive market growth. Shift towards
digitization and increasing adoption of software to retain talent are other
factors that can influence the market. Changing economic policies with the
emergence of startups and micro-enterprises are also predicted to impact the
market
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Key
market players include Workday, Inc.; Ultimate Software Group, Inc.; Oracle
Corporation; and PayScale, Inc. Mergers are a common strategy to expand
consumer base. For instance, PayScale recently merged with MarketPay to attain
the technology for gaining current compensation insights in the latest
industries
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