Compensation Software Market To Be Dominated by Keyplayers HRsoft, Kinixsys, Kronos, Beqom, Halogen Software, Willis Towers Watson, Greytip Software, SumHR, Ultimate Software, Talentsoft, BullseyeEngagement, JSM Technologies, Decusoft, Peoplefluent, Execu

Compensation software deals with the critical part of talent management and employee retention. Compensation management software manages the employees’ salaries in an organization and provides guidelines about how the salary should be given according the job responsibilities and designation of the employee. The compensation management software is accessed by the HR managers of any organization however, the other managers can also manage it based on the authority provided by the organization.

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Compensation software is also known as Human Capital Management Solutions (HCM) solutions and has automated inbuilt features, which include the HR policies, administration benefits, open enrollment & life events, time, attendance & scheduling, payroll administration, and tax management.
End users such as corporate companies in this market prefer to choose a vendor who provides converged software suits. This is due to the fact that if a corporate prefers to adopt different software suits every time, it may lead to integration issues of the software and thus, changing the process of the company.

Rising demand for automated compensation processes is expected to aid in growth of the market

Increasing demand for automated compensation management process is one of the major factors affecting growth of the market during the forecast period (2018–2026). Automation aid in simplifying compensation planning and processing of implementations (policy, procedures, regulations and others).
Rising adoption of digital HR technology (digital HR technologies comprises different equipment for different types of HR/management related operations such as biometric machine for attendance) is one of the recent trends and major drivers for growth of the compensation software market globally.

On-premises segment accounted for largest share in the global compensation software market in 2017

On-premises deployment segment is estimated to hold the larger market share in 2018, owing to better confidential information control and security from external attacks. It provides benefits such as data migration, ease in installation, employee training services, and complete control over critical database of the employees and HR policies.

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Key companies

The top five vendors in the global compensation software market includes ADP LLC, Oracle Corporation, SAP Success Factors, Ultimate Software, and Workday Inc.

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