What is Compensation Analysis Software?

Compensation analysis software helps businesses assess, manage, and optimize their compensation structures. It is a key tool in maintaining a healthy relationship between employees and their employers. 

Since labor can make up up to 70% of your costs, it’s important to track how that money is being spent. It’s about more than just hourly or salaries. Labor costs also encompass bonuses and overtime as well as raises and your promotional structure.

Axiom’s compensation management solutions through UKG Ready go beyond traditional spreadsheet methods, offering a streamlined and data-driven approach to ensure compensation aligns with organizational goals, industry benchmarks, and individual employee performance. This approach helps you maintain your competitiveness in the field while also ensuring the talent is retained and that there’s internal equity within your pay structure.

As with HR industry software, getting started with a compensation management tool can seem complicated and time-consuming. Not when you work with Axiom. Our team of experts will take compensation planning off your HR professionals’ plates and use our deep experience to develop comprehensive compensation plans tailored to your business. Then, we’ll make sure your tools work easily and seamlessly for your business.

How Does Compensation Management Software Work?

The best compensation management solutions are driven by an innovative compensation management system, like our UKG Ready platform at Axiom. By leveraging robust data analysis and market intelligence, you’ll have the compensation data and performance management intel you need to make informed decisions about all aspects of employee compensation.

Our compensation management platform provides a range of insights, including:

• Salary benchmarking: Ensure your compensation packages remain competitive by analyzing industry trends and local market salary data.
• Internal equity analysis: Identify and address potential pay discrepancies within your organization to promote fairness and transparency.
• Reward program effectiveness: Evaluate the impact of your existing incentive programs and optimize them for maximum employee engagement.

How Do You Run a Compensation Analysis Effectively?

Running an effective compensation analysis involves gathering relevant data, defining job roles, and utilizing Axiom’s intuitive software. Using UKG Ready, our platform guides you through the process, helping you make data-driven decisions for a competitive and equitable compensation strategy.

1. Define Your Objectives

Before diving into the compensation analysis process, clearly define your objectives. Are you aiming to attract top talent, retain skilled employees, or ensure compliance with industry standards? By identifying your goals, you can tailor your analysis to meet the specific needs of your organization.

2. Gather Relevant Data

Accurate data is the backbone of any successful compensation analysis. Collect information on current salaries, bonuses, benefits, and any other relevant compensation components. Axiom Human Resource Solutions simplifies this process with software that seamlessly integrates with various HR systems, providing real-time access to critical data and ensuring accuracy in your analysis.

3. Market Benchmarking

Compare your compensation data against industry benchmarks to understand where your organization stands in the market. Axiom harnesses the power of UKG Ready’s payroll software, which includes a robust benchmarking tool, allowing you to effortlessly compare your compensation packages with industry standards and ensure your offers remain competitive.

4. Analyze Internal Equity

Internal equity is crucial for maintaining a harmonious work environment. Use Axiom’s powerful analytics tools to assess internal pay equity, identify any disparities, and make necessary adjustments to ensure fairness and transparency within your organization.

5. Consider Employee Performance

Factor in individual employee performance when conducting a compensation analysis. Axiom Human Resource Solutions offers performance management modules that seamlessly integrate with compensation analysis tools, allowing you to align pay rates with performance and reward high achievers appropriately.

6. Stay Compliant

Navigating the complex landscape of labor laws and regulations is a challenge for any HR professional. Our UKG Ready-powered payroll software comes equipped with compliance features, helping you stay up-to-date with the latest regulations and ensuring your compensation practices adhere to legal standards.

7. Communicate Transparently

Transparent communication is essential when implementing changes based on your compensation analysis. Use Axiom HR Solutions to generate detailed reports and share insights with stakeholders, fostering a transparent and collaborative approach to compensation management.

What Compensation Software Can Do For Your Company

Stay Competitive and Compliant

Axiom’s compensation analysis software helps you keep up with market trends when planning workforce changes and hiring talent. Make retaining talent easier by maintaining internal pay equity, identifying deficiencies, and addressing them quickly and efficiently.

Labor laws and regulations are complex and change frequently, especially if you work between different states. That’s why our compensation analysis software also includes a robust suite of features to help track compliance.

Not only can you easily adjust to accommodate any updates, you can also identify any possible parts of your compensation and payroll structure that are non-compliant before they lead to further complications.

The Importance of Professional Compensation Planning

Don’t just trust anyone with your sensitive compensation-related decisions. When you need reliable, cutting-edge tools for enhanced workforce management, turn to Axiom. Partnered with the UKG Ready™, we are a top choice for employers across Indiana industries for human capital management and compensation structure optimization.

No matter the size or scope of your business, you and your employees deserve payroll systems that align with market data and your own internal goals and needs. Contact Axiom today to learn more.

Our compensation analysis software is only one of our many payroll solutions that can take your business to the next level. Learn more about how our team of experts can simplify your payroll process with these software packages:

• Payroll Reconciliation
• Tax Management
• Wage Garnishment
• Worker’s Compensation