Scope of the Study
Compensation Management Software enables organizations to plan and administer their employees’ compensation packages. These softwares are developed with an aim to manage salaries through an administrative dashboard, develop merit matrices, and report on company compensation data. It is a tool used by managers to find solutions based on reliable and actionable information. It facilitates an easier, more manageable system for strategizing competitive employee wages and compensation. These softwares are often integrated with performance management, core HR, and payroll software. The growing use of compensation management software by HR and payroll departments in various end-user businesses has boosted the demand for compensation management software.
The market study is being classified and major geographies with country level break-up.
Workday, Inc. (United States), Paycom Software, Inc. (United States), Ultimate Software Group, Inc. (United States), Payfactors (United States), PayScale (United States), Salary.com(United States), Oracle Corporation (United States), SAP SE (Germany), BullseyeEngagement LLC (United States), Greytip Software Pvt. Ltd. (India), Saba Software Inc. (United States), Ascentis Technopreneur Pvt Ltd (India), CompView, Inc. (United States), Certent, Inc. (United States), PeopleFluent, Inc. (United States) and beqom SA (Switzerland) are some of the key players profiled in the study.
The providers of the compensation management software market continue to focus on innovation and technological advancements in their software. Such developments coupled with competitive pricing are likely to assist in increasing market share over the forecast period. During the coming years, a number of companies will also form partnerships with end-user industries to sustain in this competitive market Research Analyst at AMA predicts that United States and Europe Players will contribute to the maximum growth of Global Compensation Management Software market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Compensation Management Software market by Type, Application and Region.
On the basis of geography, the market of Compensation Management Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Enable To Publish Internal Compensation Policies and Facilitate Diverse Bonus Structures
- Simple and Easy To Use, With Configurable Roles, Access, And Employee Self-Service
- Rising Adoption of Digital HR Technology
- Trend for Shifting Towards Automated Compensation Processes
- High Implementation and Initial Investment
- Growing Adoption of Compensation Management Software by Small & Medium Businesses
- Increasing Demand for Cloud-based Compensation Management Software
In September 2019, PeopleStrategy, Inc., a full-service brokerage and provider of comprehensive, cloud-based human capital management (HCM) solutions partnered with Payfactors, a provider of cloud-based compensation data management tools to offer small and mid-sized businesses access to the data they need to make smart decisions about compensation.
Analyst CommentTo reduce the calculation efforts of human resource management as well as to encourage the employees and improving organizational effectiveness the use of the compensation management software is rapidly increasing.
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Compensation Management Software Providers/ Buyers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End User Industry
Customization in the Report Available:The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
** Confirmation on availability of data would be informed prior purchase