Compensation Budgeting
Easily reward employees with a fair and automated process
What it does
Compensation analysis tools that make your work easier
When you need to retain your best people and stay within budget, blanket raises won’t cut it. Our Compensation Budgeting software automates the tedious, so you can pay employees what they deserve without manual calculations and frequent wage adjustments. Once you set the salary parameters, our seamless tech automatically factors performance review ratings and merit matrix values into payroll. It even auto-updates groups of employees — no off-cycle processing required.
What makes us different
Manage compensation in a truly single software
Adjusting wages shouldn’t force you to recreate all of that work in payroll. Our Compensation Budgeting tech exists in the same single software as every other tool you use. No need to reenter data or juggle separate systems and logins.
And since our Compensation Budgeting software seamlessly communicates with payroll, you benefit from:
- timely budget analysis backed by real-time data
- the ability to make informed decisions around employee pay
- a clear and concise history of all changes made to wages and salaries
- an easy-to-use merit matrix for uniformly reviewing and processing raises
How it works
Take the stress out of fiscal planning
Compensation strategies aren’t one-size-fits-all. Our compensation management software operates at whatever frequency makes sense for your organization’s unique needs.
Priceless visibility
Preview compensation adjustment scenarios to find the best path forward. Plus, enjoy insightful, real-time analytics informed by your active payroll.
Rewards simplified
Easily give your people merit-based raises — as well as commissions, one-off bonuses and more — with no data reentry.
A proactive advantage
Our software’s comprehensive analytics tools help you stay ahead of the curve, ensuring your wages attract and retain your top talent.
Effortless equity
Build a culture that values proven performance. Our Compensation Budgeting tech helps you ensure advancement comes from merit, not bias.
Ace compliance
Get a clear picture of compensation to readily comply with pay equity and transparency laws. Our tech even generates audit trails for your peace of mind.
Easy market comparisons
Use compa-ratio alongside our green- and red-circle reporting to make it easy for your company to assess and offer fair and competitive wages.
See what people are saying about Compensation Budgeting
Full-solution Automation
Automated compensation tools to help you focus on the big picture
Your workforce’s performance and compensation go together. That’s why we take a holistic approach to HR management. It doesn’t just reduce your workload; it also gives you an intuitive way to comprehensively manage employees with ease.
When your managers submit a rating with our Performance Management tool, that data automatically feeds into Compensation Budgeting. This allows you to preview the implications of that review on an employee’s pay without any extra work.
Beti®
Once you approve and finalize raises or any other changes, our self-service payroll experience guides your people to fix errors and approve their pay before submission. They gain valuable insight while you enjoy a stress-free payroll process.
When you use our Position Management tool to tie salary grades and required skills to positions in your org chart, you’ll see how easy it is to offer competitive wages, merit-based increases, one-off bonuses and commissions.
Frequently Asked Questions
Learn more about compensation analysis tools and strategies
Compensation management software automates the processes involved with creating a policy for paying employees for the work they perform. This streamlined process removes subjectivity while keeping a firm eye on your budget.
When compensation budgeting tools live in a single software, organizations experience improved data accuracy and gain more informed visibility for better workforce decision-making.
In Paycom’s Compensation Budgeting tool, you build a merit matrix to encompass budget, performance and compa-ratios and adjust as needed. That includes the ability to award lump sums for employees at the top of their pay grade.
Yes. The merit matrix allows you to determine pay increases based upon not only an employee’s pay range for their position, but also for their contribution.
Yes. Paycom’s Compensation Budgeting software simplifies the process of managing your personnel, no matter how you categorize them. You control compensation budgets with ease while ensuring employees’ pay increases are equal to their contribution.
Paycom’s Compensation Budgeting software takes the subjectivity out of compensation while staying budget-conscious. Build a merit matrix to encompass budget, performance and compa-ratios. You also can adjust your merit matrix as needed. That includes the ability to award lump sums for employees at the top of their pay grade.
In retaining top talent today, the right compensation strategy is everything. Gone are the days when standard, across-the-board raises were enough to keep people in your employ. What motivates today’s workers, however, is seeing their hard work — and quality results — recognized and rewarded. Employee productivity, profitability and engagement follow.
From the big picture to the little details, reports are easy to generate to assist your needs in the budgeting process. Our software offers not only robust custom compensation reporting, but also predefined reports, such as:
- Compa-Ratio Report to see how salaries compare to their assigned salary grades
- Compensation Budget Forecasting Report so you can configure and increase your budget based on an effective date or an employee’s anniversary date
- Compensation Changes Report for details on how those changes tie to performance reviews
- Compensation Management Auditing Report to see all Compensation Budgeting changes occurring in Paycom for a chosen date range
- Salary Grade Report to get an at-a-glance glimpse at how employees currently stand in their assigned salary grade: red, yellow or green
- Green Circle Report so you know which employees are below the minimum for their salary grade
- Red Circle Report to see who’s above the maximum for their salary grade
- Missing Compensation Report for a list of employees without a compensation transaction in a specified date range
- Performance and Compensation Transaction Report pulls in employee information so you can view performance review data within a preferred date range
Yes, they do. Enjoy accuracy as new rates automatically upload to payroll.
Using salary grades, compa-ratio, and green- and red-circle reporting from Compensation Budgeting enables companies to readily see pay ranges for individuals and for positions to determine the best approach to managing pay equity for their organization.
Yes. Clients can set up salary grades fairly and within budget using Paycom’s Position Management software.
Yes. Clients can build and adjust a merit matrix to fit their needs — such as awarding lump sums for employees at the top of their salary grade — using our Compensation Budgeting software.
Yes. Our talent management software comes complete with several customizable and real-time reports. For example, the expense analytics report breaks down expenses by:
- employee
- position
- labor allocation
- and more
Yes, clients can access prebuilt reports to quickly see which employees are above and below a position’s maximum salary.
Learn more about Compensation Budgeting
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