Compensation Budgeting
Reward employees easily and fairly through compensation management software while staying within budget
HOW YOU BENEFIT
Fair and accurate compensation management software for retention and engagement
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 employees. What motivates them now is seeing their hard work — and quality results — recognized and rewarded. Paycom’s Compensation Budgeting software takes the subjectivity out of compensation while staying budget-conscious. Employee productivity, profitability and engagement follow.
Paycom’s Compensation Budgeting software simplifies the process of categorizing and managing your personnel. You control compensation budgets with ease while ensuring employees’ pay increases are equal to their contribution.
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.
Enjoy accuracy as new rates automatically upload to payroll. Speaking of accurate, our Compensation Budgeting software gives you a view of compensation spending. From the big picture to the little details, reports are easy to generate to assist your needs in the budgeting process.
Reporting is easy in our compensation management software
- view an employee’s compensation history
- see who may exceed maximum compensation by salary grade
- learn who may be below minimum compensation, too
- ensure employees receive equal pay for equal responsibilities
Compensation Budgeting WORKS WELL WITH
Report Center
Easily generate and review customizable or predefined reports across all workforce data in real time.
Explore these resources for greater talent management insight
FREQUENTLY ASKED QUESTIONS
How Compensation Budgeting helps HR professionals thrive
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.
Yes, Paycom’s merit matrix automatically ties raises to performance ratings so clients are informed as they recognize and reward their employees.
For all your talent management needs in a single software, request a meeting
