Compensation Planning Software
Automate Your Compensation Strategy
Seamlessly plan and execute pay increases, bonuses and rewards across your organization. Speak to a representative today, call 855-565-3291.
The Most Flexible Compensation Planning Tool
Get out of the weeds of admin and recordkeeping—once and for all — with Paycor’s compensation management software tool. When compensation professionals and HR leaders automate bonuses, merit increases and other awards in one system, it takes the complexity out of compensation planning. As a result, you can focus on building effective compensation programs that help drive recruiting and retention, eliminating workforce challenges like high turnover and missing out on top talent.
Streamline Compensation Events
Compensation Planning allows you to automate events and collaborate directly with managers to eliminate the hassle of rewarding employees.
Eliminate Manual Work
With fully unified compensation planning software, you can manage and execute compensation events, removing manual entry and reducing errors.
Protect Your Organization
By providing you tools to see pay across different attributes, you can better analyze real-time data to ensure fair pay practices.
Compensation Planning Solution Trusted By Users & 3rd Party Evaluators
This Is the Key to an Effective Compensation Plan
Paycor Compensation Planning empowers HR Leaders and their managers by removing the heavy burden of administering, tracking and executing compensation plans and events. With a single source of truth to manage compensation, you’ll never have to rely on spreadsheets or enter data in multiple places. And because compensation is essential to retain and attract talent, we’ve added automated workflows and guided support tools to help you make more informed decisions about your pay practices while ensuring that salaries, bonuses and employee rewards are equitable and competitive.
Workflows + Notifications —
Automated workflows and notifications via mobile or desktop allow you to execute your compensation plans anywhere, anytime.
Mitigate Risk —
Compensation Planning + our robust People Analytics tool help monitor pay equity while analyzing compensation trends.
Competitive Advantage —
Creating competitive pay practices increases your chances of landing great candidates and motivating top performers.
Bulk Updates —
Update pay rates for cost-of-living adjustments for multiple employees at once, or recognize workers with an off-cycle raise.
Build Strategic Compensation Programs
See how Paycor automates compensation management so leaders can focus on developing compensation strategies to attract new talent and reward employees.
Take Planning to the Next Level
When it comes to managing compensation, there’s no one-size-fits-all strategy. With so many types of awards and pay options to recruit and reward employees, HR leaders need a solution that offers customization and flexibility.
Complete Customization —
Create rules by department, hire date or employee, assigning future dates to reward your people.
Powerful Insights —
Drill down into specific roles, departments or locations so you can collaborate with managers about pay increases and bonus management.
Full Visibility —
Create “what-if” scenarios and view compa-ratios to see the impact and distribution across the team before committing to pay increases.
“The single greatest benefit I’ve experienced with Paycor is the time savings. The solutions are extremely easy to navigate.”
Tiffany K., Manager, Seaway Plastics
“The transition to Paycor was smooth. Employees can download one app to clock in, review paystubs and request time off.”
Carrie D., Director of Finance, Christ Community Lutheran School
Compensation Planning FAQs
HR Admins: To configure a Compensation Planning event, hover over the Company menu in the Paycor platform and click Compensation Planning.
Managers: Once your HR Administrator has assigned you a task to complete a recommendation, hover over the Me menu in the Paycor platform and click on Tasks & Notifications.
During your two-week trial period, Compensation Planning is free. You can find pricing and discount information on the Product page.
Managers. When you launch a plan, the managers of any employees included in the plan will receive a task to submit recommendations. They will have the ability to see the employee’s current pay information within the plan, even if they do not have access to view pay information.
Please be aware that when you launch a plan in Compensation Planning by clicking “Save & Assign,”, managers of any employees included in the plan will have the ability to see the employee’s current pay information within the plan, even if they do not normally have access to view pay information in the Paycor system. Launching a plan also triggers a task to submit recommendations to those managers. In order to complete planning tasks, managers and supervisors will need to have the ‘Manager Security’ role or the ‘Submit Compensation Suggestions’ role assigned prior to the launch.
Pay changes made through Compensation Planning will not kick off any workflows. Administrators can review all the changes before making them live.
By default, all employees in the company would be included in the plan. You can select departments, specific hire dates or individual employees.
Hover over Manage People in the Paycor platform. Select All or Select Employees you want to target. Then, click on Bulk Actions in the upper right-hand corner (under New Hire Button) and click on Update Pay Rates and fill in the details to update employees’ pay rate. These updates will trigger any workflow approvals set up for pay rates.
- Employee Compensation Report
- Total Compensation Report
To see reports, hover over Reporting in the Paycor platform and type compensation into the search bar.
Performance review scores can be pulled into your compensation plan as you enter the plan details. You can choose to display the final rating from an employee’s last performance review.
You can select a total dollar amount per manager or a target % of employees’ salaries. You can also set reviewer guidelines to limit the range of values that a manager can enter for an employee (Minimum %, Target %, Maximum %).
Resources
Pay and Compensation play a critical role in employee retention and recruitment. Watch our on-demand webinar that covers the topic.
On-Demand Webinar
How to Drive Retention with Compensation Planning
We will demonstrate how to get HR Leaders out of the weeds of admin and recordkeeping and providing managers with tools to make more informed decision about pay practices.
Article
Read Time: 8 min
How to Ensure Your Compensation Plan Is on Target
Compensation packages impact morale, recruiting and compliance. See the 5 benefits of having a compensation management program in place.
Article
Read Time: 4 min
How HR Software Can Boost Your Compensation Strategy
If organizations don’t have a strong compensation strategy in place, they’ll lose the ability to motivate employees. See how HR software helps fight the battle!