Discovering the Next Great HR Technology Company – Semi-finalist #2 – Compensation Cloud

Name: CompensationCloud

Website: https://www.compensationcloud.com/

Describe your product and what it does?

CompensationCloud helps companies control and simplify the process of employee compensation management. Empowers your manager to determine the proper amount to pay employees by adhering to compensation policies and guidelines. We provide decision-making tools to transform your employee performance review to optimal pay by maximizing the compensation budget. A company can develop a unique variation of base pay, bonus, and stock plans. CompensationCloud provides versatility to build and customize your compensation rules, equations, budgets, guidelines, and alerts to fit company needs. Our flexible software allows you to manage various compensation plans worldwide.

Who does your product help? And how?

CompensationCloud supports companies to create a compensation budget by using different criteria and techniques. Several types of budgets can be set up with the approval process. H.R. then can set up rules, guidelines, policies, alerts, and reports for the line managers to perform compensation plannings. The managers can utilize decision-making tools like analytics, compliance check, and run reports to obtain the correct amount to pay. We provide a comprehensive compensation view and help reduce the salary planning process by nearly 65 %.

Why are you the Next Great HR Technology?

Each company has their unique and complex compensation plans. The complexity even becomes more when employees located globally. First, we can solve higher complexity at an affordable cost. Our proprietary rule engine enables our application to be self-service. We reduce the cost and time involves in implementing a compensation solution. Furthermore, CompensationCloud eliminates the manager’s emotional burden with decision-making tools to justify compensation allocation. Existing solutions cannot entirely enforce company-specific policies and guidelines at line manager level. These are the cause of numerous hidden violations and mismatch salary allocation. H.R. usually encounters these problems after compensation allocation rather than during the planning process. By checking rules, policies, budgets, and guidelines at line manager level reduce the conflict arise between the line manager, supervisor, and HR during salary planning. The top executive has more insight and control over the compensation budget within his or her hierarchy. Overall, we not only simply convert the performance review to optimal pay but also check different aspects to reduce the risk of policy violation and budget deficit.

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