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Compensation management software assists organizations in strategizing and managing employee compensation packages. Often referred to as compensation planning or solutions, this software oversees salaries via an administrative dashboard or data visualization tools. It facilitates the creation of merit matrices, generates reports on company compensation data, and enables organizations to review and adjust compensation policies. Moreover, it aids in planning employee bonuses, structuring incentives, and recommending pay adjustments. Typically adopted by HR departments, compensation management systems empower managers to develop efficient compensation strategies for their teams. This approach ensures fair employee compensation and optimizes salary budgets. Such software can function independently or as part of an integrated HRMS & HCM software suite. Many systems integrate with performance management software, leveraging employee performance data to inform compensation decisions. Suite offerings may also incorporate features from sales compensation software, broadening their scope and utility.