Total Compensation Software

What Is Total Compensation Software?

Total compensation software is a digital tool that helps employers calculate, display, and communicate the complete value of an employee’s compensation package, including salary, bonuses, benefits, and perks. These platforms are used to create personalized compensation statements and often include dashboards, visualizations, and self-serve access for employees.

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What Does Total Compensation Software Do?

Total compensation software typically includes features such as:

• Customizable total rewards statements
  
  
• Real-time compensation dashboards
  
  
• Benefit and pension valuation
  
  
• Stock and equity tracking
  
  
• Pay equity and benchmarking tools
  
  
• Self-serve employee portals
  
  

Many platforms also integrate with payroll, HRIS, and benefits administration systems to automatically pull data.

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Why Employers Use TC&R Software

Employers use total compensation software to:

• Improve employee understanding of total rewards
  
  
• Enhance transparency and trust
  
  
• Support retention and engagement
  
  
• Showcase the value of non-salary benefits
  
  
• Streamline compensation reporting and compliance
  
  

It’s especially valuable during recruitment, annual reviews, or benefit enrollment periods.

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Key Benefits for Employees

• Clear view of total earnings beyond base pay
  
  
• Awareness of hidden value in benefits and perks
  
  
• Better-informed financial and career decisions
  
  
• Increased appreciation for employer-provided rewards
  
  

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Common Use Cases

• Hiring & Offers: Show job candidates full value of a role
• Annual Reviews: Support performance discussions with compensation data
• Benefit Enrollment: Help employees understand total value during open enrollment
• Retention Strategy: Reinforce the value of staying with the company

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Examples of Total Compensation Software Vendors

Some common platforms in Canada and globally include:

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• ElektraFi (custom rewards and compensation statements)

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• beqom

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• Compport

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• HRSoft

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• Decusoft

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• Figures

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• SAP SuccessFactors

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Each tool varies in features, pricing, and integration options.

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Key Takeaways

• Total compensation software helps employers show employees the full value of their compensation.
  
  
• It supports engagement, transparency, and better decision-making.
  
  
• These tools are becoming a critical part of modern HR tech stacks.

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