New insights from ISG Software Research say
software and AI are allowing companies to compensate employees
based on skill sets and other factors, not just roles
Enterprises are utilizing advanced software and artificial
intelligence (AI)-driven tools to streamline compensation
processes, enhance wage equity and personalize employee rewards, a
new research report from leading global technology research and
advisory firm Information Services Group (ISG) (Nasdaq: III)
says.
The ISG Buyers Guide™ for Total Compensation Management,
produced by ISG Software Research (formerly Ventana Research), says
strategic oversight of compensation plays a crucial role in how
businesses attract, retain and motivate talent within a competitive
marketplace. It notes the rise of remote work and the gig economy
has prompted a re-evaluation of compensation strategies to
accommodate diverse work arrangements and expectations.
ISG Software Research projects that compensation market pricing
processes will include the benchmarking of skills, not just jobs,
in half of enterprises by 2027.
“Today’s digital tools supporting enterprise compensation aren’t
just personalizing employee rewards, they’re evaluating each
employee’s value according to their skill set, personal situations
and geographic locations,” said Matthew Brown, director of
research, Human Capital Management, ISG Software Research.
“Enterprises are looking beyond just employees job titles; they’re
assessing payment and benefits based on their skills and
competencies, regardless of where a position resides in the
corporate hierarchy.”
ISG Software Research defines compensation planning as
determining and managing an enterprise’s overall remuneration
strategy, including salary structures, bonuses and benefits, to
ensure competitive and equitable compensation for employees.
Through strategic planning, organizations can maintain their
competitive advantages in the labor market, while adapting to the
needs and expectations of their employees.
Staying competitive means addressing employees’ requirements for
personalized, tailored compensation and benefits. An organization’s
compensation management tools must be able to reassess employee
working conditions in real-time, taking into account not just its
own workplace culture, but the current conditions of the broader
job market — including for jobs that may not appear to align with
employees’ current skill sets.
Employees need to feel that they’re advancing, not just in the
corporate hierarchy but in their personal lives as well. Investment
in their professional development becomes a critical factor in
evaluating the value of compensation management plans.
For its 2024 Compensation Software Buyers Guides, ISG evaluated
software providers across three platform categories – Compensation
Management, Compensation Planning, and Total Compensation
Management – and produced a separate Buyers Guide for each.
A total of 24 providers were assessed. Thirteen providers were
assessed across all three service categories: ADP, beqom,
Cornerstone, Dayforce, HRSoft, Infor, Oracle, PeopleFluent,
salary.com, SAP, UKG, Unit4 and Workday. Five additional providers
were assessed exclusively in the Compensation Planning category –
15Five, Anaplan, Lattice, Pave and Payscale – while six were
assessed exclusively for the Compensation Management category:
Darwinbox, HiBob, isolved, Paycom, Paycor and Paylocity.
ISG Software Research designates the top three software
providers as Leaders in each category. For the 2024 study, the
leading providers overall are, in ranked order:
Total Compensation Management: Oracle, Salary.com and
ADP
Compensation Planning: Oracle, Salary.com and ADP
Compensation Management: Oracle, Salary.com and ADP
“Managing and planning compensation is essential for
organizations that want to be effective at recruiting and retaining
their workforce and operating effectively across HR and finance,”
said Mark Smith, partner of Software Research at ISG. “Our Buyers
Guides establish the framework for software provider evaluations
that go beyond providers’ ‘market execution’ or ‘vision of the
future’ to ensure a comprehensive evaluation for any
enterprise.”
The ISG Buyers Guides™ for Compensation Software are a
distillation of more than a year of market and product research
efforts. The research is not sponsored nor influenced by software
providers and is conducted solely to help enterprises optimize
their business and IT software investments.
Visit this webpage to learn more about the ISG Buyers Guides for
Compensation Software and read executive summaries of each of the
three reports. The complete reports, including provider rankings
across seven product and customer experience dimensions and
detailed research findings on each provider, are available by
contacting ISG Software Research.
About ISG Software Research
ISG Software Research, previously Ventana Research, provides
authoritative market research and coverage of the business and IT
software industry. It distributes research and insights daily
through its user community, and provides a portfolio of consulting,
advisory, research and education services for enterprises, software
and service providers, and investment firms. Its on-demand service
provides structured education and advisory support through
subject-matter experts. ISG Buyers Guides™ support the RFI/RFP
process and help enterprises evaluate and select software providers
through tailored assessment services and the ISG Software Research
Value Index methodology. Visit www.ventanaresearch.com for more
information and to sign up for free community membership.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading
global technology research and advisory firm. A trusted business
partner to more than 900 clients, including more than 75 of the
world’s top 100 enterprises, ISG is committed to helping
corporations, public sector organizations, and service and
technology providers achieve operational excellence and faster
growth. The firm specializes in digital transformation services,
including AI and automation, cloud and data analytics; sourcing
advisory; managed governance and risk services; network carrier
services; strategy and operations design; change management; market
intelligence and technology research and analysis. Founded in 2006,
and based in Stamford, Conn., ISG employs 1,600 digital-ready
professionals operating in more than 20 countries—a global team
known for its innovative thinking, market influence, deep industry
and technology expertise, and world-class research and analytical
capabilities based on the industry’s most comprehensive marketplace
data. For more information, visit www.isg-one.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240917809207/en/
Press Contacts: Will Thoretz, ISG +1 203 517 3119
will.thoretz@isg-one.com Julianna Sheridan, Matter Communications
for ISG +1 978-518-4520 isg@matternow.com
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