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Compensation software market analyst says one trend in the market is rise in demand for integrated HCM solutions. End-users prefer vendors that provide integrated and converged software suites, as opting for different software may lead to integration issues. Software suites from the same vendor have better integration ability and support other functions. As the increased complexity of network infrastructure has made integration an important buying criterion, solutions with better integration are finding higher adoption.Complete report on Compensation Software market spread across 85 pages, analyzing 27 major companies with table of content are now available at http://www.reportsnreports.com/reports/1154411-global-compensation-software-market-2017-2021.html .
According to the compensation software market report, one driver in the market is demand for automated compensation management processes. The demand for automated compensation management process is one of the major drivers of the market. The automation of compensation planning helps enterprises to simplify processes, reduce paperwork, and offer a centralized place for managing all tasks, which saves the administration costs and time. The implementation of software is gaining prominence among all kinds of enterprises because it helps them gain a greater transparency into rewards and performance of employees and enables enterprises to perform total compensation analysis.
The following companies as the key players in the global compensation software market: ADP, Oracle, SAP SuccessFactors, Ultimate Software, and Workday. Other prominent vendors in the market are: beqom, BullseyeEngagement, Cornerstone, Curo, CWS Software, Decusoft, Execupay, Greytip Software, Harvest HCM, Halogen Software, HRsoft, JSM Technologies, Kinixsys, Kronos, Lumesse, Nitso Technologies, Paycom, Peoplefluent, PayScale, sumHR, Talentsoft, and Willis Towers Watson.
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Global Compensation Software Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. This report covers the present scenario and the growth prospects of the global compensation software market for 2017-2021. To calculate the market size, the report considers revenue generated from the sale of compensation/payroll software license, maintenance and support, installation, customization, and training.
Further, the compensation software market report states that one challenge in the market is high implementation and maintenance cost. The high cost of deploying on-premises compensation software is one of the major challenges in the market for SMEs and start-ups. The price of the compensation software includes the cost of implementation, training, maintenance, software licensing, system design, and customization. Apart from software licensing, SMEs and start-ups enterprises also need to invest in the proper implementation of the software and training of the employees to use the software application. Post implementation, the software requires continuous upgrading to keep up with the market trends.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Compensation software automates, organizes, and simplifies complex compensation planning and enables managers to increase accuracy, improve budget allocations, and align compensation decisions with organizational guidelines. Enterprises are implementing compensation software to make better compensation decisions while reducing cycle times with up-to-date, accurate, and auditable processes. The adoption of compensation software is increasing in small enterprises and startups because it shortens compensation cycles for the most complex compensation planning.
Key questions answered in this report
What will the market size be in 2021 and what will the growth rate be?
What are the key industry trends?
What is driving this market?
What are the challenges to industry growth?
Who are the key vendors in this Compensation Software market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
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