MERIT

Your Planning Software for Compensation Management

MERIT offers a comprehensive and adaptable module for merit planning and total compensation management, designed to seamlessly integrate with your existing payroll or core HR systems. Our solution, encompassing talent management software, salary planning software, and direct compensation strategies, simplifies the process by removing the need for manual tasks such as copying, pasting, emailing, and scrutinizing workbooks.

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MERIT supports YOUR planning strategy, workbook format, formulas, and approval workflows with one intuitive software solution.
Reduce the duration of focal planning cycles by 70% while staying within budget and making better-informed compensation decisions.
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Manager Discretion in Sales Compensation Structure

MERIT's online or offline workbook delivers a secure and straightforward method for managers to swiftly obtain essential information, like multiple years of salary history, aiding in well-informed decision-making. Our compensation planning software prioritizes accountability, ensuring each data input is verified, formulas are hidden, and all modifications are traceable. MERIT's robust self-service features for managers enable your organization to delegate compensation analysis, incentive compensation, and merit planning to even the lowest-level managers, without adding to its administrative workload.

Multi-Currency & Global Compensation Analysis

High-end HR software solutions often face challenges in handling multi-currency setups. In global compensation planning, it's vital for managers to review data and propose recommendations in the local currency of the employee. However, HR and finance teams require the ability to oversee the overarching budget in a unified budget currency. MERIT successfully meets these needs, ensuring data security compliance with standards like GDPR and CCPA, and facilitates effective LTI compensation and salary disclosure processes.

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Automated Workflow for Compensation Software Solutions

MERIT simplifies the process of importing your reports-to-structure from various sources, be it payroll, HR, ERP, HCM, multiple sources, or a Data Warehouse. However, the process of merit approval often deviates from the standard organizational structure. MERIT accommodates this by enabling customized management of your approval pathways. Whether dealing with exceptions, regional differences in level traversal, or round trips, MERIT's workflow adapts to your specific operational style, offering streamlined solutions for short-term incentive and salary plan communication.

Administrative Control in Compensation Planning

Unexpected occurrences such as workforce reductions, large-scale recruitment, mergers, acquisitions, and organizational restructuring present distinct challenges in compensation planning. MERIT's comprehensive admin module, part of our holistic compensation software solutions, enables foundation data to be completely reloaded, partially updated, or restructured using a What-You-See-Is-What-You-Get (WYSIWYG) interface. This ensures that your compensation team remains in control, even during periods of swift change, efficiently managing benefit packages for employees and overall compensation strategy.

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Are You Ready to Get Pay Right?
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Discover the full potential of our solution. Book a demo call today to explore its wide-ranging capabilities, including:
  • How to create salary structures
  • How to conduct pay equity audits
  • How to design incentive programs
  • How to price jobs using our market data
  • How to simplify compensation management
... and much more!
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Discover the full potential of our solution. Book a demo call today to explore its wide-ranging capabilities, including:
  • How to create salary structures
  • How to conduct pay equity audits
  • How to design incentive programs
  • How to price jobs using our market data
  • How to simplify compensation management
... and much more!

By clicking this button, you consent to receiving communications from Salary.com about our products and services. In doing so, you also consent to our Terms of Use and Privacy Policy. You can unsubscribe via email at any time or by visiting our preference center.

Insights You Need to Get It Right

The latest research, expert advice, and compensation best practices all in one place.

guide

G2 Leader in Compensation Management Report

G2 Leader in Compensation Management Report

white paper

Why Excel is Not the Answer for Compensation Analytics

Why Excel is Not the Answer for Compensation Analytics

guide

Example Total Rewards Statement

Example Total Rewards Statement

blog

Designing a Comprehensive Compensation Plan

Designing a Comprehensive Compensation Plan
See More Resources

Frequently Asked Questions

What Is a Compensation Plan?

A compensation plan includes a company's set of guidelines for delivering employees' base pay, bonuses, and equity. A well-designed compensation plan may also provide a strategy for future company goals around employee compensation. A compensation plan is a key element of your overall HR and recruitment strategy. It is also key in attracting and retaining top talent.

What Is an Example of a Compensation Plan?

Base salary.

Commission structure tied to sales performance.

Bonuses for exceeding targets.

Benefits like health insurance, retirement contributions, and professional development opportunities.

Offer performance incentives.

What Does a Good Compensation Plan Include?

A good compensation plan includes a clear salary structure, competitive pay aligned with market rates, performance-based incentives, benefits packages, and opportunities for career growth. It should also address pay equity, internal fairness, and compliance with legal requirements while offering flexibility to adapt to business and employee needs.

What Is the Compensation Planning Process?

A thorough compensation planning process will involve:

  • Doing a job architecture and analysis.
  • Benchmarking salary data and market pricing.
  • Employee performance evaluation.
  • Developing a compensation strategy.
  • Communicating the plan with employees within the organization.
  • Monitoring and adjusting the plan.

How to Develop a Compensation Plan?

Start by determining your compensation philosophy.

Outline the job architecture by defining roles and levels at your company.

Create guidelines for employee performance evaluations.

Define direct compensation (salary, bonus, and equity).

Define indirect compensation like benefits.

Consider internal and external pay equity.

How to Design a Successful Compensation Planning Strategy?

To design a successful compensation planning strategy, start by aligning it with your organization's goals and budget. Conduct market research to ensure competitive pay, define clear salary structures, and integrate pay-for-performance elements. Utilize compensation management software to streamline planning, analyze internal equity, and maintain pay transparency. Regularly review and adjust your strategy to adapt to market trends and employee needs.

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