Zenefits Launches Compensation Management App

Zenefits announced the availability of Compensation Management, a new app within the Zenefits People Platform, that’s designed to take the guesswork out of competitively and fairly paying SME employees.

“Small and midsize businesses are the backbone of our economy, yet when it comes to access to affordable solutions to help power these businesses forward, they are continually underserved. To create a strong, competitive and fairly paid workforce, companies of all sizes need data and actionable insight to guide their decisions. By leveling the playing field around pay, we’re one step closer to eliminating the gender pay discrepancy.” – Zenefits CEO Jay Fulcher.

Based on real, anonymized salary data from across the US, Compensation Management can help small businesses identify market competitive and fair wages by role, industry, and geography.  Further, the app poses questions during set up to help business users determine the compensation philosophy that best maps to each company’s unique priorities and values. Then it provides insights on salaries for new hires, new promotions and new roles as the company grows.  Further, it helps young businesses keep a pulse on pay equity across its organization, aligning pay to role and performance, which can all be tracked in the Zenefits platform.

Key features include the ability to (1) set salaries when filling open roles, (2) create benchmarks based on actual employee salaries, and (3) assess the health of a company’s current compensation practices.