CompTrak Reviews & Pricing

by CompTrak | Founded 2012, Toronto, Canada

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What is CompTrak?

Industry Specialties: Serves all industries.

CompTrack helps HR administrators and managers oversee every aspect of their compensation process from end to end. Eliminate the need for paper spreadsheets and keep all data and documents in one central, digital location. Streamline workflow and facilitate efficient communication between all stakeholders. Customize dashboards, statements and guidelines to suit the specific needs of the company, department or individual.

Automate tasks to increase efficiency, eliminate errors and allow managers to focus on more critical projects. All stakeholders can access the cloud-based solution via a computer or compatible mobile device from anywhere in the world. Suitable for organizations of all sizes and scalable to fit the demands of a growing company.

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User Sentiment

Based on 10 reviews:

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CompTrak Pricing

Based on our most recent analysis, CompTrak pricing starts at $500 (Monthly, Quote-based).

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Starting From: $500
Pricing Model: Monthly, Quote-based
Free Trial: Yes, Request for Free

Training Resources

CompTrak is supported with the following types of training:

Documentation
In Person
Live Online
Videos
Webinars

Support

The following support services are available for CompTrak:

Email
Phone
Chat
FAQ
Forum
Help Desk
Knowledge Base
Tickets
Training
24/7 Live Support

CompTrak Benefits and Insights

Why use CompTrak?

Key differentiators & advantages of CompTrak

Enhanced Accuracy: Reduces errors in compensation calculations by automating complex processes, ensuring precise payouts.
Time Efficiency: Streamlines administrative tasks, freeing up HR professionals to focus on strategic initiatives rather than manual data entry.
Data-Driven Decisions: Provides comprehensive analytics and reporting tools, enabling informed decision-making based on real-time data.
Compliance Assurance: Ensures adherence to regulatory requirements and company policies, minimizing the risk of legal issues.
Employee Satisfaction: Enhances transparency and fairness in compensation, leading to higher employee morale and retention rates.
Scalability: Adapts to the growing needs of your organization, whether you have 50 or 5,000 employees, without compromising performance.
Customizability: Offers flexible configuration options to tailor the system to your specific compensation structures and business rules.
Integration Capabilities: Seamlessly integrates with existing HR and payroll systems, ensuring a unified and efficient workflow.
Cost Savings: Reduces administrative overhead and potential financial losses from errors, contributing to overall cost efficiency.
Security: Employs robust security measures to protect sensitive compensation data, ensuring confidentiality and integrity.
Employee Empowerment: Provides self-service portals for employees to view their compensation details, fostering a sense of ownership and trust.
Performance Alignment: Links compensation to performance metrics, promoting a culture of meritocracy and motivating employees to excel.
Global Reach: Supports multi-currency and multi-language functionalities, making it suitable for multinational organizations.
Audit Trail: Maintains detailed records of all compensation-related activities, facilitating easy audits and accountability.
Real-Time Updates: Offers instant updates and notifications, keeping all stakeholders informed and aligned with the latest compensation changes.

Industry Expertise

CompTrak's industry expertise lies primarily in the realm of human resources and finance, specifically tailored for organizations looking to streamline and enhance their compensation management processes. This expertise is best suited for medium to large enterprises across various sectors, including finance, healthcare, technology, and retail, that require sophisticated tools to manage complex compensation structures. CompTrak is particularly beneficial for companies aiming to maintain competitive compensation packages, ensure compliance with regulatory standards, and improve operational efficiency in their compensation workflows.

CompTrak Reviews

Average customer reviews & user sentiment summary for CompTrak:

10 reviews

94%

of users would recommend this product

Synopsis of User Ratings and Reviews

Based on an aggregate of CompTrak reviews taken from the sources above, the following pros & cons have been curated by a SelectHub Market Analyst.

Pros

Intuitive Interface: Users praise CompTrak for its user-friendly design, making it easy to navigate and find the information they need. Many highlight its straightforward layout and logical flow.
Robust Reporting: CompTrak's reporting capabilities are a major plus for users. They appreciate the ability to generate a wide range of reports, including salary surveys and compensation analyses, with customizable options to tailor the data to their specific needs.
Efficient Performance Management: CompTrak streamlines the performance review process, allowing users to easily track employee goals, provide feedback, and manage compensation adjustments based on performance. This feature is particularly valuable for organizations focused on performance-based rewards.

Cons

Difficult to Use: Users have reported that the software can be difficult to navigate and use, especially for those who are not familiar with compensation management software.
Limited Functionality: Some users have expressed that CompTrak lacks certain features and functionalities that are commonly found in other compensation management software, limiting its ability to meet all their needs.
Poor Customer Support: There have been complaints about the quality of customer support provided by CompTrak, with users experiencing delays or unhelpful responses when seeking assistance.

Researcher's Summary:

Is CompTrak truly on the right track when it comes to compensation management? Recent user reviews suggest that CompTrak is a powerful tool for managing compensation, but it may not be the best fit for every organization. Users praise CompTrak for its robust features, particularly its ability to handle complex compensation plans and automate tasks like calculating bonuses and equity grants. This has allowed companies to streamline their compensation processes and reduce the risk of errors. However, some users have noted that CompTrak's user interface can be clunky and difficult to navigate, especially for new users. Additionally, some have expressed concerns about the level of customer support provided.

Compared to competitors like Lattice, which integrates performance management with compensation, CompTrak focuses primarily on compensation management. This makes it a good choice for organizations that need a dedicated tool for this purpose but may not be ideal for those seeking an all-in-one HR solution. Overall, CompTrak seems best suited for larger organizations with complex compensation needs and the technical expertise to navigate its interface. Smaller businesses or those looking for a more user-friendly platform might find other options more suitable.

Key Features

CompTrak

Compensation Management: Manage and simplify all aspects of the compensation cycle. Utilize multiple reward types, such as salary, bonus, commission, merit and long-term incentives across multiple years, equity and deferral programs. Create specific guidelines and goals for individual employees. Ensure all allocations are equitable and free of bias. Automate tasks and data collection to optimize the workflow.
- Scenario Modeling: Utilize the scenario modeling module to review, analyze and simulate allocations. Manage multiple types of bonus payment plans, such as discretionary, formulaic or performance-based.
- Promotions Management: Oversee the entire promotions process from nominations to approval and notification. Customize eligibility requirements to ensure only qualified employees are nominated. Send personalized communications to successful candidates.
- Historical Tracking: Automatically generate an audit log tracking changes or updates to the compensation process.
Performance Management: Create and assign goals and objectives at the corporate, team or individual level. Produce comprehensive statements to illustrate how an individual’s performance impacts them, the department and the company. Keep employees informed and engaged throughout the year with milestone and goal updates. Utilize self-assessments to aid evaluation of employee and manager performance.
Statement Generation: Generate dynamic, interactive total rewards statements to show employees the value of their complete compensation package and which specific awards their eligible to receive. Employees can access statements online securely, with single sign-on via ADFS. Ensure reports are only accessible to authorized persons by configuring roles and groups. Export statements as PDFs with company marketing.
Customizable Dashboards: All key stakeholders have access to customizable dashboards with real-time data, like pool allocation and totals, to get a holistic view of the compensation plan and make informed business decisions. Tailor dashboards to display only the information valuable to the individual user. Set alerts for pending requests, recommendations, approvals and deadlines.
Global Capabilities: Manage workforces across the globe using multiple languages, currencies, exchanges and real-time FX rates. Set governance and audit requirements based on regional laws and regulations.
Third-party Integration: Integrate with legacy or preferred third-party platforms to automatically pull data from core HRIS or performance management systems.

Limitations

At the time of this review, these are the limitations according to user feedback:

Error handling needs improvement. Error messages are not very meaningful, making it difficult to determine the cause of errors.
The user interface is outdated and could use modernization.
Implementation can be slow. Some users needed substantial back and forth communication with the vendor to set up customization options.
Can’t proxy in as another user to see their customized views.