Compensation Management Software Glossary: Key Terms & Concepts

An invoice and a bill are documents that convey the same information about the amount owing for the sale of goods or services. Still, a company uses an invoice to collect money from its cu...read more

A self-service portal is a website or app that enables workers (or external clients for externally visible support providers) to help themselves when they require assistance, information, ...read more

The payroll management process consists of a series of controlled processes completed in the same sequence each month to establish a payroll cycle. Put another way; the payroll process is ...read more

Trading money electronically is known as online payment. Computer networks, the internet, and digital stored value systems are commonly used in this process. You accept an online payment w...read more

Payment Processing is defined as providing a Person with the ability to charge or debit accounts using any payment mechanism, including but not limited to Remotely Created Payment Orders, ...read more

Training management is a software feature that helps organizations efficiently manage their training programs and activities. It serves as a centralized platform for creating, scheduling, ...read more

A system or process for capturing, tracking and storing electronic documents such as PDFs, word processing files, and digital photographs of paper-based content is known as document manage...read more

The process of analyzing, organizing, and monitoring a company's or organization's costs and expenditures is known as Budget management. Managing a budget necessitates adherence to stringe...read more

An app or software sends out alerts, which are actionable and content-rich push notifications. These alerts can be for various reasons, including messages from teammates, reporting manager...read more

A chat survey is a method of gathering customer feedback to access their overall experience across channels such as the website, mobile apps, or in-app by rating the agent's performance an...read more

Alert Notifications are an essential feature of software that provide users with real-time updates and important information. These notifications serve as a way to keep users informed and ...read more

Benefits management includes defining, preparing, analyzing, and monitoring benefits from starting a program or project investment until the last predicted profit is realized. Its purpose ...read more

Employee lifecycle management (ELM) describes an employee's stages when employed by a company. HR plays a vital role in ELM, and it begins even before the employee is hired. Outreach, recr...read more

To improve attraction, brands are turning to individualized branding tactics. Brands are putting more power in the hands of consumers than ever before, trusting them to create meaningful e...read more

Compensation management is a key feature in many software applications that helps businesses efficiently manage their employee's compensation plans. It is designed to streamline and automa...read more