Home > Compensation Management Software > Varicent > Varicent vs SimplyMerit

Varicent vs SimplyMerit

Last Updated: November 18th, 2024

Our analysts compared Varicent vs SimplyMerit based on data from our 400+ point analysis of Compensation Management Software, user reviews and our own crowdsourced data from our free software selection platform.

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Product Basics

Varicent is a software provider that helps industries boost productivity and workforce motivation through incentives and sales performance management. It has an experienced team and preeminent partners that enable organizations to improve performance and drive profitability. The company mainly offers two resources — Diversity and Gender pay apps and a scholarship program called E.D.G.E.

It provides automating calculations, analyzing incentive compensation plans, managing sales territory assignments, accessing real-time performance dashboards, handling transaction inquiries, establishing a workflow for collaboration and making evidence-based decisions. The offerings are also categorized based on the need, role and services for ease of access.

SimplyMerit streamlines and optimizes the compensation process by eliminating the need to manage dozens of spreadsheets and keeping all documentation in a single digital location. Reduce human error and incorporate all necessary information with premade templates. Monitor and track award allocations with real-time data and approve, modify or reject recommendations.

Manage multiple merit cycles and timelines. Generate employee rewards statements and reports. Set alerts to remind managers to complete approvals and update all stakeholders via automated emails. Automatically track every update made to budgets and plans to simplify future audits.

Pros

Easy to use
Affordable
Good support
Wide features
Integrates well

Cons

Limited reports
Not for large companies
Occasional bugs
Lacks some features
Limited customization

$56/User, Monthly

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Tailored to your specific needs

$10,300 Annually

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Tailored to your specific needs

Small

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Large

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Large

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Chromebook

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Mobile

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Mobile

Product Assistance

Documentation

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Live Online

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Documentation

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Videos

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Knowledge Base

24/7 Live Support

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Product Insights

Automate Calculations: Configure and schedule data imports to access transactions, products, customers and other data whenever needed. Schedule automated calculations to keep dashboards and reports updated and provide visibility to the sales team. Save money by reducing or eliminating under and overpayments.
Streamline Sales Operations: Assign sales team quotas and optimally allocate the financial objectives to all sales channels and resources using the quota program. Effectively allot and communicate job expectations, planning and monitoring for better workflow and increased productivity. Plan and review payment actions and enforce policies around crediting eligibility.
Identify Opportunities: Align corporate goals with sales methodologies and ensure sales efficiency. Predict future sales and direct the team accurately to meet the required quotas. Stay ahead of the competitors by discovering new opportunities via data recovery and augmented intelligence.
Analyze Compensation Plans: Highlight and avoid abnormal results by tracking the outliers in the sales incentive compensation plans. View reports and compare the corporate strategy with the payout plan measures to ensure efficiency. Create model scenarios and check their effect on sales performance and payouts.
Manage Sales Assignments: Manage sales assignments and quota targets by rep, account, product, geographic location or any other attribute. Create territory crediting rules to credit the right people and encourage fairness at work. Avoid missing market opportunities by identifying and realigning sales territory coverage gaps.
Establish Workflows: Configure simple or complex workflows and routing processes. Automate payout calculations and quota relief to follow a routing process that requires review and approval by sales and finance leaders. Communicate compensation plans properly via a multi-level workflow and routing process.
Track and Monitor Sales Performance: Manage all end-to-end processes using the integrated platform. Plan territories and quotas, improve revenue operations and pay sellers on time using the SPM solutions suite.

Improved compensation fairness and transparency: SimplyMerit promotes fair and unbiased compensation practices by providing clear data and insights into employee performance and market trends.
Enhanced employee engagement and motivation: By recognizing and rewarding employee performance, SimplyMerit helps create a more engaged and motivated workforce.
Reduced administrative burden for HR and managers: With automated workflows and streamlined processes, SimplyMerit frees up time for HR and managers to focus on strategic initiatives.
Better talent acquisition and retention: A competitive and transparent compensation program attracts top talent and encourages high performers to stay with the company.
Improved financial performance: By optimizing compensation spend and aligning rewards with performance, SimplyMerit can lead to significant cost savings and improved financial performance.
Data-driven decision making: SimplyMerit provides valuable data and insights that can be used to make informed decisions about compensation strategy, talent management, and workforce planning.
Increased confidence in compensation decisions: With greater transparency and data-driven insights, managers and leaders can make more confident decisions about compensation.
Improved communication and collaboration: SimplyMerit provides a platform for open and transparent communication about compensation, leading to better understanding and collaboration between managers and employees.
Enhanced company culture: By focusing on fair and transparent compensation, SimplyMerit helps create a more positive and rewarding work environment for employees.
Reduced risk of legal challenges: By ensuring compliance with legal and regulatory requirements, SimplyMerit helps companies avoid costly legal challenges.

Revenue Intelligence: Leverage revenue insights from marketing sources to improve forecasting accuracy and sales pipeline management.
Real-Time Performance Dashboards: Create reports and dashboards for monitoring KPIs and staying consistent with business goals and objectives. Explore data patterns using augmented intelligence and get access to hidden insights and opportunities.
Territory and Quota Planning: Assign and manage territory assignments and quota targets based on accounts, products, location or other attributes to minimize coverage gaps.
Symon.ai: Enhance sales performance management with AI using symon.ai. Eliminate the need for data scientists by implementing flexible machine learning.
Integrations: Integrate with other solutions to centralize data and align business processes. Connect to systems like CRM, HRIS, BI and more. Extract, transform and load data from other enterprise solutions using the Data Import Wizard. Save time and eliminate data entry errors by scheduling and automating data imports from external systems.
Compensation Administration: Optimize incentive payout plans aligned with corporate strategies and objectives to motivate the sales team.
Augmented Intelligence: Leverage artificial intelligence and natural language processing to automate responses to salesperson questions. Guide salespeople to their plan agreements and avoid confusion. Check the model regularly to prevent inaccurate compensation for specific sales transactions.

Compensation Management: Guide managers through every aspect of the compensation management cycle, from configuring and establishing budgets to final approvals. Manage and oversee salaries, bonuses, merit increases, pools, promotions and other payment types. Prorate plans for employees hired mid-year. HR administrators can set and change guidelines to best suit the needs of the business.
Analytics: Leverage built-in analytics tools to identify biases, disparities, outliers and trends in payment.
Multiple Currencies: Calculate conversion rates and manage reward allocations in multiple currencies.
Information Templates: Speed up implementation and upload all necessary compensation information into the system with premade templates.
Report Generation: Automatically generate total reward statements and other reports for each employee.
Alerts: Set alerts and reminders to notify managers of upcoming approval and request deadlines.
Automated Communication: Automatically email individual reward statements and adjustment letters to employees. All managers or administrators can view every update or comment throughout the system, so long as their position in the hierarchy exceeds that of the author. Instantly notify impacted managers of each request approval, change or rejection.
Real-time Data: Provide managers with up-to-the-minute data to help them make informed decisions. Payments and award allocations are instantly updated to reflect how much of the allotted budget remains.
Security: Set permissions to ensure only approved users can see, change or upload data. Track every change made to each compensation process and timeline.

Product Ranking

#43

among all
Compensation Management Software

#78

among all
Compensation Management Software

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Analyst Rating Summary

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User Sentiment Summary

89%

of users recommend this product

Varicent has a 'great' User Satisfaction Rating of 89% when considering 276 user reviews from 3 recognized software review sites.

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4.5 (120)

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4.5 (64)

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4.4 (92)

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Synopsis of User Ratings and Reviews

Flexible and Customizable: Users appreciate that Varicent can be tailored to their organization's specific compensation processes, such as bonus calculations or merit increases.

User-Friendly Interface: Many users find the system easy to navigate and use, even for those who are not tech-savvy.

Improved Efficiency: Varicent automates many compensation-related tasks, which saves time and reduces errors.

Data Insights: The platform provides robust reporting and analytics features that help organizations make informed compensation decisions.

Easy to use: Intuitive interface and simple workflows save time and effort.

Fairer compensation: Data-driven insights help ensure pay is fair and unbiased.

Engaged employees: Recognition and rewards programs motivate and improve morale.

Time-saving automation: Streamlined processes free up time for HR and managers.

Improved decision-making: Data-backed insights help make informed decisions about talent.

Difficult to Use: Users have reported that Varicent can be difficult to use, especially for those who are not familiar with compensation management software. Some have found the interface to be clunky and unintuitive.

Limited Reporting Capabilities: Some users have expressed frustration with Varicent's reporting capabilities, finding them to be limited and inflexible. They've noted difficulty in creating custom reports or extracting specific data points.

Poor Customer Support: Several users have reported issues with Varicent's customer support. They've described slow response times and a lack of helpfulness in resolving technical issues.

Limited reports: Lacks advanced reporting features for deeper insights.

Scalability concerns: May not handle large organizations efficiently.

Occasional bugs: Users encounter glitches and bugs sometimes.

Missing features: Certain desired functionalities are absent.

Limited customization: Less flexibility to tailor the platform to specific needs.

Is Varicent a variable you should consider for your compensation management needs? Recent user reviews suggest that while Varicent offers a comprehensive suite of features, it may not be the perfect fit for every organization. Users praise its robust customization options, allowing for tailoring to specific organizational needs, which is particularly beneficial for companies with complex compensation structures. However, some users find the interface less intuitive than competitors like Lattice, requiring more time for training and adoption. A key differentiator is Varicent's focus on sales performance management, with features like "clawback" calculations and pipeline-based earning projections, making it ideal for businesses with sales-driven compensation models. Ultimately, Varicent is best suited for larger enterprises with intricate compensation plans, particularly those heavily reliant on sales performance. Its strength lies in its ability to handle complex calculations and provide granular insights into sales compensation. However, organizations prioritizing user-friendliness and a more streamlined interface might find other solutions more appealing.

SimplyMerit is generally praised for its user-friendly interface, data-driven approach to compensation, and time-saving capabilities. Users report that it is easier to use and improves fairness and transparency in compensation compared to other platforms like Workday or Cornerstone OnDemand. Additionally, the automated workflows free up HR professionals' time, allowing them to focus on more strategic tasks. However, some users point out that reports lack depth and customization options are limited compared to competitors. Additionally, concerns around scalability and the occasional bug are mentioned. Overall, SimplyMerit seems to offer a strong value proposition for smaller companies or those seeking a simple and efficient compensation solution. However, companies with complex needs or large employee populations might find its limitations frustrating.

Screenshots

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FAQ

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