If you’ve ever had to create comp planning spreadsheets, you likely still have nightmares about it. Did I send the right spreadsheet to the right manager? Did I give anyone access to information they shouldn’t have? Did I forget to make that new manager their own copy?
The process of compiling and distributing data for comp reviews is fundamentally broken - it’s time consuming, it’s manual and it’s littered with opportunities for small mistakes that can make a big impact.
Unfortunately, the process doesn’t get any better from here. Whether you have a top-down approach with executives defining compensation changes without much context or a bottom-up approach that gives managers all of the power, both options are prone to biases. These biases tend to disproportionately affect women and people of color, resulting in massive pay and equity gaps.
We’ve built ChartHop’s new Compensation Planning to change this all.
Empowering managers with data and defined budgets
ChartHop centralizes all of your people data - from salary and equity compensation data to employee demographic and performance data. This information can be synced directly from your existing HR tech stack so it is always kept up to date. This alone provides huge value - as HR spends countless hours downloading CSVs from various platforms and consolidating them all into one main spreadsheet.
But it's really in the data distribution that ChartHop shines. Due to our robust access controls, we're able to take all of that information and create a personalized scenario for each manager - in minutes. What used to be weeks and weeks of work turns into a couple of clicks. This is all done in the most secure way possible so you can always be sure that no one will see data they shouldn't have access to.
Through this process, you can also set dynamic budget pool so managers know up-front what they have to work with.
Reducing bias through smart guides and benchmarks
All of the data in ChartHop makes it possible to provide managers with smart guides and benchmarks. Leaders can define what criteria makes someone eligible for a raise (i.e. their start date was over three months ago) and create smart guides (i.e. if performance review = 3 then only provide 2% increase). Everything you can do in Excel you do within ChartHop - and not worry about anyone breaking your formulas.
Additionally - ChartHop provides real-time feedback as managers are proposing their changes, and will automatically flag whether they're within the recommended range. If not, managers can input notes on the justification for their changes. We are excited for these capabilities to help mitigate the biases that arise from compensations changes driven solely by manager discretion.
Streamlining approvals and plan consolidation
Once managers submit their proposals, their managers are able to approve or make any changes, directly within the platform. This ensures every proposal is reviewed with intentionality.
As plans are finalized, they are automatically consolidated and moved up the chain of command. This workflow creates transparency across the organization and ensures everyone is on the same page - without the manual work.
Identifying inequalities before they go into effect
We believe data has the power to change behavior - and that empowering leaders with the right data at the right time can make all of the difference. With Compensation Reviews managers can immediately see how the changes they're proposing perpetuate (or fix!) pay gaps - before the changes actually go into effect.
This can (and should) be done at every stage of the review to ensure the changes proposed are equitable across gender, race/ethnicity, tenure, etc. We're hopeful that having this data will empower managers to continue closing the pay gap and make better, unbiased decisions.
Not knowing can no longer be an excuse.
It's time to burn those comp planning spreadsheets.
We're so excited to streamline your compensation review processes with this new offering. This will have huge impact across your organization - to enable data-informed decision-making and reduce opportunities for bias across the system.
To see it in action, get a live demo now!