If you’re close to the compensation or headcount planning processes, you know that generally speaking the more information you have, the better. Which is why we’re excited to announce a number of enhancements to compensation and org planning this month. Read on for the full details about more robust compensation and data reviews, and our new approval workflows. These product improvements directly address what we’ve been hearing from our customers and build towards a more seamless and data rich product experience.
Getting compensation right is more critical today than ever before. That’s why we are continuously making enhancements to help you capture and report on compensation data and administer flawless comp review cycles. This month we’ve added some significant new features to support your compensation planning, including:
We’ve expanded our supported equity types to include those outside of standard vesting schedules. This means that event-driven grants like performance shares — which vest based on company milestones or individual achievements — are now supported. You can now differentiate between grant-type with easy-to-use labels and rest assured that equity totals over time are more accurate (as they will only include shares with vesting schedules).
You can now more accurately measure or forecast an employee’s compensation over a specified period of time. For extremely precise compensation planning and reporting, you can include any raises, compensation changes, or internal moves and transfers that use daily rather than monthly proration. The cost function filters that enable more precise compensation planning include:
Preview and Test is a powerful new tool that lets you test your Compensation Reviews setup before releasing it to your org. You can now test all of the calculations and go through the approval submission in a full temporary version of your cycle. Whether you’re working on initial configuration and testing or you’ve paused your cycle to make an important update, the new Preview and Test functionality will enable you to do so without leaving your configuration screens.
With Preview and Test, you can:
These updates to compensation data and reviews enable finance leaders to get more granular and precise when it comes to compensation planning. Having the confidence that compensation plans are accurate and complete helps communicate total comp to employees more transparently, which fosters a more equitable environment for everyone.
While you’ve always been able to collaborate and share headcount plans directly in ChartHop, we’ve made it easier than ever for managers to submit headcount scenarios for approval by designing a configurable approval workflow that is unique to the way your org works. And with this update, HR, Finance, and other executives also gain deeper visibility into the impact of the changes they are approving across the org. Whether part of an annual cycle, a restructure, promotion, or backfill request, our new configurable approval workflows empower leaders across your org in various ways.
Once plans are approved, your teams can take action without delay. Talent Acquisition teams can initiate hiring by automating approved headcount flows directly into your ATS to open reqs, and Finance teams can continue planning with an automated integration to Workday Adaptive Planning.
With the new Approval Workflows feature, People teams can now easily design and implement an approval process that is unique to your org structure. Team leaders can better collaborate with other leaders or HR and Finance partners to ensure alignment on plans, submit for approval, and then track each stage of the workflow. Additionally, HR and Finance leaders now have more visibility into headcount plans and approval requests in one place, with insight into the impact and cost of proposed headcount changes.
ChartHop customers can check out our support documentation to access more details on these features and other recent releases, or contact your Customer Success Manager.
If you’re not a customer and would like to learn more, please request a demo tailored to your organization.
Sign up for a free demo today.