NEW YORK, Sept. 30, 2020 /PRNewswire/ — ChartHop, the world’s first organizational management platform built to help companies plan for the future, announced today new compensation planning features to help businesses design more fair, secure and streamlined compensation reviews for employees. After beta testing with customers for months, the compensation planning features are generally available now to help organizations centralize data and automate information distribution across the organization, define smart eligibility rules and budgets, streamline approval workflows, and identify inequalities before they go into effect.
“Compensation planning has always been a grueling and tedious process. HR spends weeks stringing together spreadsheets that are then shared with managers, and managers would propose compensation changes that weren’t always backed by data. It’s a process that’s historically been susceptible to biases and security risks,” said Ian White, founder, CEO and CTO of ChartHop. “ChartHop’s compensation planning features help rid the anxiety and inaccuracies usually dealt with during this time by replacing traditional processes with speed, clarity, automation – and, most importantly – a holistic understanding of how these proposed changes will affect your organization at large.”
ChartHop makes the burdensome compensation review process a thing of the past by automating manual tasks and implementing access control solutions so sensitive employee data doesn’t fall into the wrong hands. With ChartHop, managers can make data-driven compensation recommendations and ensure proposals are approved with the right context, significantly streamlining the process. ChartHop’s new tool also empowers HR leaders to champion workforce equality by ensuring all employees are paid fairly, biased raises don’t introduce inequalities, and compensation decisions are in sync with performance reviews. The latest compensation planning features include:
- Centralizing the data needed for context: ChartHop centralizes all of an organization’s people data through seamless integrations This data includes everything from performance reviews to historical job and compensation history.
- Automating data distribution across the organization: ChartHop automatically creates and distributes each manager’s compensation review, reducing hours upon hours of manual labor. Through robust access controls, ChartHop keeps employee data safe and ensures managers have access only to the information they need.
- Smart flags and eligibility rules: Using centralized data, businesses can easily define eligibility rules that ensure a fair and meaningful compensation review process. Criteria such as start date, recent raise dates, performance review scores or employment status can determine whether or not a specific reviewee is eligible for a raise. ChartHop also creates calculated fields for thresholds, which will provide guidelines for recommendation, flag if someone is proposing a change above a threshold, and provide calculations to help managers understand their recommendations.
- Setting budget pools: Organizations can set budgets for a compensation review, compare it to the overall budget, and distribute the salary pool across different leaders and business units.
- Streamlining approval workflows: Managers can discuss and approve changes all within the platform, ensuring everyone is on the same page. ChartHop also automatically identifies back-up reviewers if someone is unavailable. As proposals are approved, the scenarios are automatically consolidated up the chain of command.
- Building dashboards to show the impact of changes: Each manager can visualize how their proposed changes affect their various organizational metrics. As scenarios are rolled up, ChartHop allows leaders to visualize the broader impact of compensation changes across the organization.
- Custom flags to identify inequalities: Companies can build flags that point out inappropriate consequences of compensation decisions before they go into effect. For example, companies can be alerted if the majority of raises were given to white male employees or if an employee’s salary is below market rate.
Compensation planning is difficult on any scale, but for a company like Peloton, which has more than 3,600 global employees, this process can be extremely challenging.
“Before ChartHop, our compensation planning would have been completely manual using spreadsheets,” said Ray Anderson, Senior Director, People Systems & Analytics at Peloton. “Using ChartHop, we completed our global compensation review in just three weeks, all while in the midst of a major product launch. This was the first time we were able to provide a secure, standardized, and integrated tool for managers and leaders to plan and view their team members’ information in aggregate.”
ChartHop is dedicated to helping businesses create inclusive and equitable workplaces. In August, the company also announced its Diversity, Equality and Inclusion offering, which helps companies build a strong foundation rooted in equality by visualizing team composition, compensation, new hires, performance reviews, and more, across any dimension, such as gender, race/ethnicity, veteran status, sexual orientation. ChartHop’s compensation planning features are part of ChartHop Scale and ChartHop Enterprise. For more details, please visit www.charthop.com/compensation/.