My name is Toyin and I'm a Finance Systems & Operations Manager at Vena. As a member of the Finance team, we are always looking for unique ways to use our very own product.
I'm excited to present you with my #12DaysofVena gift - a first look at our compensation review process which is used internally.
This process is a direct add-on to the workforce planning implementation.
On an annual basis, minimum, companies go through a compensation review process in which leaders, management, executive leadership, and HR review the salaries of each employee and request a merit increase or employee stock option based on performance and other factors. There are (2) offline templates attached, the CRP Input Template and the CRP Controls template.
CRP Template: This template is used to perform the compensation review process. It holds 4 different tabs (instructions, summary, input, compensation bands).
For a simple organization, the choose box can be set to restrict employees (i.e., at the department level or by the entity) along with task bindings and data permissions.
Instructions: Simply outline the instructions in which you want your contributors to follow when going through the process.
Summary: Enables users to review an increase summary (merit increase, promotion increase) along with a detailed headcount summary. This will alternate based on what is inputted in the input tab.
Input tab: Enables users to save the salary increases, promotions or ESOP grants at an employee level. All the information in white is coming from the cube or is formula driven. Users will input only into cells that are highlighted in blue.
- Merit Increase Target [Merit Increase Check Section]
- Within the template, the manager will have the ability to restrict the merit increase percentage used.
- In this example, the merit target rate is an aggregate of 3.5% for all employees that are not receiving a promotional increase.
- A hard rule can be added into the template to stop users from saving beyond this target rate.
- The manager override field [Column AC] is hidden using #hidecolumn. This allows managers to deactivate flags and include an override for merit greater than the approved rate (i.e. 3.5%).
Compensation Bands: Compensation bands can be featured on this tab to guide users on the market pay bands (minimum, mid point and maximum) per country/subsidiary.
CRP Controls [Advanced]: This template is used to organize the employee groupings which drive the main CRP template. This employee level approach is helpful if an organization wants to have a multi-level review that is much more granular than simply a department level review, for example.
For the purposes of this post, the compensation review process is as follows:
- Employee Manager [Optional]
- Department Leader (i.e. FP&A)
- Business Unit Leader (i.e. Finance)
- HR Leader
For each employee, you would use the drop-down to select each level of review (driven from the members in the modeler).
Once you click save data, this would trigger an ETL to attach attributes to each employee and save these details down to an intersection in the cube.
These attributes would then be used to restrict the employees that roll-up based on the choose box within the main CRP template.
These templates are intended to provide inspiration on how you can expand your vena offerings. The information used in these templates (employee IDs, employee names, merit increase %, departments, etc.) are not factual and were used to assist in visualizing how the template would function within Vena.
How does your company currently perform their compensation review process? Would you be interested in bringing the process into Vena?
Enjoy your holidays!
Vena Solutions Inc.