Compensation bands

charthop allows you to establish and maintain salary bands for your organization having well defined compensation bands is the foundation that ensures you can retain your best talent, enable good hiring practices, and pay your employees fairly you have the flexibility to configure your compensation bands to fit your organization's needs this allows you to use charthop to match how your organization is currently tracking compensation you must have the owner role in order to set up compensation bands the following roles can view bands, but not edit them org editor, recruiter, sensitive data viewer, and compensation viewer compensation band information is divided into three aspects that you can define base, equity, and variable pay amounts structure (department/team/group) and location multipliers job level keep in mind that your organization may not use all of the components that charthop provides for compensation bands for example, your companies might not have hourly employees or include equity as a part of your band structure base, equity and variable pay you can configure base pay ranges for annual salaries and/or hourly wages by specifying the minimum and maximum values for the range or by specifying a midpoint with a percentage spread a target salary can be provided as guidance to recruiting or finance teams for new hires when it differs from the midpoint of the range equity is represented by a single target value instead of a range this value can be specified in shares, monetary amounts, or as a percentage of the actual base pay (not the band range) variable bonus is represented by a single target value instead of a range this value can be specified in monetary amounts or as a percentage of the actual base pay (not the band range) equity and variable components are optional for all bands organizational structure you can configure a hierarchical representation for your bands that matches your organization's structure this structure helps organize and filter your bands the grouping names you choose are meant to reflect the naming structure of your company for example, you could have a top tier grouping called technology which the software development and the information technology divisions are both organized underneath the example below further refines the structure by using career paths, such as ic (individual contributor) or manager, as the lowest level grouping setting up groupings is optional you can choose to skip this section during the wizard locations location multipliers allow you to reduce or increase a compensation band’s value based on an employee’s geographical location or cost of living to use location multipliers, you must currently be storing location information for your employees in charthop if you aren't storing location data in charthop, this band component isn't available to you job levels job levels are a way to map your compensation bands to a standard level of performance within your organization charthop allows you to use an industry standard either directly, indirectly, or not at all you can either directly adopt one of the industry standards, such as radford or option impact, create your own job levels and map them to an industry standard, or decide to use custom names and choose not to map them to industry standard names packages basic basic | | headcount planning headcount planning | compensation reviews compensation reviews | performance performance | engagement engagement | hris roles owner | org editor