Updating compensation bands

You can update your compensation bands as your organization changes. For example, you may need to add a compensation band for a new function brought into the organization. 

If you need to add, delete, or rename individual bands, you can do so by downloading your current bands in spreadsheet form. You can then make any changes and re-upload the spreadsheet to import the changes.

You can make global changes by renaming org levels, setting currency rounding, or changing multipliers by editing global settings.

To delete or add new compensation bands, you can download, edit, and re-upload a spreadsheet. This is helpful when making significant changes to particular bands.

To update your bands with a spreadsheet:

You can set rounding rules for each specific currency so that monetary amounts are easier to read in tables and graphs. When you enable currency rounding, it only affects the value that is displayed, not the actual amount.

To enable rounding for a currency:

You can change the amount calculated for hourly wages by updating the number of hours and weeks worked during your work year. For example, if you move from a 40-hour work week to a 30-hour work week, you can update that value and your annualized hourly wages update accordingly.

To update hourly wage amounts:

You can edit multipliers within ChartHop whenever you need to. For example, you may start hiring employees in different regions and may need to add a multiplier to ensure fairness and accuracy for your salary ranges across the company. Or, you may want to further organize multipliers by using additional categories based on specific geographic regions.

To edit multipliers:

You can use the trash can icon to delete a multiplier. To create further categories of multipliers (for example, multipliers for Europe-based locations), select Add category.