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:

1. From the left sidebar, select More and select Compensation bands.
2. Click Edit in the top right corner.
3. Click Import changes under the Import changes via spreadsheet section.
4. Click Download template with current data to view your current band information in spreadsheet format. The downloaded spreadsheet is pre-filled with your current band information.
5. Edit the spreadsheet you downloaded with any changes you wish to make. You can make the following types of changes:
   • Add a new band to the spreadsheet.
   • Delete an existing band by typing DELETE in the first column of the band. Deleting a band removes it from any previously mapped jobs.
   • Edit an existing band by changing any number of the columns associated with the band. The provided spreadsheet is pre-filled with your current band information. You may edit this spreadsheet directly to reflect changes to your bands.
6. When finished making changes, navigate back to the Import changes via spreadsheet section.
7. Select Browse to navigate to your updated spreadsheet to upload or drag it to the Upload Spreadsheet section.
8. Select Next Step.
9. Use the Tidy up your data page to review and correct any mistakes in your data.
10. Select Next step.
11. Select Save.
12. Choose a date when you want your bands to be effective. You must set the date in the future (for example, set it to the following day) so that the compensation bands do not overlap.
13. Select Save.

If your organization renames the levels of organizational groupings you use for compensation bands, you can update ChartHop to use the new names. For example, if you now refer to "divisions" as "cost centers" or some other name, you can update your compensation bands to reflect your new names.

To change the names of your structure levels:

1. From the left sidebar, select More and select Compensation bands.
2. Click Edit in the top right corner.
3. In the Job Groupings section, select the new name from the dropdown list or select Other - specify and enter a custom name. The options that display in the dropdown list are populated from your ChartHop organization configuration.
4. Select Save Settings.

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:

1. From the left sidebar, select More and select Compensation bands.
2. Click Edit in the top right corner.
3. In the Currency rounding section, select Add currency.
4. Use the Currency dropdown to select the currency for which you want to enable rounding. Only the currencies that are currently configured for your organization are available for selection. Learn more.
5. Enter the value to round to for the respective currency. For example, you can set the rounding to be to the nearest 1000 units of currency.
6. Select Save Settings.

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:

1. From the left sidebar, select More and select Compensation bands.
2. Click Edit in the top right corner.
3. In the Update hourly wage amounts section, update the value for either hours per week or weeks per year.
4. Select Save Settings.

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:

1. From the left sidebar, select More and select Compensation bands.
2. Select Edit in the top right corner.
3. Select the Multipliers tab.
4. Use the fields to edit the multiplier parameters. You can edit the following:
   • Label - Identifies the multiplier.
   • Multiplier percentage - Indicates the percentage applied as a multiplier.
   • Mapped fields - Indicates the fields to which the multiplier is mapped.
5. Select Apply Changes.

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.