24min

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. Or you may start hiring employees in different regions and need to add a multiplier to ensure fairness and accuracy for your salary ranges across the company.

If you need to add, delete or rename individual bands, you can do so by downloading your current bands in spreadsheet form. You 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.

Updating bands with a spreadsheet

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.
    • 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 using the steps above.
  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.
  13. Select Save.

Changing names of your org structure groupings

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.

You can only rename existing levels. If you want to create additional levels, you'll need to make that change with a spreadsheet upload.

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 drop-down list or select -Other- and enter a custom name.
  4. Select Save Settings.

Enable currency rounding

You can set the display of monetary amounts to round when displayed. This provides a smoother look for your graphics. When you enable rounding, it only affects the value that is displayed not the actual amount. The default is to round to the nearest unit of your currency.

To enable rounding:

  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 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.
  4. Select Save Settings.

Update hourly wage amounts

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 anualized 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.







Updated 27 Jun 2022
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