This article provides an overview of the comp review process in Workleap Compensation, from initial setup to completion. See how to prepare your data, the three main phases of a compensation review, and the key actions involved in each phase.
Prepare your data
Before creating a compensation review, be sure to update any HRIS data that relates to the review.
Examples of things to check include:
Employee information (emails, job titles, new employees, etc.)
Team structures.
Hire dates.
Compensation review phases
Setting up and running a compensation review is split into three main phases.
Phase 1: Comp review configuration
In phase 1, an Executive creates a framework for the compensation review.
It includes setting up the following:
Comp review components (e.g., currency, key dates, etc.).
Budgets.
Guidelines matrix.
Approval chains.
Performance ratings (optional).
Comp letter templates (optional).
For more info. on comp review configuration, see our guide here.
Phase 2: Comp review training
Phase 2 centers on sharing training resources with Direct Managers to ensure they understand their role in the comp review.
Training resources include:
Our help center articles.
Video tutorials (ask your Customer Success Manager for details).
Phase 3: Launch to completion
The final phase covers everything that happens from the time an Executive launches a comp review to the date that any pay changes from the review take effect.
Actions include:
Tracking comp review progress.
Sending reminders to pending reviewers or approvers.
Adjusting configurations (if applicable).
Generating and distributing compensation letters.
Tip: For additional help or resources during your compensation review, ask your Customer Success Manager or use the widget in the corner of the screen to ask for personalized assistance.