Once you have structured your salary bands and mapped your employees, the final step of the setup process is the Benchmark. This step involves matching your company levels to the corresponding levels in Figures' framework and choosing the basis for band calculations. These configurations enable us to initialize your salary bands using the most appropriate market data.
Match Your Levels to Figures' Levels
To ensure that your company levels align with those in the Figures' leveling framework, you need to match each level. Here's how to go about it:
On your screen, you will find a sidebar containing the levels that you've defined during the Structure step.
Each of these levels includes a drop-down menu, allowing you to select the corresponding level from Figures' leveling framework.
Go through each level and choose the appropriate Figures' level from the drop-down menu. This process ensures that your company levels are accurately represented in the Figures framework.
Figures pre-fills these drop-down menus based on your current employee mapping in Figures. However, you should review these matches and adjust them if necessary to best fit your organization's structure.
Choose Your Bands Calculation Basis
The next step is choosing the calculation basis for your salary bands. This choice will determine whether the bands are initialized according to the market data for On Target Earnings (OTE) or Base Salary. Select the option that best reflects your company's compensation structure.
Import External Market Data (Optional)
Figures also gives you the option to import External Market Data to further customize your salary bands. As this step is optional and might need more detailed instructions, we've covered it in another article.
With these steps, you've successfully completed the Benchmark setup for your salary bands. Your salary bands can now be generated based on the structure and benchmarks you've defined. After generation, you'll have the opportunity to fine-tune them according to your organization's specific needs. Now, you're ready to leverage Figures to deploy a data-informed, equitable, and efficient compensation structure throughout your organization!