Effectively managing promotions is a key aspect of any compensation review. Our Promotion page provides a structured approach to identify and manage promoted employees, ensuring a seamless integration into your overall compensation strategy.
Managing Promotion Budgets
Our system accommodates different approaches to budgeting for promotions:
Inclusion in Overall Budget: If promotions are part of your overall compensation budget, keep the 'Promotion Budget' checkbox unchecked. This integrates promotion expenses into your general budget tracking.
Dedicated Promotion Budget: For a separate promotion budget:
Check the 'Promotion Budget' checkbox.
Enter the total budget amount allocated specifically for promotions.
This flexibility allows you to align the promotion budget management with your company's specific financial processes.
Setting Default Increase Recommendations
To ensure consistency in compensation adjustments for promotions, you can establish a default increase recommendation by inputting the desired standard percentage increase that should accompany any promotion.
Identifying Promoted Employees
Selecting employees for promotion during a review cycle is straightforward:
To mark an employee as promoted, check the box next to their name.
Click on 'Add Promotion' to confirm their promotion status.
This process helps in clearly identifying those who are moving up in your organization, ensuring they are appropriately recognized and compensated in the review cycle.
Adjusting Salary Bands for Promoted Employees
If your organization uses salary bands, it's important to update the band for promoted employees:
After selecting an employee for promotion, choose the 'Edit' option.
In the editing window, select the new salary range or band from the dropdown menu.
Confirm the selection to update the employee’s salary band.
This step is crucial for maintaining internal pay equity and alignment with market standards. It allows you to monitor the positioning of employees within their new salary bands, ensuring their compensation reflects their new role and responsibilities.