Merit Cycles Set-Up

This details the Set-Up process for Cycles within an organization.

Merit Cycle Set Up

Conducting a Merit Cycle within an organization is a multi-step and multi-party process. It starts with an HR or People Operations leader configuring the Cycle within OpenComp. This process involves

• defining the Cycle's parameters, i.e., Start, End & Effective Date,

• selecting the eligible employees,

• setting a budget,

• designating a Budget Owner, i.e., the individual that will propose the comp changes, and

• specifying the approval flow for the cycle

Below is a step-by-step guide on the Merit Cycle Set-Up Process.

1. To begin, click Cycles on the top Nav and then click Get Started

2. Specify the type of cycle, its name and the relevant dates.

3. Designate the compensation components included the cycle and the eligible employees.

4. Specify the budget for the cycle

5. Option Enable Cash Raise Recommendations

6. Cash Raise Recommendations are presented in a grid of salary quartiles and performance scores (if provided). Typically, employees at the lower quartiles, i.e., <min or Q1 that also have high performance scores would receive larger % increases. Individuals with low performance scores at the higher quartiles likely would receive lower or no raises. The cells in the grid are editable if the cell color is white. If the cell color is grey, it's there are no underlying employees in those quartile / performance score intersections.

7. Specify additional configurations

8. Designated budget owners for employees' merit cycle review

9. Enter a budget amount for the budget owner.

10. Define the approval flow for the cycle.

11. Send the Cycle's Assignment notice. Budget owners will receive an email informing them of their participation in a cycle on the date the cycle commences.