Q4 2024 OpenComp Release
OpenComp's Q4 2024 Release focused on providing more flexibility for customers to extend the use of our market-leading compensation management solution beyond the structure of our native job architecture. Future product investments will build on this theme and include greater facility in onboarding 3rd party market data, i.e., Bring Your Own Data.
Below are the 5 key product features included in OpenComp's Fall 2024 Release.
Variable Pay Periods for Cycles & Employee Views
To support a growing number of customers whose employees' pay is based on a time-frame other than annual compensation, we introduced variable pay periods. The variable pay periods are:
Annual Pay
Monthly Pay
Hourly Pay
Variable Pay Periods in Cycles
In OpenComp's Cycle Product, Cycle Budget Owners can now make comp recommendations based on employee's pay time-period. The video below describes this new feature.
Custom Fields for Cycles
In Cycles, to provide customers with more control over the budgets from which people managers can make pay recommendations, OpenComp has released Budget Pools. To learn how to use Budget Pools in your next Cycle, watch the video below.
Compare to Range by Total Cash or Base Pay
By default, an employees' job area, and by extension, their job role, is what OpenComp uses to determine if Base Salary or Total Case is the value that's displayed on an employee's salary range band.
As part of OpenComp's Fall release, customers who import their ranges can now specify if they want Base Salary or Total Cash as the value represented on employees' salary range band.
Customers adjust this setting in a number of different places throughout the app. They include the "Employee Shelf, the Employee Detail Page or the Benchmarking UI. Customers can also download their employee census from the Market tab and make the edit in their spreadsheet.
The following displays the variety of ways to accomplish this.
Equity Expressed as Cash (in addition to Shares)
In addition to modeling equity in terms of share count and percent ownership, now you can view equity as a cash value on OpenComp. You can also enter your cycle equity budgets and grants in terms of the equivalent cash value as well.
Range Manager
Range Manager solution is the capstone to our Fall 2024 release. It allows customers the ability to edit specific salary bands that you create using OpenComp's Range Builder within our scenario settings.
Range Manager provides a list of all of the bands for which you have employees in your organization. There are a number of columns that you can configure to include in your view of range manager.
We built Range Manager first & foremost, because customers asked for it. Specifically, it's designed to give you a view of all the individual salary bands that you created using our Range Builder.
It also also you to make fine-tune adjustments to specific bands. By selecting the edit ranges button, you can see the number of fields that are editable for the range.
The best way to familiarize yourself Range Manager is to interact with it yourself. It's a very powerful feature that gives more visibility and control over your ranges.
To access Range Manager, click the Ranges tab and then click Range Management as is depicted in to the screenshot below.
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