Leapsome’s Compensation module allows you to create streamlined processes and enable managers to make fair, transparent, and consistent decisions when it comes to compensation and promotion management. Currently, this module is only available for Super-admins, and those assigned as Compensation module Admins. You can choose to include HRBP's or managers in roles within a cycle. Here is our article on how to assign an Admin role. We will work on including employees in future product updates.
This article will provide a summary of how the module works along with some relevant resources for best practices for using the module.
Why Compensation?
This new module will help you build trust among employees with streamlined compensation and promotion processes. Leapsome can now automate these workflows to save you time, and adopting consistent career progression processes can positively impact employee retention. Additionally, Compensation can enable managers and support them to make data-informed compensation and promotion decisions.
Key features
Some key Features of this module include:
- Conducting compensation, bonus, and/or promotion reviews
- Creating reusable templates and building flexible workflows tailored to your needs
- Setting up custom rules and generating smart recommendations
- Receive automated notifications and reminders on open tasks
- Access dashboards with real-time status and analyze outcomes
- Approve proposals collaboratively
First steps to set up the Compensation
To get started using the Compensation module you'll first want to take these steps:
- Set up the currency you will use in 'Settings'
- Enable the Compensation module for all or some managers
- Select a module Admin to help with managing the module
- Import user salary and bonus information into Leapsome