To use the Compensation module effectively, you will need to import some additional information to the platform such as the currency you want to use and the salary and bonus information of your employees. Only those with admin rights in Leapsome (Super-admin, Admin roles, and the Compensation module Admin) can view this information in the platform. It will not be visible to normal users.
Adding a currency
In the 'Settings' > 'Company' > 'Basic settings' > tab and under the section 'Timezone, language and primary currency', you can add a company currency, which is important to update when using the Compensation module. You can choose between 24 different currencies. However, this cannot be customized by location. The currency is set up at the company level which means you can only choose one universal currency and this can only be updated by the super-admin. We are working on making the currency customizable based on location in future product updates.
Who can access the Compensation module?
Currently, the compensation module is only available for selected module admins and managers. Normal users will have no active role in a Compensation cycle, so the module is not available for normal users. In 'Settings' > 'Module & feature settings' > ' Compensation', you can select whether all or only specific managers can access the module. You can include or exclude managers individually, by location, or by team.
Please note: If you choose to include managers by a team, all managers that belong to that team will be included.
In this section, you can also select a module admin. Read more about the access rights of this role here.
Customization settings
There are two key customization settings that you can choose to include if they apply to your organization. Firstly, just like in the Reviews and Goals module, you can enable cascading access to compensation cycle results, meaning that managers will have access to results that include their direct and indirect reports.
You can enable access to the compensation module to HRBPs, allowing them to view the compensation cycle results of the employees or team they are responsible for.
Compensation proposal approval settings
You can select what the approval flow will look like for the Compensation proposals by navigating to 'Settings' > 'Automations' > 'Approvals'. You can choose the following:
- The name of the Compensation cycle approval flow
- Ensure the process 'Compensation proposal' is selected
- Relevant employees (choose for which employees this approval flow will be applied)
- You can additionally enable the setting 'Enable implicit approval'. If enabled, any steps in the approval flow that can be approved by the person requesting the approval, will be automatically approved. You can also enable the setting 'Applies to admins.' If enabled, the approval flow will be applied to module and platform admins as well - they will need approval for their own actions.
- Lastly, define the approval steps. The approver's can be: specific person(s), manager, manager's manager, HRBP, team member or admin).