April 2021 Product. Updates: Comp Review Letters

Informing employees on salary changes follows a typical story, and mail merge is both the protagonist and the villain.

You spend hours manually creating a spreadsheet with all your employees’ basic information and relevant compensation variables (i.e. base comp, salary change, and new salary).

Then you create a template that inputs the variables from your spreadsheet. When your forms are complete you send them off to (hopefully) the right people.

Disaster strikes and you realize you’ve sent salary updates to the wrong people. Now that employee has a legally binding document with the wrong information.

While this process is popular, it’s time-consuming and incredibly prone to human error. Avoid the headache - and legal woes - by using ChartHop next time you need to send a Compensation Review Letter.

Automatically sync comp data

ChartHop integrates with your payroll and benefits data daily, so you’re always working from the most up-to-date information in the platform.

When your performance review cycle is coming to a close and you're ready to make comp changes, your managers and People leaders can go directly into ChartHop to propose raises and bonuses.

ChartHop's compensation planning tools gives you an easy way and data-driven way to make compensation changes.

With ChartHop you can see how those changes impact org-wide budget - in real time.

Align employees on salary changes

Once your executive team has approved proposed changes, managers are ready to meet with their employees to notify them of anticipated changes to base pay, bonus, and/or equity.

Compensation Review Letters reinforce those meetings and officially document your employees’ stellar performance with pay that reflects their great work. Letters can include important information like when the changes will take effect, and any impact on benefits.

Once comp changes are finalized, they can also appear directly on each employee’s ChartHop profile.

Referencing employee achievements can boost employee engagement - and when tied to OKRs or other key metrics - can highlight specific actions that moved the business towards its goals.

This not only aligns employees with salary changes, but also on expectations for raises, promotions, and professional growth.

Customize the template to your org’s brand and needs

With ChartHop, you can customize templates to your brand and any information you think is important to surface. For example, we see customers include information like

• Historical data on base pay, bonuses, equity, and benefits
• Key findings from performance reviews and self-assessments
• Company philosophy on pay increases
• And more...

Export your comp letters securely and with confidence

With ChartHop’s compensation letter templates, you can ensure that your comp updates are always going to the right person.

When you export letters from ChartHop, you can even filter by department, demographic information, and other key factors. This is useful if your changes are specific to departments, teams, or projects.

Compensating your employees in a way that is fair and equitable, and acknowledges their hard work helps you retain your team’s top performers.

And now customers have an easier way to do that! We’re so excited to save you hours of time and headaches during your next Compensation Review cycle.

Reach out to support@charthop.com or your dedicated Customer Success Manager with any questions.