Heads of Human Resources and their finance partners invest a lot in crafting world-class compensation programs.
But sometimes, even the best plans fall flat because people leaders and recruiters lack the information and insights they need to apply your plans in the field. Enter intelligent comp tools.
OpenComp’s Activation Hub empowers you to lead the charge to something OpenComp calls compensation clarity by seamlessly communicating your compensation plan to the people that you rely on to activate it. Our comp tools ensure that the information is shared correctly, within policy, and efficiently, while also feeding data and insights back to you, the HR leader.
In this blog, you’ll learn how Activation Hub replaces clunky and error-prone analog processes with smarter comp tools that your whole team will love, covering everything from offer creation, to merit cycle planning.
OpenComp Intelligent Offers: Close more top candidates faster with better offers, backed by comp data.
OpenComp Intelligent Offers enables you to close candidates easier and faster with compensation data and insights at the point of every decision.
Instead of digging through audit trails, coordinating approvals via email and messengers, and relying on questionable comp data to get offers out the door, Intelligent Offers optimizes your offers for acceptance with built-in predictive intelligence. When your recruiters are ready to prepare an offer, Intelligent Offers surfaces historical offers that have been accepted and rejected and displays them for direct comparison. With all the relevant comp data you could need right at your team’s fingertips, you can ensure they’re focused on making better decisions instead of searching for insights.
Making better offers also means making offers that are within policy. Whether you use OpenComp Range Builder to create professional-grade pay bands for your entire organization, or benchmark compensation to industry-leading comp data in Market Pulse, your organization’s policies will be surfaced at the point of every decision in the offer process. Integrations with Range Builder and Benchmarking put your compensation policies in the hands of the teams who bring them to life, so you can say goodbye to off-policy and out-of-range offers.
Collaborative workflows and automated approval chains also get your offer into candidates’ hands faster than ever, with critical comp data delivered at the point of each hiring decision, so every stakeholder has access to the same insights while they evaluate a candidate. Intelligent Offers’ fully digitized workflow begins in Approval Stream, where your recruiter or hiring manager can set up a chain of approvers to greenlight an offer. As an offer is viewed and approved, the next request for approval is automatically sent. Instead of managing multiple email chains or messages, your recruiter or hiring manager can simply set-and-forget approvals in a few minutes, and keep their focus on closing top candidates.
Finally, when you’re ready to send your offer, one click generates an Intelligent Offer Letter. This auto-generated offer letter contains all offer information, including the science behind the offer’s creation, and what it means to be OpenComp Verified. Interactive equity valuation calculators help candidates understand the future upside potential of their offer, and editable text and customizable branding let you bring a personal touch to their offer.
Companies that use OpenComp increase offer acceptance to 83%, 17% above industry average!
OpenComp Compensation Cycles: Coming 2023.
Coming soon in Activation Hub is OpenComp Compensation Cycles. Consisting of two tools, Merit Cycles and Intelligent Adjustments, OpenComp Compensation Cycles aids your team in making employee-retaining compensation adjustments year-round.
OpenComp’s Merit Cycles and Intelligent Adjustments tools ensure any changes to employee comp are delivered quickly, within budget, and fully approved, whether they’re proposed in-cycle, or throughout the year. And no matter when you make your adjustment, OpenComp Compensation Cycles stores an employee’s entire compensation history, so you spend less time in reviews, act fast to solve comp questions, and never worry about losing comp data.
OpenComp Compensation Cycles surfaces critical insights, facilitates easy collaboration, and smooths workflows, so you can confidently deliver adjustments that retain your team, while also staying on budget. That's what you should be able to expect from comp tools.
OpenComp Activation Hub
Incredibly insightful yet easy to use, the comp tools inside Activation Hub unleash the investment you’ve placed in your compensation programs into the field, clearly guiding every compensation decision with consumer-grade insights and tools. With Activation Hub, you can lead the charge to compensation clarity by replacing clunky and error-prone analog processes with intelligent tools that deliver your planning directly to the people you rely on to activate it.