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OpenComp Design Studio: Become a Compensation Champion Overnight

| Nov 14, 2022 6:30:00 AM | By

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Designing compensation plans with spreadsheets and siloed systems is tedious and risky. For compensation programs to be effective at driving better business outcomes, they must span your business holistically without oversight.

With OpenComp Design Studio, you’ll become a compensation champion overnight when you model and create professional-grade compensation programs with easy-to-use tools that work together to instantly optimize for competitiveness, equity, burn and dilution.

For the first time ever in one, fully integrated solution, you can:

  • Access tools to build pay bands
  • Create a location-based pay strategy
  • Design and measure your headcount plan
  • Evaluate your DEI metrics

In this blog you’ll learn about the four features of Design Studio that will turn you into your organization’s compensation champion.



OpenComp Range Builder: Professional-grade pay ranges in minutes, no consultant required.

Pay Ranges are the most important tool you can give your team, and they’re only becoming more important as states and localities rapidly pass new pay transparency legislation. But, until now, the construction of pay ranges often required months of work, help from external vendors, and costly analog analysis.

Built off of decades of compensation experience and the best market data available from OpenComp Market Pulse, OpenComp Range Builder allows you to create professional-grade pay ranges near instantly. In three guided steps, you balance cash vs. equity, establish how broad or narrow your ranges are, and apply your organization’s remote pay policies. From there, Range Builder does months of work in seconds, producing pay ranges for your entire organization as well as planned future hires.

Immediately see company-wide insights like how many employees sit above, within, and below range, for both cash and equity, and expand your departments for a view of all your employees and their position in range. Ranges are displayed visually, with each employee from a level shown as a line either on, below, or above range, so you easily identify how an employee’s compensation compares to their ranges.

View fully normalized data which allows you to compare employees across levels and locations without manual effort. Employee positioning takes your remote pay practices into account and adjusts accordingly, allowing you to compare two employees of the same role and level like-for-like even if their ranges differ. Additionally, you can filter by tier and view the absolute values associated with each role’s pay ranges, and use them to comply with new and emerging pay transparency legislation.

Range Builder helps you operate smarter financially, sidestep the complexity of pay ranges, and adhere to emerging legislation. Extremely powerful and extraordinarily simple, OpenComp Range Builder is the only solution that can bring you professional-grade pay ranges in just three clicks.

“We wanted to ensure equity in the future, but we also wanted to close any gaps that already existed. Creating a compensation philosophy with levels and pay ranges helped us make good on that goal.”
Dawn Raagas, VP People Ops @ Daasity

Learn how Daasity used OpenComp to weather economic shifts

Build professional-grade pay ranges in minutes

 

OpenComp Location Strategies: Adopt remote pay policies that power today’s fastest growing organizations.

If you have a workforce distributed across multiple locations, you’re in competition for talent in different geographic markets. And while it may be tempting to use a single pay strategy to manage all employees, you’ll be running the risk of overpaying for talent if you do. Properly managing a dispersed team requires creating pay policies that balance competitiveness with burn & dilution, but creating those policies can get complicated fast.

Location Strategies lets you easily adopt and apply remote pay policies that power today’s fastest-growing organizations. Instead of having to create manual calculations and formulas to determine employees’ compensation based on their geographic location, Location Strategies does the work for you in just a few clicks with our in-app templates and pre-packaged strategies.

You can implement a geographic compensation strategy that competitively benchmarks each employee to the correct market, depending on their location, job area, or job type, or select a pre-built, common strategy to start with, then customize and test to fit your company’s needs.

With Location Strategies, you’ll also do away with the spreadsheets and guesswork that normally accompanies this kind of financial planning, ensure accuracy, and realize the cost implications of your decisions in one, integrated solution.
Learn more about managing dispersed teams with Location Strategies
 
 

OpenComp Headcount Plan: Model the impact of future headcount and compensation decisions.

Budgeting and planning for scaling is rarely an easy job, and when you add the shifting employment landscape of hybrid and remote work and record-breaking resignations, it can quickly begin to feel like an impossible task.

Headcount Plan simplifies planning by surfacing your compensation policies and showcasing the effects that even the smallest of compensation changes have on your financial plan. When you use Headcount Plan, you can effortlessly model the impact of future headcount and compensation decisions to optimize competitiveness, burn, and dilution.

Headcount Plan accounts for employee start and end dates, setup costs, overhead costs, recruiting fees, raises and more, so that you can produce accurate and actionable plans for your organization’s future. See insights like monthly, annual, and cumulative burn up to 10 years in the future, shares granted and available, and aggregate spend and shares granted by department.

By utilizing Headcount Plan, you’ll no longer need to use siloed systems to plan scaling scenarios. You’ll be able to adhere to your financial plan, surface key insights in just clicks, and identify your organization’s optimal path forward.
Begin planning for your organization’s future

 

OpenComp DEI Scorecard: Ensure pay equity across your workforce.

Inclusive employers earn higher revenue and grow faster. They enjoy 87% less attrition, are 70% more likely to win new markets, and create 2.3x more cash flow per employee.

But being an inclusive employer requires more than just intent. Inclusive employers need to have a constantly updated view of what pay equity looks like across their workforce, so they can take action and make corrections as quickly as possible.

DEI Scorecard ensures that all of your choices create pay equity across your workforce by automatically identifying differences in compensation by gender and ethnicity. Gain a real-time view of critical information such as percent of headcount, salary percentile, share of dollar, average level, and more.

DEI Scorecard is the fastest way to identify potential gaps, ensuring you have the information you need to build an equitable and transparent workplace that attracts and retains top talent longer.

Learn more about OpenComp DEI Scorecard

 

OpenComp Design Studio

With Design Studio, it’s never been simpler to create professional-grade compensation programs that are optimized for effectiveness. You’ll execute with expertise, surface key insights, and simplify your entire comp admin in just a few clicks. Begin using OpenComp Design Studio, and become your organization’s compensation champion.

See OpenComp Design Studio in action with a live demo