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MERIT PLANNING Software

In our rapidly evolving world, organizations are reexamining how they conduct Merit Planning and how well their current compensation software supports their need for agility.  Innovative compensation professionals must employ an arsenal of tactics to remain competitive in the war for talent. Previously, the peanut butter approach of spreading a 3% salary increase budget evenly across the employee population worked well enough.

Now, compensation management software buyers must seek advanced functionality and flexibility to support multi-currency merit planning, outstanding service awards, lump-sum adjustments, project completion bonuses, spot awards, and market adjustments. Many companies are looking to utilize variable pay in even their annual merit planning cycle.
features
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Manager Discretion

MERIT’s online or offline workbook provides a secure and easy way for managers to quickly access all the information they need (such as years of salary history) in order to make informed decisions. Accountability is important to us – which is why every data entry point is validated, every formula is concealed, and every change can be traced. With MERIT’s powerful manager self-service capabilities, your organization can push merit planning down to the lowest level manager without increasing its administrative burden. 

Multi-Currency

Even top tier HR and Payroll systems can struggle to support multi-currency deployments. When administering global compensation planning, managers need to be able to view data and make recommendations in the employee’s local currency, but HR and the finance team need to be able to monitor the high-level budget in a common budget currency. MERIT checks all the boxes, including data security compliance with standard bearers like privacy shield, GDPR, and CCPA.

link to merit
link to merit

automated workflow

MERIT makes it easy to load your reports-to-structure from any source (payroll, HR, ERP, HCM, Multiple sources, or even from a Data Warehouse). But let’s face it: the merit approval path isn’t always a perfect match with your org chart. MERIT allows you to manage your approval path your way. Do you have exceptions, regional variations on level traversal, or round trips? No problem. MERIT workflow works as you do.

Administrative control

Unforeseen events like reductions in force, mass hiring, mergers, acquisitions, and organizational restructuring all pose unique challenges to merit planning. With MERIT’s full featured admin module, foundation data can be fully reloaded, partially updated, or even re-organized with a WYSIWYG interface. MERIT keeps your compensation team in control even in the face of rapid change.

link to merit
link to merit

Branded Salary Adjustment Letters

If your dream for your employee compensation communications is bigger, prettier, or just different than your payroll or HR system can support, fear not. MERIT offers smart and fully customizable employee compensation statements that can incorporate multiple increase components, including but not limited to: base increase, effective date, promotion, lump sum, market adjustment, and more. Want to include a branded letter from the CEO setting the tone for company culture? You can have it. When we say fully customizable, we mean it.

merit planning cycles

Administer your merit planning cycles without copying or pasting compensation Excel workbooks. Automatically enforce your business rules instead of manually inspecting Excel workbooks to stay within budget. If you want to instate separate rules for different business units or regions, MERIT’s full-featured rules engine says, “if you can define it formulaically, it can be supported.”

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MERIT by CompXL is a full-featured, flexible merit planning module that will work right alongside your payroll or core HR system. Eliminate the manual labor of copying, pasting, emailing, and inspecting workbooks. MERIT supports YOUR planning strategy, workbook format, formulas, and approval workflows with one intuitive software solution. Reduce the duration of focal planning cycles by 70% while staying within budget and making better-informed compensation decisions.
If you’re ready to find out how we can help you achieve your business outcomes, let’s connect!
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reward

Psst…Want to deliver fully-branded total reward statements on mobile devices for digital signature? Check out our add-on REWARD solution