The Most Wonderful Time of the Year

Happy New Year!  While everyone thought the most wonderful time of the year had ended, it is just beginning for Compensation!  Many companies are working diligently at performance reviews so that the merit process can get underway, bonus recommendations can commence, and equity grants can be distributed.  While many compensation professionals dread this busy time, it can also be invigorating.  It is a time to really showcase your value and run on all cylinders.
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I thought I would change-up my blog post a bit this time and provide some tips that I use during the busy season in order to keep my sanity!

• Maintain one database with all the data needed for all your processes.  When using multiple files, it is very easy to forget to update numbers in all files.  One database ensures that those mistakes so easily made when busy do not happen.
• Think through your set-up with a broad lens.  I like to have a meeting with senior management to understand their expectations and get a read on what types of reports and analysis they will want to see in order to provide approvals.  For example, if you know that the CEO likes to model different scenarios before approving the merit budget, you will want to set-up your spreadsheet or online system to be able to model those different scenarios easily.  I love to use VLOOKUPs in Excel.  I create a main database with all my employee data on one tab in Excel and then set-up another tab with the changeable data elements.  I set-up VLOOKUPs as my formulas in the main database tab so that I can easily change data elements as needed and produce different models expeditiously.
• Automate as much of the actual processes as possible.  Utilize your HCM system to take away the administrative burden of sending out spreadsheets with formulas that are accidentally changed and files getting lost.  HCM not only saves time for both HR and Managers, but it is also more accurate by eliminating much of the manual work required in spreadsheets.
• Develop a communication plan in advance of kicking off the compensation processes.  Communicate any changes first to senior leadership then to managers and lastly employees.  Be as transparent as possible and make sure a manager is never blindsided with their employee receiving news prior to them.
• Set-up pivot charts that tie to your main database tab in a separate tab and then link to PowerPoint.  Therefore, you can produce metrics quickly and in a professional format. 
• Conduct a “post-mortem” review session after all approvals have been received and numbers finalized.  Receive feedback on what went well and what needs some improvement for next time.
• Work on applying the post-mortem feedback immediately to your processes and spreadsheets – if you wait until next year, you will have forgotten what was discussed and the value of the feedback will be lost.
  
  

Embrace this time of the year to stretch your compensation muscles and build your resume with an even stronger skillset!