Easily calculate compensation metrics like Market Index, Range Renetration and Compa-Ratio
Whether you work in HR or are the owner of a small company, this salary increase template is set up to help you review increase requests compared to internal averages, internal ranges and market data. This salary increase template has everything you need to analyze salary increases within your organization, and a nice ready to print format that can be presented to the next level up for approvals if needed.
By filling out the different sections in the worksheet, the file will calculate several compensation metrics automatically:
The increase amount and increase percentage are calculated too. Directions will include a cheat sheet on interpreting these compensation metrics if you are not familiar with them. The template consists of 3 similar pages, each formatted differently to account for hourly vs. salaried changes:
•Salaried to salaried position promotions and adjustments
•Hourly to hourly position promotions and adjustments
•Hourly to salaried promotions
Within each page there are different color-coded sections:
- Current Position – Here you fill out the name, date of hire, current position, current band and salary or hourly rate (depending which page you’re in)
- New Position – For promotion changes here you will enter the new position, band, and the requested salary or hourly rate.
- New Position Salary Range – here you can enter the range minimum, midpoint and max, the market rate and internal average.
- HR recommendation – this is default to equal the requested rate entered in the new position section, but you can override the amount when changes are needed.
- Recommended Salary – Compensation Metrics
At the end is a section for tracking the approvals and dates approved, if needed.
Each page will hold 30 promotions or adjustments and are all set to print on 1 page. There are a lot of columns included in 1 page, so the print might be small. You can easily hide the columns that you don’t need in order to get the print larger if preferred, or you can change it to print on 2 pages. This template also comes with a cheat sheet for explaining/ understanding the different metrics used.
Each purchase will come personalized with a name or the company name of your choice. If you would like your company logo, you will be able to insert this in the file, or I can add it in for a small fee. All templates are to be used by the individual or company bought for only and are not to be distributed outside the organization.
You will receive an Excel spreadsheet, along with PDF directions via email. Open office versions are available upon request.
I would love to help customize a spreadsheet for your specific situation! My background is in Compensation/HR. I earned the CCP (certified compensation professional) in 2014 and PHR in 2004. I’ve been creating templates and custom excel work for all industries since 2013. Feel free to contact me here for more information or a custom quote.