Thursday, August 24, 2006

CompModel previewed at San Diego Compensation and Benefits Association meeting

The San Diego Compensation and Benefits Association (SDCBA) held their quarterly meeting yesterday in La Jolla. I was invited by the group to present the features of NextComp and CompModel. The topic was Compensation Technology - Real World Examples. I had 15 minutes to present so it was a quick pace. The group had a very positive reaction. There were a couple of “oh’s and ah’s”. Best of all they liked the price point.

Here is a 3 minute
Quicktime demo
that I presented at the meeting.

The demo shows the following:

  • Increasing the pay ranges by 3.2%
  • Moving all employee’s pay from below the minimum up to the minimum
  • Creating a “distribution model” for a new merit matrix (see explanation below)
  • Updating the model with the model merit matrix
  • Viewing a bar chart showing the current and model payroll totals by grade

The demo doesn’t have voice-over since I was there to walk through the steps.

The model distribution merit matrix is a great tool for planning a new merit matrix. The tool creates a model distribution of performance ratings and then applies a merit increase to the employee’s pay. It is accurate to within a couple of 10th of a percent. We’ve been using a similar tool in Excel for years, but this is much easier to work with than the formulas in Excel!

We’ll be creating several more thorough demos with voice-over in the next week.

It’s an exciting time at NextComp as we prepare to release CompModel for beta testing to a select group of companies. After a couple weeks of beta testing we’ll release the tool to the public for $99.00 a month.


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