OpenComp Releases Comp Cycles Solution to Deliver On-Budget Adjustments That Retain Talent

OpenComp, the leading end-to-end compensation software provider, today released a new solution to help HR confidently deliver adjustments that retain teams 16% more often while keeping people managers within budget and on policy. Comp Cycles simplifies traditionally chaotic collaboration across stakeholders to reduce the time spent on merit cycles by 50%, while surfacing critical insights that drive more equitable, on-policy adjustments.

HR and people leaders can spend months completing merit cycles. Despite their efforts, manual tracking of historical compensation data and proposal reconciliation still result in increased attrition from delayed, inaccurate or missed adjustments. Plus, wage gaps are exacerbated by subjective, out-of-policy proposals made without data.