Ways to create a Compensation Cycle in Pequity

Option 1: Create a New Compensation Cycle

Best for: Brand-new and/or one-off cycles such as mid-year salary increases or bonus programs, or simply for reward letter generation.

Steps:

1. Navigate to the Comp Cycles List page
2. Click the Create Comp Cycle button.
   
   
3. Type in your Comp Cycle's name. This can be modified at any point so no sweat!
   
4. Hit "Create" to proceed.

When to Use This Option

• Creating a compensation cycle from scratch.
• Running a unique or non-recurring compensation cycle.
• Leveraging Pequity to generate reward letters for a cycle completed outside of the tool.

Option 2: Clone an Existing Compensation Cycle

Best for: Recurring compensation cycles where a similar structure has already been used.

Cloning allows you to copy the framework of an existing cycle, saving time and ensuring consistency across compensation processes.

Steps

1. Locate a previously completed or existing compensation cycle.
2. Click on the Duplicate Cycle button.
   
3. Provide a name for the new cycle and determine if you would like to copy users over.
   NOTE: Uncheck the "Copy users assigned to roles" option for this cycle if you do not want non-admin users to have access to the newly created cycle. This setting is important for keeping the cycle hidden from non-admin users, especially when the cycle is still being built or when a cloned cycle is being used for reward letter testing or other test activities.
   
4. Tap "Duplicate cycle" to proceed.
   

Benefits

• Saves setup time.
• Retains an established cycle structure (layouts, roles, permissions, calculations)
• Ideal for annual or recurring compensation programs.
• Allows quick updates without rebuilding from scratch.

Option 3: Use a Compensation Cycle Template

Best for: Quickly creating a cycle with predefined configurations and calculations.

Templates provide a pre-built starting point that includes commonly used computations and settings.

Steps

1. Head over to the Comp Cycles List Page.
2. Click on the "Cycle Templates" tab.
   
3. Pick the template that best matches your compensation process.
   
4. Click "Setup Template" to proceed.
   
5. Your new cycle will open once it has been created.

Benefits

• Faster setup using predefined configurations.
• Includes existing computations that can be adjusted as needed.
• Reduces manual configuration effort.
• Helps standardize compensation processes.