How to create a selection of compensation plans for employees?

If a Company has multiple compensation plans then a selection between various compensation plans can be created for employees. Using this tool, employees can select a compensation plan that suits them best.

To create a selection of compensation plans, follow these steps:

1. Enter the "Compensations" - "Compensation plan selections" view of the Company's account and click on the "Create selection" button.

2. Add a name of the selection and assign a date for when the switch is applied. The switch date indicates when the selected compensation plans will be activated.

   NB! The compensation plan switch date must coincide with compensation reload dates.

3. The row "Is included in selection?" indicates that only employees with compensation plans that have the boxes ticked in this view can participate in the selection.

4. The next row "Is selectable?" indicates the compensation plans that have the boxes ticked in this view that will be selectable for employees that are included in the compensation plan selection.

   Keep in mind that employees will see the names of the compensation plans included in the selection.

5. Lastly, the "Default" row indicates which compensation plan will be automatically assigned to employees in the selection who haven't made a choice between compensation plans.

If you have set up a selection of compensation plans and saved the configuration then you will be taken back to the general view of the selection of compensation plans. To give the selection to employees, click on the "Edit" button to the right of the selection that you just created and then click on the "Activate selection" button in the following view.

After that, a button will be displayed in the left-side menu of employees' Stebby accounts who are included in the selection.

Then, said employees can get acquainted with the compensation plans in selection and choose the one that suits them best.

Reminder:

• Employees will be notified if: the selection of compensation plans is activated; the selection of compensation plans is cancelled prematurely; if the employee hasn't made a choice and the default plan was assigned to them automatically.
• If you add quarterly plans which enable employees to purchase tax-free services only to the selection then make sure that the next compensation reload date of said plans match with actual real-life start of quarters. Otherwise employees might be able to use more funds that they have allocated to them.