How to Set Premiums on Positions

Use the Premium Percentage feature to help appeal to hard-to-recruit positions, as well as hot jobs. Read on to learn how to set a Premium Percentage on individual and multiple positions en masse.

 

  • Only company administrators can access BalancedComp.
  • Setting a Premium Percentage increases the position's midpoint by the percentage you enter. This, in turn, increases that position's employees' midpoints by same percentage.
  • You can follow the steps below to update a previously set Premium Percentage. 

Setting a Premium Percentage on an individual Position

  1. Click Positions in the main nav. In your Active Positions, click on the Position Title that you wish to add a premium to.

    Step 1
  2. Click Edit Position. Then, select Edit Position Details from the dropdown menu.

    Step 2
  3. On the next page, scroll down to the Premium Percentage section. Enter the Premium Percentage in the corresponding input field. Note: That value can be either a positive amount or a negative amount. If desired, enter your Reason for Premium in the designated area; this step is optional. When finished, click Save.

    Step 3

Setting a Premium Percentage on Multiple Positions

(Example: You want to set a Premium Percentage to pay all your Non-Exempt Employees 5% above market.)

  1. Click Positions in the main nav. Filter your Active Positions by your desired criteria. In this example, you would filter by Non-Exempt Positions under Job Classification.

    2 step 1
  2. Click on the Select All checkbox to select all of your filtered Positions.

    2 step 2
  3. Click Actions. Then, select Set Premium Percentage from the dropdown menu.

    2 step 3

  4. On the next screen, an orange alert message informs you of how many employees will be affected by this action. Below that alert, enter the Premium Percentage in the corresponding input field. Note: That value can be either a positive amount or a negative amount. If desired, enter your Reason for Premium in the designated area; this step is optional. When finished, click Submit.

    2 step 4

If you want to unset premium percentages en masse, simply leave premium percentage blank or enter a 0.