June 2024 Product Updates: Updates to Compensation, Improvements to Talent Reviews, and More

As we wrap up the first half of the year, we know companies are taking stock of progress and refining strategies for the rest of the year to hit their goals. In June, we focused on improvements that can help you nail your next six months with increased agility, efficiency, and insights that drive confident decision-making. 

Say hello to  new budget analytics in Lattice Compensation, improvements to Talent Reviews, and more inclusive terminology — these updates will help you build a more responsive and effective people strategy for the second half of the year and beyond.

Updates to Compensation Cycle Analytics and Table View  

We’ve improved budget tracking to help you proactively monitor cycle progress and adjustment recommendations against allocated budgets in real time. These updates enable better decision-making throughout the cycle, and also allow cycle admins to catch any over-spending early. 

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And below the budget visualizations within the table view, we’ve added additional fields like variable pay and guidance to ensure admins and approvers always have all the info they need accessible to them. We’ve also added the ability to sort, group, and organize compensation data within your table view so you can see exactly what you want, and nothing that you don't. 

Elevating Talent Reviews

Building on our commitment to comprehensive talent management, we've introduced progress-tracking for Talent Reviews. This feature, mirroring our popular performance reviews and compensation cycles, allows admins to:

• Track the status of talent reviews (not started, in progress, completed)
• Send timely reminders to reviewers

These enhancements streamline the talent review process, ensuring that valuable insights about your workforce are captured efficiently and effectively.

Championing Inclusivity with Directory Updates

In response to evolving workforce structures, we've updated our terminology from "Employees" to "Directory" in the admin left navigation. This change reflects the diverse nature of modern teams, accommodating contract and contingent workers alongside traditional employees. It's not just a semantic shift – it's a step towards reducing legal and compliance risks associated with worker classification, giving you more flexibility in managing your entire workforce within Lattice.

Driving Organizational Success Through People-Centric Strategies

As the world evolves, so do the challenges of developing and retaining your top talent. Lattice's June updates provide you with the tools and insights needed to build a more inclusive, transparent, and high-performing organization. By streamlining processes, enhancing data accessibility, and providing deeper insights into your talent landscape, these features empower you to make more informed decisions and drive your people strategy forward.

Learn more about all of our June 2024 releases and our future roadmap by visiting Lattice Product Updates or contacting your Relationship Manager.

Not a Lattice customer? Request a demo to discover how Lattice's new and existing features can help uplevel your company's HR strategy.