The recording below provides a demonstration of the Compensation Section that can be added to a Performance Template to allow Managers and HR to easily initiate Off Cycle Compensation recommendations at any time during the fiscal year.
The SAP Leading Practice to handle off cycle increases is to use Employee Central Compensation Information directly (and have approval workflows tied to the changes) but this solution provides a solid workaround, especially for customers that don't have Employee Central.
Additional information that I forgot to mention in the recording :
One important limitation is that the compensation template must have at least one custom column defined in Design Worksheet otherwise error messages will appear when clicking on Edit or Send to Next Step from the Performance worksheet.
I also mention in the recording that customers are not able to upload the updated xml of an existing template from the Admin Center which is true however customers can create a new Performance template easily which I explain in this recording.