Something like this (which sets the compatibility to be updated on reboot):
$vm = Get-VM -Name VMGuestName
$vm.ExtensionData.Config.ScheduledHardwareUpgradeInfo
$spec = New-Object -TypeName VMware.Vim.VirtualMachineConfigSpec
$spec.ScheduledHardwareUpgradeInfo = New-Object -TypeName VMware.Vim.ScheduledHardwareUpgradeInfo
$spec.ScheduledHardwareUpgradeInfo.UpgradePolicy = "always"
$spec.ScheduledHardwareUpgradeInfo.VersionKey = "vmx-14"
$spec.ScheduledHardwareUpgradeInfo.ScheduledHardwareUpgradeStatus = "pending"
$vm.ExtensionData.ReconfigVM_Task($spec)