Explain the Workday Compensation process?

Process configuration

No two organisations manage their compensation processes in the same way. Workday supports your unique approach with a framework that enables you to select the plan types to include, establish pools for each plan, manage holdbacks, and allow for lump-sum adjustments and promotions as part of the compensation process. In addition, businesses can make adjustments to targets during the merit process as performance results become available.

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Insightful process flow

The Workday business process framework (BPF) allows you to direct activities and attention to the appropriate people throughout your compensation process. For actions ranging from approval of pools to final submission, the BPF can be configured by your compensation administrator to route approvals, notifications, and alerts. Relevant, contextual information, such as market survey data, talent data, and virtually any data in Workday, can also be served up to customers at the point of action so that decisions can be driven by data.

Tailored worksheet

When the process prompts managers to engage with their assessments, the worksheet experience is tailored for efficiency, ease, and insight. Utilising the Workday Configurable Grid, compensation administrators deliver an intuitive worksheet to managers that contain the data they require to make compensation recommendations, complete with warning notifications to help keep teams on a budget. Additionally, top-level managers have visibility into their reporting managers’ organisations and can complete merit tasks on behalf of their team. The smart panel feature on the grid can be configured to display specific worker attributes, providing managers with additional information.

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Event management

Business doesn’t stop during the compensation process. New hires, transfers, promotions, and terminations shouldn’t wait for your process to complete. Workday allows customers to coordinate events through rules which automatically handle these transactions, eliminating the manual intervention traditionally associated with compensation solutions.

Dashboard and reports :

Making decisions without all the information you need can be costly and time-consuming. Workday provides executives, managers, and administrators with dashboards, audit trails, and the reports they need for comprehensive analysis. Alerts and notifications on both desktop and mobile devices prompt users to take action. Harnessing compensation data to provide a full picture of the organisation’s pay is effortless with the pay equity dashboard, which gives you the ability to drill down and take action.

External data

Workday allows you to store and update data from other systems and sources. Salary survey data, finance data for customers not utilising Workday Financial Management, cost of living by location and more can all be brought into Workday and used in penetration analysis, reports, and pay increase recommendations. Make smarter decisions with greater insight using Workday for your compensation management.

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