All Organization attract, motivate, and retain talent by strategically planning, allocating, and communicating Compensation or Promotion to their Employees. Many Organization use third party system along with their Core HR System to carry out Increments / Promotion. Employee Date of Joining, Level, Performance rating, business unit and various other factors would be considered for deciding on Increments / Promotion.
While using Third party tool, Complete Employee related data need to be loaded manually or through any integration to Core HR system. Involvement of complexity while downloading and uploading data or creating integration between systems would be a big concern in many organizations. Rather they would prefer a product where the Employee Information and Compensation will be integrated automatically.
Life has been made easier in Oracle HCM cloud with introduction of Compensation plans. This plan is integrated with various modules within Oracle HCM Cloud like Core HR, Performance. Data available over various modules are retrieved automatically based on Effective Dates which we configure on the plan. Compensation cycle involves Loading of complete data, setting up Eligibility population, Configuring Organization Budget, Currency Conversion and Validations.
Once all related configurations are completed and plan is launched, Managers for whom access will be provided can view Worksheet and perform their activities. Further they can submit for further approvals with details entered from their end.
Look and Feel for Managers:
Configuration Steps:
List of configuration Steps involved to create a single complete plan at one place are as below:
- Start and end dates to retrieve rating information and to mention on when this plan should be accessible and can be updated.
- As on date to pick Complete Active Employees from Core HR.
- Configuring Eligibility Criteria to decide on which all Employees will be eligible for the corresponding cycle.
- Hierarchy Configuration to decide who can update the worksheet and how approval to be processed.
- Configuring of Budgeting and Currency Conversion rates if organization requires.
- Control of Visibility of columns for managers over worksheet.
- Validation in system if Increment is more than budget or making Eligible for Promotion even if Employee is ineligible for the cycle.
What next?
Are you looking to bring all of them under one roof, so you can manage them better? Contact us, we are ready to help you.