Compensation is the total cash and non-cash payments that is given to an employee in exchange for the work they do for the business. It is typically one of the biggest expenses in the businesses for the employees. Compensation includes other types of wages and benefits above the employees’ regular paid wages.
Compensation in Workday helps to design, implement, and manage compensation plans for n number of employees. It consists of grades and plans which makes up the compensation package. Compensation grades deals with the pay ranges, while grade profiles allow for localization and the compensation plans provides various types of benefits and pay components. This is quite essential to support the diverse needs of an organization.
Eligibility rules are crucial in Workday, the compensation components can default into an employee’s compensation during the staffing events. It is based on any combination of job profile, location, organization or any other field.
The various compensation plans Workday offers are:
Compensation is assigned to an employee using the business process transaction. It could either be an individual transaction, such as a hire or job change, or as a mass event change like rollout process.
Also, Workday displays the dynamic view of the compensation, below are few samples of the screens.
Along with this, employee can make the request for any changes in the compensation through his account like request compensation change, request grade change, request onetime payment etc.
Human Resources are the most important pillar of an organization. Compensation plays a pivotal role in the effective management of human resources; it helps in integrating the employee productive energies with organizational goals and objectives. In Workday compensation, a single compensation package is enough to cater the needs of all the resources globally. With this compensation management system, we can easily develop different compensation plans to attract and retain the best workforce in the organization.
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