compensation management

By: Workday  05/12/2011
Keywords: human resource, human resource management, Business Performance

Employee Compensation Management | Global Human Resource Management | Human Capital Management | Solutions | Compensation Administration System, Software as a Service

Workday Compensation Management allows you to design, manage, and adjust compensation programs to meet your complex global rewards requirements.

With Workday Compensation Management, you can:

  • Define and manage global compensation components, including base pay, variable pay, equity, and allowances
  • Target appropriate compensation packages to employees based on flexible rules
  • Pay for performance based on multiple performance factors, including organization, team performance, and individual performance 
  • Make better compensation decisions with contextual decision support
  • Target total compensation statements to specific employee groups

Workday Compensation Management helps you create and manage any number of flexible employee compensation plans.  Designed with modern global organizations in mind, Workday Compensation Management consolidates employee compensation across multiple plans, teams, and geographies.

Design Compensation Packages

  • Create compensation plans, including base pay, allowances, bonus, and equity
  • Define compensation guidelines for salary analysis and job leveling
  • Assign compensation guidelines and plans to targeted compensation packages
  • Calculate compensation for global employees or employee groups with higher variable pay

Assign Compensation

  • Define compensation rules to drive compensation defaulting and appropriate target assignment
  • Assign compensation plans automatically or manually
  • Default appropriate compensation when transferring or re-assigning employees
  • Review compensation guidelines when adjusting compensation

Define Compensation Processes

  • Configure compensation processes by plan and organization; monitor processes at the company or business site level
  • Define a consolidated compensation process to include merit increases, salary adjustments, bonus, stock, lump sum payments, and/or promotions
  • Set individual, team, and organization performance goals to determine appropriate bonus targets
  • Roll out multi-target, multi-currency compensation processes to global teams

Pay for Performance

  • Define global rewards programs with locally appropriate targets to ensure fair and consistent compensation practices
  • Set compensation pools based on bottom up targets or performance goals
  • Motivate and reward based on individual, team, and business performance
  • Make better decisions based on contextual and comparative information during the compensation review

Analyze Results

  • View compensation by organization, team, or business site
  • Review global pay scales in multiple currencies by job or job level
  • Monitor compensation processes across business units to ensure total spend doesn't exceed budget
  • Drill into performance-based pay results to ensure top performers are appropriately compensated

Only Workday HCM unifies HR and Talent Management into one solution.

HR is looking for ways to identify, retain and develop talent while helping the organization save money.

When your Human Resources organization directly contributes to the execution of the business strategy, it adds value.

Keywords: Business Performance, Human Capital Management, human resource, human resource management

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