Date post: | 03-Jan-2016 |
Category: |
Documents |
Upload: | sonya-james |
View: | 53 times |
Download: | 0 times |
Compensation Workbench
Presented by
Ted Geary
Natrona Technologies
Summary
• Compensation Workbench is used for:
• Annual Merit Reviews
• Bonus awards on a large scale (ICDs used for one or two employees)
• Allocation of Stock Options
• Promotion - job changes
Agenda
• Getting Started (Keys to success)
• Implementation and Setup
• Testing (What’s involved)
Getting Started
• Defining the business requirements (Required)
• PMI states 30 % of all projects are successful, on-time, and on-budget
• What happened to the other 70%?
Getting Started (cont.)
• What are some requirements you need to define?
• When do you do your annual reviews?• Is there a need for prorating compensation
for employees who have been hired less than a year?
• How is the process done now? • Is there a freeze date?• Who gets a bonus? who gets stock?
Getting Started (cont.)
• Cannot emphasize enough to define requirements
• Saves time and effort when the implementation and testing starts
Getting Started (cont.)
• If already implemented Standard Benefits or Advanced Benefits, it does make the concepts, implementation, and testing easier for the end user
• It is not essential but it helps the super user(s) involved in the project
Implementation
Summary:• Life Event Reasons• Derived Factors• Eligibility Profiles• Plan Types• Plans• Plan Enrollment requirements• Standard Rates
Implementation (cont.)Life Event Reasons
The “Key” is to think about how you want your spreadsheet to look
• Defining how many needed
• Annual Review
• Bonus
• Stock Options
Implementation (cont.)
What is a Derived Factor?
• The compensation to use as a base for Merit Increase, Bonus, or Lump Sum Merit
• Hourly Rate
• Annual Salary
• Prorated (Fast Formula) vs. Stated Salary
Derived Factor
Implementation (cont.)
Eligibility Profiles
Who gets What?
• Merit All Eligible Employees
• Bonus Management
• Stock Options Executive
Eligibility Profile
Implementation (cont.)
Plan Types
• Stand Alone vs. Combination Plan
Implementation (cont.)Setting Up Plans
• Combination Options (Merit and Lump Sum Merit)
• Setup your plan years• Determining Tasks
– Set Budgets– Allocations– Promote/Change Jobs– Rate Performance– Manage Approvals, Review and Submit– Employee Statements (Need to configure)
Implementation (cont.)
Plan Enrollment Requirements
• Life Event
• Plan Year
• Self-Service Display dates
• Freeze Date
• Approval Hierarchy
• Eligibility Profiles
Implementation (cont.)
Approval Hierarchy
• Standard functionality uses Supervisor Hierarchy
• AME (Approvals Management), Position
Implementation (cont.)
Standard Rates
• Budget Distribution
• Eligible Salary (Based on Derived Factor)
• Worksheet Allocation ( Attach Elements for stock, Lump Sum, and Bonus)
• Budget Reserve
Testing (Processing)
• Running the Participation Process-One employee vs. Concurrent Program
• Compensation Workbench Post Process• Back-Out Compensation Life Events
Process• Compensation Workbench Refresh
Process• Compensation Workbench Close
Enrollment Process
Testing
Compensation Workbench
• Setting Budgets
• Allocations
• Assignment Changes (Promotions)
• Switch Manager Functionality
• Web ADI
Set Budgets
Allocation Worksheet
Switch Manager
Web ADI
Employee Statements
Points of Help
• Need plenty of time for testing because it can involve many people
• Personalizations will be necessary
Testing
Implementation & TestingTime
6 weeks to 3 months
Factors that determine ranges
• Complexity of the processes such as how bonuses are determined