The compensation module is one of the most relevant and sensitive modules in Workday tool. As part of their ongoing optimization strategy, Workday has released five new features that will make the platform more friendly and powerful. Find here the highlights and the most interesting new features and also their implications.
Step Based Calculations:
This is a new type of calculation that can be used to do more complex calculations on your tenant for any use. It gives you a numeric result based on a series of steps that are actioned by condition rules. All of these steps and rules can be configured to your needs using the Step Based Calculation tasks. It will allow you to personalise your calculations to levels that were unthinkable. It will be automatically available on Workday.
Compensation Rules for Business Process with Job Requisition Compensation:
Now you can establish compensation eligibility rules in both Offer and Employment Agreement Business Processes with Job Requisitions that have compensation details. By doing this, while going through any of these processes, when you change a parameter (eg: location) that determines a compensation component, this component will automatically update to the new eligible component of their new parameter. The feature is specially useful to reduce manual effort and need to be activated in Edit Tenant Setup → HCM.
Prorate Amount-Based Bonus Plans:
This new feature simplifies the bonus amount plan calculation by using the percentage of FTE of the worker to prorate the bonus awards of the workers assigned to that bosus amount plan. This new option is very useful to reduce manual effort while assigning the real bonus amount to a worker. Attention: you should never change the amount-based bonus plan during an in-progress compensation review!
Custom Validations for Period Activity Pay:
With this Workday has expanded the Custom Validations reach. This will allow you to configure Critical or Warning validation alerts for Period Activity Pay events, giving you the change to have more control over the process workflow. The feature will be automatically available and you will have to configure it in using the task Maintain Custom Validations.
Complete Survey Management:
By adding this new functionality, Workday allows you to create a calculated compensation benchmark cycle and configure the weight using a survey custom field. By using the Maintain Compensation Benchmark Targets and Spreads task you will be able to set up targets and spreads for the benchmark. Then Workday will automatically calculate the minimum and maximum for each job profile and benchmark profile. This max and min are calculated by adding or taking the spread from the midpoint.
BNB Team recommends:
We suggest to customers who currently use the module to carefully review each and every one of the new features as many may be adjusted to their system preferences and customers who do not have the module, to carry out a careful analysis of the pros and cons of its implementation since they have a platform with a super intuitive and automated mechanism that will allow you to have better control over the compensations of their employees.
Are you prepared for the 2021R1 release? Take advantage and get deeper into Workday control and automatization.Contact our team of experts for more detailed info about it.
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