Understanding Market Pay
This chapter gives an overview of the market pay and discusses how to:
Set up geographical regions and the market pay matrix.
Map and load data into the matrix.
Understanding Market Pay
This section discusses:
Market pay functionality.
The market pay process flow.
Market Pay FunctionalityMarket Pay functionality in PeopleSoft Enterprise Human Resources assists you in using salary survey data as a guide for awarding competitive compensation to your workers. Market pay is a range of compensation information, including the different elements of compensation such as base, variable, and total compensation which may vary by geography. With PeopleSoft Market Pay functionality, you can define market pay by geography.
When you use the market pay functionality, you can:
Define geographic areas to relate finalized market data to workers.
You can further distinguish geography by country, state, province, and city.
Create a market pay matrix and associate it with one or multiple job codes.
Upload data from existing salary survey tables into the market pay tables, which preserves the existing functionality.
Import salary survey data from PeopleSoft Enterprise Workforce Rewards if your organization licenses that application.
Store conclusion market data in the form of a matrix.
The Market Pay Process Flow
Follow these steps to set up the market pay functionality:
Define geographical areas.
Select an existing configurable market pay matrix, or create a new one.
(Optional) Map existing salary survey data fields to a configurable matrix definition.
Associate a market pay matrix with one job code on the Job Code - Market Pay Match page or to several job codes on the Associate Mkt Pay to Job Codes page.
Load market pay data by one of three methods:
Load data from file using an automated process.
Manually enter data.
(Workforce Rewards users only): Subscribe to message published from Workforce Rewards.
Set up Integration Broker messaging to subscribe to the message published by Workforce Rewards.
View market pay data online by job code.
These diagrams illustrate the market pay process flow as discussed above:
Creating a configurable matrix and associating job codes
Loading data into the market pay matrix
Prerequisites
These tasks are prerequisites to setting up and using market pay matrices:
Create job codes for jobs in your company.
See Setting Up Jobs.
Assign job codes to workers during the hiring process.
See PeopleSoft Enterprise Human Resources PeopleBook: Administer Workforce
Conduct salary surveys and analyze salary data.
Set up the integration with Workforce Rewards if you plan to import salary data from that application using the COMP_MKT_RATE_SYNC Integration Broker message and service operation.
Setting Up Geographical Areas and Market Pay MatricesTo set up geographical areas and matrices, use the Define Geographical Areas (GEOGRAPHY_TBL) and Define Matrices (WCS_LK_TBL_DEFN) components.
This section provides an overview and discusses how to:
Define geographical areas for market pay matrices.
Set up a market pay matrix definition.
Define inputs for market pay surveys.
Define outputs for market pay surveys.
Specify search keys.
View or enter output data content.
View matrix results.
Understanding Market Pay Matrices
PeopleSoft delivers these matrices:
MARKET_PAY
WFR_SURVEY_DATA
The system uses this matrix if you import salary data from the Workforce Rewards application.
You can set up additional configurable matrices to include market pay survey data.
Note. If you have maintained survey matches in PeopleSoft, you can continue to do so by selecting the delivered Market Pay matrix or by creating a new matrix with fields such as Survey Provider and Survey Job Code. These fields enable you to create ad hoc survey participation reports at any time. You create the reports based on the requirements of your survey providers.
See Also
Pages Used to Set Up Geographical Areas and Market Pay Matrices|
Page Name |
Definition Name |
Navigation |
Usage |
|
GEOGRAPHY_TBL |
Set Up HRMS, Product Related, Compensation, Market Pay, Define Geographical Areas, Define Geographical Areas |
Define geographical areas by city, state, province, and country. Use these areas to organize market pay data. |
|
|
WCS_LK_TBL_DEFN |
Set Up HRMS, Common Definitions, Configurable Matrices, Define Matrices, Matrix Definition |
Set up a market pay matrix definition. |
|
|
WCS_LK_TBL_INPUTS |
Set Up HRMS, Common Definitions, Configurable Matrices, Define Matrices, Inputs |
Define inputs for market pay surveys. |
|
|
WCS_LK_TBL_OUTPUTS |
Set Up HRMS, Common Definitions, Configurable Matrices, Define Matrices, Outputs |
Define outputs for market pay surveys. |
|
|
WCS_LK_TBL_KEYS |
Set Up HRMS, Common Definitions, Configurable Matrices, Define Matrices, Search Keys |
Specify the search keys to be used to match worker data used in market pay surveys. |
|
|
WCS_LK_TBL_KEY_SEC |
Click the Select Values From Prompt Table link on the Search Keys page. |
Automatically load search keys for specific sources using a prompt table. |
|
|
WCS_LK_TBL_DATA |
Set Up HRMS, Common Definitions, Configurable Matrices, Define Matrices, Data Content |
View or enter values for the output data. |
|
|
WCS_LK_TBL_VIEW |
Set Up HRMS, Common Definitions, Configurable Matrices, Define Matrices, View |
View the matrix as of the last saved version. |
Defining Geographical Areas for Market Pay Matrices
Access the Define Geographical Areas page (Set Up HRMS, Product Related, Compensation, Market Pay, Define Geographical Areas, Define Geographical Areas).
You can enter a geography as broad as an individual country, or you may target a specific country, state, province, or city. You can have one or more rows of country, state, province, or city data. However, you cannot list the same combination of country, state, province, or city within the same geographical area.
Warning! Use care when listing the same combination of country, state, province, or city in different geographies, as this may result in conflicting information when combined with worker data.
|
Effective Date |
You may change geographic definitions. |
|
Status |
Select Active or Inactive. |
|
Description |
Enter your company-defined name. |
|
Country and State / Province |
Select a value from the available listing. |
|
City |
Enter the name of the specific city. The spelling is not validated so you must enter the name with capitalization and punctuation. |
Setting Up a Market Pay Matrix Definition
Access the Matrix Definition page (Set Up HRMS, Common Definitions, Configurable Matrices, Define Matrices, Matrix Definition).
|
Effective Date |
Enter a date that is equal to or less than the date you want to link it to one or more job codes. |
|
Status |
Select Active. The default value for all configurable matrices is Inactive. You must change the status to Active in order to use the matrix. |
|
Matrix Type |
Select MARKETPAY. |
Defining Inputs for Market Pay Surveys
Access the Inputs page (Set Up HRMS, Common Definitions, Configurable Matrices, Define Matrices, Inputs).
Optional Prompting
If you specify GEOGAREA as the source ID, you can enter prompt values in this group box. Enter GEOGRAPHY_TBL as the table and GEOGRAPHY_ID as the field. There is no automatic validation of key values for geographical areas.
Sources for Resolving Input
|
Source ID |
Select the source for the market pay data. The maximum number of inputs for each matrix is 15. Common types of inputs include:
|
See Also
Defining Sources Based on Geographical Areas
Defining Outputs for Market Pay Surveys
Access the Outputs page (Set Up HRMS, Common Definitions, Configurable Matrices, Define Matrices, Outputs).
|
Result ID |
Select an output for the market pay matrix. Typical outputs include currency, base, variable, and total compensation. You can have a maximum of 30 outputs for each matrix. These system-delivered values have default names, however, you can edit them to the label that best suits your business. See . |
Specifying Search Keys
Access the Search Keys page (Set Up HRMS, Common Definitions, Configurable Matrices, Define Matrices, Search Keys).
Use this page to enter the key values against which worker data is matched. Suitable search keys for a market pay matrix are Geographical Area or Survey Provider.
Note. You can create a matrix without specifying any search keys and output data values. For example, you might want to define a template for a matrix and then load values from other sources such as a flat file. However, if you change the status of the matrix to Active and you have not defined any search criteria or values, you receive a warning.
Viewing or Entering Output Data Content
Access the Data Content page (Set Up HRMS, Common Definitions, Configurable Matrices, Define Matrices, Data Content).
Use this page to view input and output fields. You may leave the data values blank for the loading of market pay data from a file or Workforce Rewards. You may also enter the data manually.
Viewing Matrix Results
Access the View page (Set Up HRMS, Common Definitions, Configurable Matrices, Define Matrices, View).
After you have entered all data content for outputs, you must save the matrix. You can view the matrix on this page only after you have saved it.
When you click the Display Saved Matrix button, the results generated are from the last saved version of the matrix.
Important! This page displays only the last saved version of the matrix.
See .
Mapping Data and Loading the Matrix
To map market pay data and load the matrix, use the Define Salary Survey Mapping (SP_SURV_MAP_TBL), Associate Mkt Pay to Job Codes (SP_SAL_SURV_TBL), Load Market Pay Data from File (SP_SURVLOAD_TBL), and Report Market Pay by Job Code (SP_MPAY_RPT_TBL) components.
This section discusses how to:
Map salary survey data.
Associate market pay data to job codes.
Associate market pay data to a single job code.
Load market pay data from a file.
Load market pay data from Workforce Rewards.
Load market pay data manually.
Report market pay data by job code.
Pages Used to Map Data and Load the Matrix|
Page Name |
Definition Name |
Navigation |
Usage |
|
SP_SURV_MAP_TBL |
Set Up HRMS, Product Related, Compensation, Market Pay, Define Salary Survey Mapping, Define Salary Survey Mapping |
Map market pay matrix fields to existing salary survey fields. |
|
|
SP_SAL_SURV_TBL |
Set Up HRMS, Product Related, Compensation, Market Pay, Associate Mkt Pay to Job Codes, Associate Mkt Pay to Job Codes |
Associate market pay matrices to specific job codes. |
|
|
JOBCD_MP_SAL_SURV |
Set Up HRMS, Foundation Tables, Job Attributes, Job Code Table, Market Pay Match |
Associate a market pay matrix to a specific job code using the Job Code table. |
|
|
SP_SURVLOAD_TBL |
Set Up HRMS, Product Related, Compensation, Market Pay, Load Market Pay Data from File, Load Market Pay Data from File |
Load market pay data from files to overwrite existing data or add new data. |
|
|
SP_MPAY_RPT_TBL |
Set Up HRMS, Product Related, Compensation, Market Pay, Report Market Pay Data by Job Code, Report Market Pay Data by Job Code |
This effective-dated report displays all the market pay definitions ever associated with a particular job code. |
Mapping Salary Survey Data
Access the Define Salary Survey Mapping page (Set Up HRMS, Product Related, Compensation, Market Pay, Define Salary Survey Mapping, Define Salary Survey Mapping).
Note. The MARKET_PAY and WFR_SURVEY_DATA matrices are delivered with the system. You can also define configurable matrices to include market pay survey data.
See Defining and Maintaining Configurable Matrices.
|
Matrix Field |
The system displays the values from the Matrix Definition page. |
|
Target Field |
Select a value. These values come from the Job Code table. |
Associating Market Pay Data to Job Codes
Access the Associate Mkt Pay to Job Codes page (Set Up HRMS, Product Related, Compensation, Market Pay, Associate Mkt Pay to Job Codes, Associate Mkt Pay to Job Codes).
Click the Add button to create a new association between market pay data and job codes. Click Search to find existing values.
|
Edit Matrix |
Click this button to access the Data Content page in the Matrix Definition component, where you can add, modify, or delete the Matrix Data field information. |
|
Job Code |
Select the job codes to which you want to associate the market pay matrix. You may link multiple job codes to one market pay matrix. However, a single job code can only be associated to one market pay matrix at a given time. |
Associating Market Pay Data to a Single Job Code
Access the Market Pay Match page (Set Up HRMS, Foundation Tables, Job Attributes, Job Code Table, Market Pay Match).
Note. You must be in Correct History mode to see new effective-dated matrix data for a job code. You can have only one market pay matrix associated with a single job code at a given time.
|
Matrix Name |
Select the market pay matrix that you want to associate with this job code. |
|
Edit Matrix |
Click this button to access the Data Content page on the linked matrix, where you can view and edit values associated with this matrix. |
See Entering Data Content Fields.
Loading Market Pay Data from a File
Access the Load Market Pay Data from File page (Set Up HRMS, Product Related, Compensation, Market Pay, Load Market Pay Data from File, Load Market Pay Data from File).
Required fields for the input file are SETID, EFFECTIVE DATE (date in the format yyyy-mm-dd), EFFECTIVE STATUS, DESCRIPTION, JOBCODE, MATRIX ID, The fields must be in the order shown. Also the fields in the matrix must follow the matrix ID and also be in the same order as they are in the matrix. We recommend that you open the file and verify the date format, as some utilities such as Excel might reformat your date differently than is displayed. You can format the date the correct way by defining it manually in Excel.
|
File Name |
Enter the name of the file from which you want to import the market pay data. |
|
File Location |
Enter the location of the import file. You can also specify a machine name for a location in the format "\\machinename\directory". |
|
Load Properties |
Select Append to add the market pay information to the existing file. Select Overwrite to replace the data that is already in the system with the data that is in the file. |
Loading Market Pay Data From Workforce Rewards
You can load market pay data by using the COMP_MKT_RATE_SYNC Integration Broker message and service operation published from Workforce Rewards. These new target market rates come from the WA_MKT_RATE_TBL.
Note. The COMP_MKT_RATE_SYNC service transaction loads the market rates into a delivered configurable matrix definition. If you want to load the data to a matrix with different fields, you would have to create a new message and service operation.
See PeopleSoft Enterprise Workforce Rewards PeopleBook: "Managing Market Compensation"
Loading Market Pay Data Manually
Access the Data Content page of the appropriate matrix.
Manually enter the market pay data into the Matrix Data group box.
Viewing Market Pay Data by Job Code
Access the Report Market Pay Data by Job Code page (Set Up HRMS, Product Related, Compensation, Market Pay, Report Market Pay Data by Job Code, Report Market Pay Data by Job Code).
This page displays the current market pay data as well as previous and future market pay data when available.