Workforce Rewards is part of the Plan, Incent, and
Reward business processes.
With Workforce Rewards, you perform forward-looking
analyses of your organization's compensation and retention initiatives,
using these four business process-based modules:
| Market Compensation |
Streamline the compilation, analysis, and application
of market compensation data from external compensation surveys. Develop
market data you can use to evaluate base compensation programs, as
well as other variable and benefits-related compensation in the modules
that follow.
|
| Base Pay Structure |
Create or revise base pay structures aligned with
your organization's pay strategy as it relates to market and workforce
compensation. Use your new base pay structures to evaluate changes
to your organization's compensation programs (in the Manage Compensation
Planning module).
|
| Retention
Strategy |
Create scenarios to develop your organization's
workforce retention strategy. Assess your workforce retention risks,
values, and replacement costs. Determine which employees to track
moving forward, reduce from your workforce, or act to retain (including
what action to take). Use the resulting decisions (data) in the Manage
Compensation Planning module.
|
| Compensation
Strategy |
Create simulations of headcount growth and reduction.
Create forecast compensation scenarios, to evaluate the costs and
impacts of changes to compensation plans across business units or
other groups. Model the results of proposed changes to all types of
base, variable and benefits compensation.
|
The following diagram illustrates the relationship
between these four main modules in Workforce Rewards. In the succeeding
topics, we discuss the functionality and use of these modules in detail.
Image: Performing compensation planning using Workforce
Rewards
The following
diagram illustrates the relationship between these four main modules
in Workforce Rewards.
