Approving Compensation Target Rates

This section provides an overview of the compensation target rate approval process and discusses how to:

Establish target market rates.
Review market compensation details.
Establish market rates for non-benchmark jobs.
Review benchmark job details.
Review job code slotting results.
Approve market compensation target rates.

Pages Used to Approve Compensation Target Rates

Page Name	Definition Name	Navigation	Usage
Establish Target Market Rates	WA_MKT_SCEN_VW	select Workforce Analytics, then select Market Compensation, then select Process, then select Establish Target Market Rates, then select Establish Target Market Rates	Review the calculated market compensation data for all of the jobs in a particular scenario, and establish target market rates.
Job Code Details	WA_MKT_JOB_SPNL	Click the Job Code Target Detail button on the Establish Target Market Rates page.	Review the market compensation details for a particular job code in a scenario, and select the target rates.
Calculate Jobcode Slotting	WA_MC_SLOT_DFN	select Workforce Analytics, then select Market Compensation, then select Process, then select Calculate Jobcode Slotting, then select Calculate Jobcode Slotting	Establish market rates for non-benchmark jobs, based on available data for benchmark jobs within a scenario.
Benchmark Details	WA_MC_BNCH_SEC	Click the View Details link on the Calculate Jobcode Slotting page.	Review the market compensation rate details for a benchmark job selected on the Calculate Jobcode Slotting page.
Job Code Slotting Results	WA_MC_SLOT_RSLT	Click the View Slotting Results link on the Calculate Jobcode Slotting page.	Review job code slotting results, calculated from criteria selected on the Calculate Jobcode Slotting page.
Market Scenario Approval	WA_MKT_SCEN_APROVE	select Workforce Analytics, then select Market Compensation, then select Analyze and Approve, then select Approve Market Scenario, then select Market Scenario Approval	Review the calculated market compensation data for the jobs in a particular scenario, and review and approve the selected target rates.

Understanding the Compensation Target Rate Approval Process

In the previous section, you determined that you have valid market compensation scenarios for your benchmark job codes, and you are satisfied with the results in the WA_MKT_SCEN_TBL table. Your next steps are to:

Establish the target rates that your organization wants to use for compensating workers in each of the benchmark jobs.
Establish the rates that your organization wants to use for compensating workers in your non-benchmark jobs.
Approve the results of your decisions.

Establish Target Market Rates Page

Use the Establish Target Market Rates page (WA_MKT_SCEN_VW) to review the calculated market compensation data for all of the jobs in a particular scenario, and establish target market rates.

Navigation

select Workforce Analytics, then select Market Compensation, then select Process, then select Establish Target Market Rates, then select Establish Target Market Rates

Image: Establish Target Market Rates page

This example illustrates the fields and controls on the Establish Target Market Rates page. You can find definitions for the fields and controls later on this page.

Use this page to:

Select provisional target rates from market compensation data for benchmark jobs, after you have run a market compensation scenario for the first time.

This facilitates your comparison of market fit data versus market target data in the Market Compensation Scenario inquiry component.
Select target rates from market compensation data for benchmark jobs, to determine the final target rates that you want to approve and publish.
Select target rates from market compensation data that you developed for non-benchmark jobs on the Calculate Jobcode Slotting page, to determine final target rates that you want to approve and publish.

Think of these target rates as pay guidelines, in support of your organization's overall pay strategy.

Scenario Targets

When you first access the page, the system displays a row for each job code, compensation code description, and job description included in the scenario. This data is from the WA_MKT_SCEN_TBL table. For any particular row, access the market compensation details (measure IDs, measure values, currency code, and sample count) by clicking the Job Code Target Detail button, which accesses the Job Code Details page.

You have three options for setting target rates using these pages:

Select a default measure id for all rows on the Target Market Rates page. The system sets the selected measure as the target measure for the job code and compensation code combination. Then it enters the corresponding measure value (monetary amount). This assumes that you already know which target measure you want to select, and don't need to review the underlying market compensation data.
Select/update a measure ID for each row on the Target Market Rates page.
To view the underlying market compensation data before you select a target, click the Job Code Target Detail button to access the Job Code Details page where you can also select the target.

To store the changes that you make to the scenario in the WA_MKT_SCEN_TBL table, click Save.

Synchronizing With the Market Compensation Scenario Component

When you use the Target Market Rates page to set target rates for benchmark jobs, the system stores the results in the WA_MKT_SCEN_TBL table, meaning that the targets are added to the specified scenario. After you save the results on this page, the WA_MKT_SCEN_TBL table is out of synchronization with the WA_MC_SCEN_FACT and WA_MC_EMPL_FACT tables. This means that you cannot view the new data on the Market Compensation Scenario inquiry pages until you run the MBP_FACT jobstream (which includes the WA_MC_SCEN process) to update the Data Mart.

Job Code Details Page

Use the Job Code Details page (WA_MKT_JOB_SPNL) to review the market compensation details for a particular job code in a scenario, and select the target rates.

Navigation

Click the Job Code Target Detail button on the Establish Target Market Rates page.

Image: Job Code Details page

This example illustrates the fields and controls on the Job Code Details page. You can find definitions for the fields and controls later on this page.

The system displays rows of data for each compensation code and measure ID for the selected job code, as well as the currency and sample count.

To adjust measure values by rounding:

Select a value in the Round to Nearest field.
Click the Round button.

To adjust measure values by percentages:

Enter a percentage value in the % to Adjust Rates (percentage to adjust rates) field.
Click the Adjust button.

Target

Initially, this check box is available for entry for all rows. Select a particular row as the target rate by selecting the corresponding check box. The system hides all of the check boxes except for the one selected. Think of these target rates as pay guidelines, in support of your organization's overall pay strategy.

Measure ID

When you return to the Target Market Rates page, in the Measure ID field, the system enters the value selected from the Job Code Details page.

Click this button or save the changes you make to the scenario, return to the Target Market Rates page.

Calculate Jobcode Slotting Page

Use the Calculate Jobcode Slotting page (WA_MC_SLOT_DFN) to establish market rates for non-benchmark jobs, based on available data for benchmark jobs within a scenario.

Navigation

select Workforce Analytics, then select Market Compensation, then select Process, then select Calculate Jobcode Slotting, then select Calculate Jobcode Slotting

Image: Calculate Jobcode Slotting page

This example illustrates the fields and controls on the Calculate Jobcode Slotting page. You can find definitions for the fields and controls later on this page.

Note: On pages such as this one, you can apply row-level security at the scenario level. This means that if your implementation has scenario security and you don't have security access to view a scenario, you won't. The scenarios that you see on this page can vary, depending upon your level of security access.

The term slotting means determining the market rates for a non-benchmark job by estimating the job's value between two comparable benchmark jobs. While this is true, you can also determine the market rates for a non-benchmark job by direct comparison to a single benchmark job.

Enter an effective date, status, scenario ID, description, and notes (if appropriate).

Rule Definition

To define the rule:

Select a slotting job code in the Slotting Job Code field, for the non-benchmark job.

Values are from the WA_MC_NOBNCH_VW table.
Select a benchmark job code for the system to use when calculating the market rates for the non-benchmark job.

Values are from the WA_MC_BNCHJB_VW table, a view that limits your choices to jobs included in the scenario. Either select a single benchmark job for a direct estimation, or select two or more benchmark jobs for a more complex estimation.
Enter an estimated percent value for the benchmark job in the % of Benchmark (percentage of benchmark) field.

The rows for the Weight % (weight percentage) field must always add up to 100 percent.

View Details

Click this link to review the market compensation data for a selected benchmark job. This link accesses the Benchmark Details page. The page also displays the newly calculated market rates for the non-benchmark job after the system has run the calculation.

Calculate Market Data

Click this button to calculate market compensation data for the non-benchmark job, based upon the selected benchmark jobs.

View Slotting Results

Click this link to review the calculated market compensation data for the non-benchmark job. This link accesses the Job Code Slotting Results page. The results are from the WA_MKT_SCEN_TBL table.

Synchronizing With the Target Market Rates Page

Synchronizing With the Market Compensation Scenario Component

When you use the Calculate Jobcode Slotting page to create market compensation data for non-benchmark jobs, the results are stored in the WA_MKT_SCEN_TBL table, meaning that the job and data are added to the specified scenario. After you save the results on this page, the WA_MKT_SCEN_TBL table is out of synchronization with the WA_MC_SCEN_FACT and WA_MC_EMPL_FACT tables. This means that you cannot view the new data on the Market Compensation Scenario inquiry pages until you run the MBP_FACT jobstream (which includes the WA_MC_SCEN process) to update the Data Mart.

Benchmark Details Page

Use the Benchmark Details page (WA_MC_BNCH_SEC) to review the market compensation rate details for a benchmark job selected on the Calculate Jobcode Slotting page.

Navigation

Click the View Details link on the Calculate Jobcode Slotting page.

Use this page to review the market compensation details for the benchmark job selected on the Calculate Jobcode Slotting page.

Measure ID and Measure Value

For each compensation code included in the scenario for this job code, the system displays the measure IDs and measure values. The measure ID is a percentile of the market rate. The measure value is the calculated market rate value for a particular percentile of a market rate. This is the annual, monetary pay level that you use to compare against the compensation level for similar jobs in your organization.

Calculate Market Data

After you click this button on the Calculate Jobcode Slotting page, and the system calculates the market rates for the non-benchmark job, the system displays the new market rates in the Adjusted Value field. Compare the two values side-by-side.

Return to Slotting Rule

Click this link to return to the Calculate Jobcode Slotting page.

Job Code Slotting Results Page

Use the Job Code Slotting Results page (WA_MC_SLOT_RSLT) to review job code slotting results, calculated from criteria selected on the Calculate Jobcode Slotting page.

Navigation

Click the View Slotting Results link on the Calculate Jobcode Slotting page.

Use this page to review the calculated market compensation data for the non-benchmark job selected on the Calculate Jobcode Slotting page.

Compensation Code

For each compensation code included in the scenario, the system displays the measure IDs and calculated measure values.

Measure ID

A percentile of the market rate.

Measure Value

The measure value is the calculated market rate value for a particular percentile of a market rate. This is the annual, monetary pay level that you use to compare against the compensation level for similar jobs in your organization.

Benchmark Count

The Benchmark Count column indicates the number of benchmark jobs used to calculate the non-benchmark data.

Market Scenario Approval Page

Use the Market Scenario Approval page (WA_MKT_SCEN_APROVE) to review the calculated market compensation data for the jobs in a particular scenario, and review and approve the selected target rates.

Navigation

select Workforce Analytics, then select Market Compensation, then select Analyze and Approve, then select Approve Market Scenario, then select Market Scenario Approval

Image: Market Scenario Approval page

This example illustrates the fields and controls on the Market Scenario Approval page. You can find definitions for the fields and controls later on this page.

Note: In addition to PeopleTools page security, you can strictly limit access to scenarios for approval using scenario-level security. This means that if an operator doesn't have security access for a particular scenario, the operator cannot approve it. If you grant an operator access to a scenario approval page and a scenario, the operator has access to all scenario data within that scenario approval page, which enables the operator to view all of the data requiring approval.

Scenario Targets

Use this group box to review the associated measures for each job code and compensation code combination in the scenario. Measure IDs are percentiles of a set of market rates for a job. They are associated with a statistical range of amount values, called Measure Values, which are centered around the mean market rate. They are calculated from the compensation survey samples that you selected for this scenario.

Benchmark

Review the measures that you have decided to use as your targets, which the system indicates by selecting a check box in the Benchmark column.

Using Application Messaging

After you review the data and are satisfied with the results, approve your decision and publish the results of your decision.

Approve

Click to approve the target rates for use in subsequent strategic compensation analyses in the Workforce Rewards system.

The target rates are moved to the WA_MKT_RATE_TBL table, which, unlike the WA_MKT_SCEN_TBL table, is not keyed by scenario ID. After you approve the target rates, use them as strategic references in the Base Pay Structure, Retention Strategy, and Compensation Strategy modules in Workforce Rewards, or in any other PeopleSoft EPM application.

Publish

Click to use PeopleTools Application Messaging to publish the new target market rates from the WA_MKT_RATE_TBL table.

Note: After you approve a market compensation scenario, do not run Market Compensation again for the approved scenario. To use the approved scenario settings a second time (meaning that you want to load new surveys in your model and rerun the Market-Based Pricing process), create a new scenario ID referencing the original model, and proceed from there.