Setting Up Salary Forecasting

If you use the Salary Forecasting business process for forecasting purposes, then set up events for modeling the future compensation.

If you use the business process for comparison of two past periods, then do not set up any events. Note that the calculation process ignores events defined in past periods.

Complete these steps to set up salary forecasting:

1. Define, one at a time, two like periods of time.

   These time periods can be past, current, or future. Usually, you compare two equivalent periods of time, referred to as the reference and the analysis periods.

2. Associate the periods for comparison or forecasting.

3. Define groups, if they are not already created.

   Define worker groups using the Group Build module. Each person defined in a group used in the Salary Forecasting business process must have, in his or her compensation package, rate codes attached to a rate code class. Use the rate codes without rate code class report to verify.

4. Define the various events that you want to apply to the worker groups whose compensation you want to analyze and forecast.

   The events can be of various types, as described in the next section. You might also define additional setup data such as proration rules or specific hours rate.

5. Ensure all events for one scenario have the same elementary period.

6. (Optional) Define your proration rules.

7. (Optional) Define your rates for hours worked.

8. Group events into a scenario.

   At the scenario level, define a set of events to apply to groups of workers for a given time period.