Non-Monetary Plan Types
A non-monetary plan generates awards in terms of units rather than money. Use this plan type to manage the award of various kinds of gifts and merchandise to workers. The plan is administered in terms of units. Setup of valuation of units for reporting purposes.
To set up non-monetary plans:
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Define units of non-monetary awards and the value per unit on the Valuations page.
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Identify the number of units to be distributed to a worker on the Payout Formulas page.
Select Constant as the operand and enter the number of units in the Value/Rec/Rate Code column.
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Set up a plan with a Non-Monetary plan type and select a valuation ID on the Plan Definition page.
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Assign the payout formula to a worker, group, or plan.
Use the Non Monetary report to track the number of units awarded under a plan and the value to workers.