Overview of Workforce Compensation Plan Configuration
People use workforce compensation plans to allocate budgets to managers and compensation to groups of people during a compensation cycle. The plans are highly configurable, so you can determine the specific tasks and information that a plan provides to administrators, managers, and specialists. The setup page displays pertinent plan details and existing budget, component, and worksheet configurations.
To set up a plan, use the Workforce Compensation Plans task in the work area to configure these aspects:
- Configure Foundation: Set up details, such as the employment records the Start Workforce Compensation Cycle process evaluates for the plan. Also specify if the plan is active or inactive, configure eligibility, and identify cycle dates that determine plan access and eligibility. Set hierarchies that determine whether people have primary responsibility for the plan, can provide suggestions, or can only review the plan. And enable currency switching and configure currency properties, set up plan access, and configure a feedback survey and plan information.
- Configure Budgets: Specify how to distribute budgets, set up budget groups, and identify storage methods for budget pools. Also track on-cycle and off-cycle compensation against the budget.
- Configure Worksheets: Determine which worksheets to include in a plan as well as display properties, dynamic calculations, alerts, and assignment segments. Managers and specialists use these worksheets to propose compensation, performance ratings, and promotions. They also use them to approve proposed changes and communicate the changes.
- Configure Models and Reports: Let managers and specialists build compensation models that help them align their budgets and compensation allocations with organizational pay practices and guidelines. Let them automatically allocate modeled amounts according to each person's country, job, grade, and quartile. And create Oracle Transactional Business Intelligence reports to give managers and specialists relevant contextual information so that they can make informed compensation changes. Also configure plan filters and analytics.