Compensation Components in Workforce Compensation Plan Worksheets

Compensation components are the building blocks of workforce compensation plans. You can handle all types of allocation, such as merit increases, bonus awards, and stock grants by configuring up to five separate components.

For example, you create one monetary component for merit increases, another monetary component for bonus awards, and a nonmonetary component for stock grants.

While you can go straight to configuring component columns as part of configuring worksheet displays, it's worth configuring the necessary compensation components first. Here's what you can do when you configure compensation components that you can't do when you configure worksheet displays.

• Specify how to determine local currency, which is especially important if you enabled currency switching in the plan currency configuration. For example, you want to use the currencies from input values of payroll elements or from salary bases.
• Set nonmonetary the unit of measure for the component, such as Days, Hours, Shares, or Units.
• Link budget pools to manager allocations to align the allocations with organizational policies.

• Include prorated values for the relevant worksheet columns by setting up assignment segment options.

  Tip: You need to configure assignment segments first, using the Configure Assignment Segments task, before you can link them to a component.

The component columns that you enable in task worksheets inherit these compensation component settings.