Overview of Budget Pools in Workforce Compensation Plans
You can align focal compensation for your people with organizational strategies and policies using budget pools. Add anywhere from zero to five budget pools to your workforce compensation plan.
For example, your plan has bonus, cost of living, merit, and stock compensation components. You can create two budget pools, one pool for the monetary allocations and one pool for the shares allocations. You can create a separate pool for each component. Or, you can use minimum and maximum options on the worksheet compensation components, explained in a later chapter, instead of setting up any pools.
To configure budget pools, you enable budgeting and then create the budget pools.
Caution: Any changes you make to an existing budget pool affects any open cycles.
If you have an open cycle, you'll need to either update the status for all cycles to
Closed in Active plans or run the Back Out Workforce
Compensation Data process. After there are no open cycles, make your budget
pool changes and then run the Start Workforce Compensation Cycle
process.