Overview of Workforce Compensation

Let managers and specialists allocate compensation, such as merit increases or stock grants, to groups of people on a focal, anniversary, or periodic basis. This includes letting them promote people and rate performances while allocating compensation, as well as communicating compensation changes.

Also set up managers so they can automatically calculate and allocate compensation using models and analyze proposed changes to ensure outcomes like these:

• Equity among peer groups and by manager
• Alignment with the market and with organizational compensation strategies for performance

You do all of this when you set up your workforce compensation plans. The setup involves configuring the foundation, budgets, worksheets, models, and reports aspects of each plan. Managers and specialists use the worksheets to propose compensation, performance ratings, and promotions. They also use them to approve proposed changes and communicate the changes. You can also optionally extend certain lookups that people in various job roles use in the workforce compensation cycle. And you can use a fast formula to retrieve data or run calculations on data.