Companies that want to compete for the best talent know that rewarding those employees for their work is a top priority. One tool that organizations can use to help create a compensation plan that will attract those all-star employees more effectively is Workday Compensation.
Workday Compensation makes it easier for your administrators to report and act on your compensation plans in real time, as well as use market data to make informed compensation decisions. Employees will love it too, because it gives them access to their compensation information on any device.
There are two modules available from Workday: Compensation and Advanced Compensation. This article breaks down the differences between the two solutions and shares some of the key features, including one you may not even know about…
Workday Compensation and Advanced Compensation—What’s the Difference?
The core Compensation product is available to all Workday clients. It allows you to manage things like base salary, allowances, commissions, as well as talent management.
Advanced Compensation, on the other hand, is an add-on product that gives you the ability to manage bonuses, merits, or any other sort of delayed compensation. Sometimes companies will try to manage this process offline, on spreadsheets, or through a different product. But the moment you try to handle that work outside your Workday system, you miss out on creating a comprehensive picture of your compensation plans.
Using Advanced Compensation allows you to manage every piece of the process in a single system with one source of data. If your company processes any type of regular bonuses or merit increases (such cost of living adjustments), Workday Advanced Compensation is simply the easiest tool to use.
Main Features of Workday Compensation
Workday Compensation allows your administrators to build compensation packages, programs, and plans using accurate data through Workday. (Not to mention the fact that Workday Compensation eliminates integrations between payroll, recruiting, benefits, performance, and your core human resources tool.) And because it’s a global system, you can easily configure compensation for employees worldwide.
The main features offered through Workday Compensation include:
Compensation Plan Creation
This feature allows you to customize compensation plans around various kinds of data such as hourly, salary, allowance stock, or numerous single payment plans.
Compensation Package Development
Provide comprehensive plan options by combining grades, plans, and grade profiles (such as job level within a specific geography) to provide comprehensive plan options. Workday can automatically trigger plan or packaged analyses depending upon the eligibility rules you set up within the job profile or other attributes.
Compensation Survey Management
Compensation Survey Management lets you streamline compensation surveys and connect employees with matched survey jobs. Workday also allows you to maintain multiple compensation survey vendors and items.
Dashboards and Reports
Everyone—including executives, administrators, and managers—can create dashboards and audit trails thanks to the built-in tools that come with Workday Compensation. It even allows you to set up alerts or other notifications to prompt actions, helping to improve the efficiency of decision-making.
A Workday Compensation Feature You May Not Be Using…
One Workday Compensation feature we find that companies strangely do not take advantage of very often is Benchmark Job Data. Once you’ve been up and running with Workday Compensation for a little while, Benchmark Job Data allows you to analyze where certain job titles are being paid within your pay scale. It also allows you to analyze them for performance and other talent attributes, which will help you improve your reporting capabilities.
So if you haven’t been taking advantage of this great feature, now may be the time.
Getting Started with Workday Compensation
There’s a lot to love about Workday Compensation, from its useful dashboards and reporting tools to all the great features it has around compensation in general. And Workday Advanced Compensation takes things even further by making it easier to manage bonuses, merits, and other types of delayed compensation.
Whether you’re just getting started with Workday Compensation or looking to add Advanced Compensation to your current setup, Surety Systems can help. Our senior-level Workday consulting team has partnered with many organizations to tackle the biggest challenges and share in some amazing successes.
Find out how we can help you by contacting us today.