Managing compensation efficiently is a key business objective for many organizations. After all, keeping employees happy leads to greater productivity and less turnover. And Workday Compensation offers companies the best tools for managing this process across their organization.
This article will provide an overview of the solution and how you can take advantage of its features. We’ll also share a list of out-of-the-box ways to consider compensating employees, above and beyond money.
Let’s get started by answering the question, “What is Workday Compensation?”
What is Workday Compensation?
Workday Compensation is a single system that compensation administrators can use to attract talent and reward employees. This solution allows administrators to easily report and act on compensation plans with market data in real time. But Workday Payroll isn’t just useful for admin folks—other employees can use it to access their compensation information at any time on any device.
How Workday Compensation Works
Workday Compensation puts your admins in the driver’s seat. Using the solution, they can easily define compensation packages, plans, and processes with a highly configurable global system. This setup allows your admins to create compensation budgets and distribute pools to managers to use for their teams. It’s flexible so that the pools can be designed for merit as well as including additional modifications for promotions, bonuses, and company stock.
You can set up the elements for pay-for-performance components in either allocating an award or creating a pool. These are created with market survey data, talent data, and any other piece of information in Workday you choose to help you make smart compensation decisions.
Rules can also be used to automate the system. According to Workday, customers have been able to use rule-automated processes to reduce end-to-end compensation planning cycles by 80 percent.
More Ways to Use Workday Compensation
Here are a few other things you can do with Workday Compensation:
- Develop custom plans based on different data points, such as hourly, salary, allowance, merit, commission, bonus, stock, and much more.
- Create compensation packages by combining plans and grades for things such as job level with a specific region to include package options. This will automatically trigger plans based on rules you configure based on the appropriate attributes.
- Executives, managers, and admins will have access to rich dashboards, comprehensive reports, and audit trails for better analysis. You can also set up notifications on any device to remind users they have an action to take.
- Manage the submission of compensation surveys and connect the right workers with matched survey jobs. You’ll have better visibility into matches between survey jobs and Workday job profiles to recommend job matches in new compensation surveys based on historic matches.
Creative Ways to Compensate Employees
Workday Compensation is the perfect tool to help you manage compensation. But have you thought about all the ways you can reward employees for going the extra mile (above and beyond just money)? Here are some fun ideas to consider for your rewards program:
Custom Appreciation Boxes
Reward employees with an appreciation box of items catered to them. Having a box curated with goodies that are personal and memorable shows you really care about an employee as a person, not just a cog in a machine. And don’t forget to add your own personal touch, too!
Professional Development Dollars
Why not help your employees expand their knowledge and skills by covering the costs of professional development? Consider setting up a budget each year for employees to use for conferences and professional education opportunities. Not only will you be rewarding employees who want to learn, you’re also showing them you think they’re worth investing in. It’s a win-win approach.
Work with a shelter in your area or a service that brings furry friends to the office for employees to play with. (Although you should also ask about allergies ahead of time.) Studies show that pets can reduce stress. Plus, puppies and kittens are so adorable!
Who wouldn’t love a week off from cooking? Schedule a meal delivery service for your employees to have their favorite food brought to their door for a week, while checking into any possible dietary restrictions, of course.
Consider setting aside a number of days a year for employees to give back to their local communities. Studies show that volunteering is rewarding and makes people feel good. You could also donate to their favorite charity in their names.
Getting Started with Workday Compensation
We hope this article gave you a better understanding of how Workday Compensation can benefit your organization, as well as some new ideas for recognizing top performers.
If you’re ready to get started with Workday Compensation, Surety Systems can help. Our senior-level Workday consultants can partner with you on implementing and designing the system for your organization’s unique needs. We can also give you some more creative tips for rewarding employees.
Contact us today to get things rolling.