Workday Advanced Compensation Training

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Instructor Training
Corporate Training

Features ?

Frequently Asked Questions

Organizations may manage their compensation processes and programs with Workday Advanced Compensation, a cloud-based compensation management tool. It offers a centralized platform for processing compensation data and automating computations while offering tools for tracking, analysing, designing and administering plans as part of its solution set.

Businesses often employ compensation matrices in their workplace to assist with rewarding staff accordingly. A compensation matrix takes several factors into consideration when awarding employees, such as work responsibilities, abilities, experience and educational attainment – as well as wages, bonuses or any other forms of pay that they might entitle their employee(s).

Your Workday paycheck information includes details of any bonuses earned through Workday; go into Workday and select Pay section then view paycheck details where your bonus should appear as Other Earnings.

Course Content

Advanced Compensation Structure
Configuration of Compensation Review Business Process
Summary of Award merit
Comparison between controller and support role responsibilities
Summary of stock
Summary of Bonus
Total Compensation review process as a manager and as an administrator.

Learning the components of a Merit Plan
Creating a compensation review statement.
Step by step process of configuring impacted employees and configuring a merit pool
Creating a task of process compensation awards for employees
Evaluate the coordination of events for the compensation review process
Performing a rollout for a merit plan for eligible candidates

What are the components of the Bonus Plan?
Configuration of a bonus plan and run the compensation review process
To create waiting periods & Proration Rules

a. Bonus Plan: Scorecard:
How to create a Compensation Scorecard?
Different Bonus configurations using Compensation Scorecard
How to create a Bonus Plan using a Compensation Scorecard?
How to test the Bonus Process?

b. Bonus Plan with Individual Performance Factors:
How to create a Weighted Compensation Matrix
Testing a Bonus Plan with Performance Factors

c. Bonus Plan Integration: Eligible Earnings Override & EIB:
How to run a Bonus Plan using actual employee compensation?
How to create an Eligible Earning Override?
How to use EIB to load data for Eligible Earnings Override?

What is Compensation Matrix?
Different types of Matrices
How to create a Compensation Matrix?

Exploring the various options available for the configurable grid
Copy and modify a configurable grid
How to successfully run configurable grid audit reports

How to create an eligibility waiting period
How to create a Time Proration Rule
How to identify various Time Proration Rules
To observe the statutory impact minimums, have on merit pool & employee awards
To examine the waiting period & time proration rules in the compensation review process.

Identification of audit reports to audit Compensation Review
How to modify individual plan targets during the compensation Review?
Configuring & use alternate organizations for the compensation review
Configuring & implementing the Review award steps using shared participants.

Exploring the various options available for the configurable grid
How to successfully run configurable grid audit reports
Copy and modify a configurable grid

Creation of a Stock Plan
Design of a Stock Participation Rate Table
How to run the Update Stock Grant?
How is stock awarded?

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