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Compensation Workbench

Compensation Workbench. Presented by Ted Geary Natrona Technologies. Summary. Compensation Workbench is used for: Annual Merit Reviews Bonus awards on a large scale (ICDs used for one or two employees) Allocation of Stock Options Promotion - job changes. Agenda.

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Compensation Workbench

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  1. Compensation Workbench Presented by Ted Geary Natrona Technologies

  2. Summary • Compensation Workbench is used for: • Annual Merit Reviews • Bonus awards on a large scale (ICDs used for one or two employees) • Allocation of Stock Options • Promotion - job changes

  3. Agenda • Getting Started (Keys to success) • Implementation and Setup • Testing (What’s involved)

  4. Getting Started • Defining the business requirements (Required) • PMI states 30 % of all projects are successful, on-time, and on-budget • What happened to the other 70%?

  5. Getting Started (cont.) • What are some requirements you need to define? • When do you do your annual reviews? • Is there a need for prorating compensation for employees who have been hired less than a year? • How is the process done now? • Is there a freeze date? • Who gets a bonus? who gets stock?

  6. Getting Started (cont.) • Cannot emphasize enough to define requirements • Saves time and effort when the implementation and testing starts

  7. Getting Started (cont.) • If already implemented Standard Benefits or Advanced Benefits, it does make the concepts, implementation, and testing easier for the end user • It is not essential but it helps the super user(s) involved in the project

  8. Implementation Summary: • Life Event Reasons • Derived Factors • Eligibility Profiles • Plan Types • Plans • Plan Enrollment requirements • Standard Rates

  9. Implementation (cont.) Life Event Reasons The “Key” is to think about how you want your spreadsheet to look • Defining how many needed • Annual Review • Bonus • Stock Options

  10. Implementation (cont.) What is a Derived Factor? • The compensation to use as a base for Merit Increase, Bonus, or Lump Sum Merit • Hourly Rate • Annual Salary • Prorated (Fast Formula) vs. Stated Salary

  11. Derived Factor

  12. Implementation (cont.) Eligibility Profiles Who gets What? • Merit All Eligible Employees • Bonus Management • Stock Options Executive

  13. Eligibility Profile

  14. Implementation (cont.) Plan Types • Stand Alone vs. Combination Plan

  15. Implementation (cont.) Setting Up Plans • Combination Options (Merit and Lump Sum Merit) • Setup your plan years • Determining Tasks • Set Budgets • Allocations • Promote/Change Jobs • Rate Performance • Manage Approvals, Review and Submit • Employee Statements (Need to configure)

  16. Implementation (cont.) Plan Enrollment Requirements • Life Event • Plan Year • Self-Service Display dates • Freeze Date • Approval Hierarchy • Eligibility Profiles

  17. Implementation (cont.) Approval Hierarchy • Standard functionality uses Supervisor Hierarchy • AME (Approvals Management), Position

  18. Implementation (cont.) Standard Rates • Budget Distribution • Eligible Salary (Based on Derived Factor) • Worksheet Allocation ( Attach Elements for stock, Lump Sum, and Bonus) • Budget Reserve

  19. Testing (Processing) • Running the Participation Process -One employee vs. Concurrent Program • Compensation Workbench Post Process • Back-Out Compensation Life Events Process • Compensation Workbench Refresh Process • Compensation Workbench Close Enrollment Process

  20. Testing Compensation Workbench • Setting Budgets • Allocations • Assignment Changes (Promotions) • Switch Manager Functionality • Web ADI

  21. Set Budgets

  22. Allocation Worksheet

  23. Switch Manager

  24. Web ADI

  25. Employee Statements

  26. Testing Points of Help • Need plenty of time for testing because it can involve many people • Personalizations will be necessary

  27. Implementation & TestingTime 6 weeks to 3 months Factors that determine ranges • Complexity of the processes such as how bonuses are determined

  28. Contact Information: Ted Geary tgeary@natronatech.com 775-233-0348

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