Define Compensation Items for Workforce Planning
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Define Compensation Items for Workforce Planning
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Compensation items are categorized into compensation groups for reporting purposes.
The most important element in designing the compensation structure for Workforce Budgeting is the compensation item. Compensation Items are various employee compensations paid to employees of an organization.
The amount of compensation items needed depends upon your organization's budget requirements. Generally, most administrators define salary, payroll tax, and employee benefits. Each compensation item is mapped to a leaf level member from the account segment and is computed according to the basis. Create compensation items which vary annually.
You can add all compensation items other than those with the following compensation basis’s; Direct Data Input, Wage Type, and Wage Type without reviews. Assign compensation items to employees with varying effective periods and percentages.
Compensation items may be mapped to an employee type or individual employee.
Note:
Compensation items that vary annually cannot be edited on the Employee list page. Also, multiple raise details cannot be updated from the Mass Update application page. Compensation items are not connected to the Rate or Hours loaded for the wage calculation. The default values set at the compensation level are adopted for all employees. To make changes, navigate to the Employee page to makes changes at the employee level.
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