Compensation Workbench Presented by Ted Geary Natrona Technologies.
-
Upload
leonard-cummings -
Category
Documents
-
view
222 -
download
2
Transcript of Compensation Workbench Presented by Ted Geary Natrona Technologies.
![Page 1: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/1.jpg)
Compensation Workbench
Presented by
Ted Geary
Natrona Technologies
![Page 2: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/2.jpg)
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
![Page 3: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/3.jpg)
Agenda
• Getting Started (Keys to success)
• Implementation and Setup
• Testing (What’s involved)
![Page 4: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/4.jpg)
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%?
![Page 5: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/5.jpg)
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?
![Page 6: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/6.jpg)
Getting Started (cont.)
• Cannot emphasize enough to define requirements
• Saves time and effort when the implementation and testing starts
![Page 7: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/7.jpg)
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
![Page 8: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/8.jpg)
Implementation
Summary:• Life Event Reasons• Derived Factors• Eligibility Profiles• Plan Types• Plans• Plan Enrollment requirements• Standard Rates
![Page 9: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/9.jpg)
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
![Page 10: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/10.jpg)
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
![Page 11: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/11.jpg)
Derived Factor
![Page 12: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/12.jpg)
Implementation (cont.)
Eligibility Profiles
Who gets What?
• Merit All Eligible Employees
• Bonus Management
• Stock Options Executive
![Page 13: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/13.jpg)
Eligibility Profile
![Page 14: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/14.jpg)
Implementation (cont.)
Plan Types
• Stand Alone vs. Combination Plan
![Page 15: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/15.jpg)
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)
![Page 16: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/16.jpg)
Implementation (cont.)
Plan Enrollment Requirements
• Life Event
• Plan Year
• Self-Service Display dates
• Freeze Date
• Approval Hierarchy
• Eligibility Profiles
![Page 17: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/17.jpg)
Implementation (cont.)
Approval Hierarchy
• Standard functionality uses Supervisor Hierarchy
• AME (Approvals Management), Position
![Page 18: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/18.jpg)
Implementation (cont.)
Standard Rates
• Budget Distribution
• Eligible Salary (Based on Derived Factor)
• Worksheet Allocation ( Attach Elements for stock, Lump Sum, and Bonus)
• Budget Reserve
![Page 19: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/19.jpg)
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
![Page 20: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/20.jpg)
Testing
Compensation Workbench
• Setting Budgets
• Allocations
• Assignment Changes (Promotions)
• Switch Manager Functionality
• Web ADI
![Page 21: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/21.jpg)
Set Budgets
![Page 22: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/22.jpg)
Allocation Worksheet
![Page 23: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/23.jpg)
Switch Manager
![Page 24: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/24.jpg)
Web ADI
![Page 25: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/25.jpg)
Employee Statements
![Page 26: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/26.jpg)
Points of Help
• Need plenty of time for testing because it can involve many people
• Personalizations will be necessary
Testing
![Page 27: Compensation Workbench Presented by Ted Geary Natrona Technologies.](https://reader036.fdocuments.us/reader036/viewer/2022062320/56649cfd5503460f949cd9cf/html5/thumbnails/27.jpg)
Implementation & TestingTime
6 weeks to 3 months
Factors that determine ranges
• Complexity of the processes such as how bonuses are determined