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Workday Compensation Consultants
Specialist HRIS staffing and recruiting services for organizations seeking top-tier Workday Compensation Consultants.
Connect with one of our HRIS Recruiters to discuss your hiring needs and how we can provide you with the best Workday Compensation Consultants.
Looking for consulting work?
We're actively looking for people with Workday Compensation skills interested in consulting opportunities. Please complete the below form to connect with one of our recruiters.
What is Workday Compensation & Advanced Compensation?
Workday Compensation and Workday Advanced Compensation are modules within the Workday Human Capital Management (HCM) suite that focus on managing employee compensation and rewards. These modules provide tools and functionalities to help organizations design, administer, and optimize their compensation programs, ensuring that employees are fairly compensated and motivated to achieve their goals.
Key Features of Workday Compensation & Advanced Compensation
Here's an overview of each module:
Workday Compensation is designed to manage the overall compensation structure for employees within an organization. It helps HR teams and compensation managers streamline the process of designing, implementing, and adjusting compensation plans. Key features and functionalities include:
1) Salary Structures: Define and manage salary structures, pay grades, and ranges based on job roles, skills, and experience.
2) Compensation Plans: Create and manage various compensation plans, such as merit increases, market adjustments, and promotional increases.
3) Budgeting: Allocate compensation budgets and distribute funds based on performance, market data, and other factors.
4) Performance-Based Compensation: Link compensation to employee performance by integrating performance data with compensation decisions.
5) Equity Awards: Manage equity-based compensation, such as stock options and grants, and track vesting schedules.
6) Manager Approval Workflow: Implement workflows for compensation adjustments, ensuring proper approval and compliance.
7) Analytics and Reporting: Gain insights into compensation trends, equity distribution, and the impact of compensation decisions.
Workday Advanced Compensation:
Workday Advanced Compensation builds upon the capabilities of Workday Compensation by providing additional features for more complex and dynamic compensation scenarios. This module is particularly useful for organizations with intricate compensation structures and variable pay plans. Key features and functionalities include:
1) Incentive Plans: Create and manage incentive compensation plans, bonuses, and commission structures.
Multi-Currency Support: Handle compensation in multiple currencies for global organizations.
2) Eligibility Rules: Define eligibility rules for participation in specific compensation plans based on performance, role, or other criteria.
3) Plan Modeling: Simulate and model different compensation scenarios to analyze the impact of changes before implementation.
4) Adjustment Guidelines: Provide managers with guidelines and recommendations for compensation adjustments based on established rules.
5) Total Rewards Statements: Generate personalized statements for employees detailing their total compensation, benefits, and rewards.
Workday Compensation and Workday Advanced Compensation help organizations ensure fair and competitive compensation practices, align compensation with business goals, and motivate employees through effective reward programs. These modules contribute to an organization's ability to attract, retain, and engage top talent.
Hiring Workday Compensation Consultants?
Connect with one of our recruiters and let's start talking.
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