Workday Advanced Compensation

Workday Advanced Compensation Training

 

Course Description

Workday Advanced Compensation is a cloud-based compensation management system that helps organizations manage and administer their compensation programs. The system provides users with a centralized compensation data repository, tools for designing and managing compensation programs, and tools for analyzing and reporting compensation data.

This course is designed for HR professionals and compensation analysts who want to learn how to use Workday Advanced Compensation. The course covers configuring compensation plans, administering compensation cycles, and managing compensation processes.

This course is designed for users who want to learn how to use the Workday Advanced Compensation feature. This course will teach users how to set up and configure Advanced Compensation and use the features and tools available within the segment.

Overview

Workday Compensation is a cloud-based application designed to simplify compensation management. The app features customizable compensation templates, an on-the-fly compensation calculator and what-if scenario creation.

Organizations can utilize Workday Compensation to effectively administer all aspects of their compensation plans – from base pay and bonuses to long-term incentives – through Workday Pay’s comprehensive suite of reporting and analytics solutions.

As well as creating and administering compensation plans, tracking compensation spending and overseeing compensation expenditure,

Workday Compensation integrates seamlessly with other Workday applications to give organization’s staff a holistic view, as well as providing employees with their own self-service portal to access compensation data and monitor it themselves.

This training will equip you with all of the information required to effectively oversee employee compensation at your firm.

Requirement

Workday Compensation is an optional module of Workday; therefore it doesn’t necessitate extensive knowledge. Basic understanding of Workday and analytics would prove beneficial.

Students wishing to understand Workday Compensation need a basic knowledge of compensation plans and workforce dynamics, but by the end of this course you should possess expert compensation skills.

Certification

As soon as you understand this technology and its concepts, certifying will become part of your career plan. Workday officially awards certificates once candidates pass its Certification Exam.

Once you’ve obtained certification in this technology, update your resume and testimonials accordingly.

 

Course Content

1.Introduction to Advanced Compensation

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.

2.Merit Plans

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

3.Bonus Plans

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?

4.Compensation Matrix

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

5.Configurable Grid

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

6.Eligibility waiting period & Time Proration Rules

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.

7.Manage Exceptions in Compensation Review

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.

8.Configurable Grid

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

9.Stock Plans

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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