Even when compensation plans are well designed and arranged, too many organizations rely on outdated processes and inconsistent records to collect, measure and manage crucial employee data to influence their compensation decisions. By leveraging Workday’s single solution framework and functionality to consolidate this information into simple yet detailed worksheets that accurately inform the compensation process, OneSource Virtual’s Advanced Compensation helps you nurture, retain and promote top talent through strategic distribution of employee merit, bonus and stock plans.
Advanced Compensation Solutions
Compensation Plans- Configure basic merit, bonus, onetime payment and stock plans, define plan rules and waiting periods, and manage distribution to plan recipients. Use performance review scores to drive plan recommendations.
Compensation Matrix- Create and modify compensation matrices to define an appropriate relationship between performance scores and corresponding merit, and bonus and stock offerings.
Merit and Bonus Business Processes- Organize and assign merit and bonus plans individually or globally as they relate to your organization’s departments and internal divisions. Design plan profiles to account for variables such as geographic cost of living variances. Develop goal-specific scorecards that reflect bonus plan qualifications. Specify factors for employee and organization performance that must be met for bonus plan eligibility.
Compensation Process- Set up templates to define compensation event details. Learn how to edit template definitions, modify plan calculations and configure plan grids. Produce worksheets to help inform managerial decision making. Customize and generate merit statements.
Reports and Analytics- Design custom reports that focus on key compensation metrics and performance goals specific to your organization or industry. Understand the ways analytics provide insight into how your compensation plans are succeeding.
We are Workday Experts
OneSource Virtual has the knowledge and experience to connect the compensation dots in meaningful ways that yield valuable outcomes and align with your company’s organizational business goals. Let us help you tie compensation to employee achievement in an impartial and accurate way that benefits all involved, from employee to management to the organization as a whole. Connect with a OneSource Virtual representative today and learn how Workday’s compensation management tools can support an intelligent and intuitive compensation strategy.