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Compensation Fundamentals Flashcards

1
Q

Describe the Compensation Package Structure

A

A comp package is comprised of grades and plans

  • Compensation Grades provide guidance with reference pay ranges (Compensation Profiles allow for localization)
  • Compensation Plans provide various types of pay components
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2
Q

Describe the role of Compensation Partner

A
  • View worker HR and events data
  • View worker compensation data
  • Initiate and view compensation events
  • View contact information
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3
Q

Describe the role of Compensation Administrator

A

Very similar to the Comp Partner role. Biggest difference is the ability to configure comp plans, packages, eligibility rules, etc.

  • View worker HR and events data
  • View worker compensation data
  • Initiate and view compensation events
  • Set up all compensation components
  • Run compensation audits
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4
Q

How do you create Compensation eligibility rules?

A

TASK: Create Compensation Eligibility Rule

Name it and specify logic (e.g. Management Level is 7-Supervisor or 8-Individual Contributor)

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5
Q

Describe the 5 different ways eligibility rules are used

A

1) Automatically populate / defaulting compensation components during a staffing transaction (primary use)
2) Assign unique compensation targets to different employee populations for most plan types as well as grades and benchmark jobs
3) Create exception rules for bonus, merit or stock processing
4) Create multiple guidelines in a compensation matrix
5) Roll out or remove compensation plans (allowance, bonus, commission, merit, and stock)

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6
Q

Explain how default compensation from position works

A

An alternative to using Comp eligibility rules.

Default comp needs to be assigned for each created position (via the Change Default Comp sub-process)

If using both comp eligibility rules and default comp from position, the default comp from position will override the eligibility rules.

POSITION MGMT - you can assign default comp directly to an unfilled position

JOB MGMT - default comp will populate for anyone hired into the supervisory org, but since positions are created only during the hire, no reporting is available for unfilled positions

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7
Q

What are the differences between using eligibility rules vs. default from position

A

1) When using default from position, a default salary plan requires an amount, currency, and frequency be entered. The data can be edited at the employee level during the staffing transaction.

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8
Q

Describe how comp elements, comp element groups work

A

COMPENSATION ELEMENTS are the smallest unit of compensation for a worker in a specific position. Comp elements connect compensation and payroll.

Workday uses compensation elements to determine the amount, currency, frequency, and other attributes of a worker’s compensation. Compensation elements are linked to compensation plans.

When linked to a plan that is assigned to an employee, WD can determine which earnings to use to pay the employee.

Earning determine how compensation will be taxed, whether it adds to Gross, and when it is paid (and more!)

COMPENSATION ELEMENT GROUPS
1) Can group elements that you define as “Total Base Pay”

2) Gives you an ability to group and organize your comp elements to be used when creating custom reports, or in compensation eligibility rules

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9
Q

Describe the compensation components that use compensation elements / element groups, how they use them, etc.

A

COMPENSATION ELEMENTS link compensation and payroll

When linked to a plan that is assigned to an employee, WD can determine which earnings to use to pay the employee.

Earning determine how compensation will be taxed, whether it adds to Gross, and when it is paid (and more!)

COMPENSATION ELEMENT GROUPS
1) Can group elements that you define as “Total Base Pay”

2) Gives you an ability to group and organize your comp elements to be used when creating custom reports, or in compensation eligibility rules

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10
Q

Explain Compensation Grades and Grade Profiles

A

COMPENSATION GRADE: A standard compensation range for a given job or job level. Gives guidance when entering salary or hourly pay rates be defining minimum, midpoint, and 3-5 segments (tertiles, quartiles, or quintiles). Required for the compensation bases of “Total Base Pay”

COMPENSATION GRADE PROFILES: Used to create localizations (variations within a grade due to location or some other criteria) and allow you to assign more granular compensation ranges to employees.

e. g. COMP GRADE X: Default range USD
* COMP GRADE PROFILE A: Alt Range EUR
* COMP GRADE PROFILE B: Alt Range CAD

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11
Q

How do you assign compensation grades to job profiles?

A

Edit Job Profile > Compensation section > Compensation Grade … select the desired grade.

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12
Q

What is “compensation basis”?

A

Groups compensation components to define estimated earnings for different employee populations.

E.g.

  • On Target Earnings US: Includes salary plans, commission plans, bonus plans.
  • On Target Earnings UK: Includes salary plans, allowance plans, commission plans, bonus plans.

Workday uses the value associated with the grouped compensation components:

1) As the basis for percentage-based allowance, bonus, period salary, and stock plans; and compensation packages.
* Example: You can define an allowance plan to be 10 percent of total cost to company.

2) To define how Workday manages merit changes for an employee, or other processes that change compensation.

You can either change an employee’s compensation at the individual plan level or manage by basis total. If you manage by basis total, Workday automatically distributes the new total amount across the plans that make up the compensation basis assigned to the employee.

Workday delivers 3 compensation bases:

1) TOTAL BASE PAY: Includes all salary and allowance plans defined as base pay for the position’s compensation grade or grade profile.
2) TOTAL SALARY and ALLOWANCES: Includes all salary and allowance plans assigned to a position.
3) ELIGIBLE EARNING OVERRIDE: For bonus plans and processes only. Includes customer-defined currency amounts at the employee level that can be used as the basis for bonus calculations.

You can create and manage your own compensation bases with these tasks:

  • Create Configurable Compensation Basis
  • Create Calculation Compensation Basis
  • Maintain Compensation Basis
  • Edit Configurable Compensation Basis

You can then view the compensation basis value for employees using reports and processes such as the Compensation Basis Analytics report.

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13
Q

How do you differentiate between Request Comp Change, Propose Comp, and Propose Comp Change BP’s?

A

Request Compensation Change allows changes to all compensation data.

Propose Compensation is a sub-process of the Hire BP.

Propose Compensation Change is a sub-process of the Change Job BP.

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14
Q

How do you initiate a compensation change?

A

Request Comp Change BP can be initiated via:

1) Edit Position BP
2) Itself
3) Web Service (via integration)
4) Request Grade Change (mostly for comp partner / admin)

Propose Comp Change is initiated as a sub-process of the Change Job BP

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15
Q

How are exchange rates managed and viewed?

A

TASK: Maintain Currency Conversion Rates

Can be managed via manual entry or by loading via EIB. For a lot of currencies, may consider a 3rd party provider integration to update / manage.

Default Currency is set via the Edit Tenant Setup - System page.

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16
Q

Describe actual end dates vs. expected end dates? How are they used?

A

On the Actual End Date, the compensation plan will no longer be assigned to the worker vs. the Expected End Date is when the plan is anticipated to end.

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17
Q

What are the implications of correcting compensation events?

A

When you make a correction, you need to review later (effective dated) staffing events, moves, reorgs, etc. in a worker’s history to determine the impact of the correction and fix the later events if necessary.

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18
Q

Explain the Initiate Stock Process BP

A

Used to issue a stock grant to all employees participating in a particular stock plan.

Can be initiated any time.

Can be configured to require an approval by board members.

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19
Q

How do you give an Ad-hoc stock award?

A

TASK: Request Stock Grant

Can be initiated any time.
Configured targets will pre-populate, but, can be edited.

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20
Q

Bonus Plan Options: Weighting

A

Weighting (Matrix or Scorecards) is available when Bonus Plan with Multiple Performance Factors is selected.

  • The total weight between all compensation matrices and scorecards must equal 100%

NOTE: If an employee were to exceed 100% in their achievement (e.g. delivered a project ahead of schedule, exceeded a $ sales target, etc.) the weighted funding can exceed 100%, e.g. 110% of the $10k target would mean this high achiever would receive a bonus payout of $11k.

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21
Q

Bonus Plan Options: Company Scorecards

A

Identifies the scorecards used to calculate the employee’s bonus award during the bonus process. You must enter at least 1 scorecard.

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22
Q

Bonus Plan Options: Bonus Plan Modifiers

A

Provides the ability to modify the bonus award at the plan, matrix only, individual performance, or compensation scorecard level.

Gives the company flexibility to fine-tune an employee’s performance bonus.

Individual / Team (Org) / Company modifiers can be used to adjust the pool and employee award amounts.

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23
Q

Bonus Plan Options: A Compensation Matrix

A

Allows you to tie an employee’s overall performance, for a selected type of performance review, to their bonus award.

Provides guidance based on the employee’s performance, as well as other optional factors.

Can be used with either a percent or amount based bonus plan, single or multiple targets, and can be weighted or not weighted.

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24
Q

Bonus Plan Options: Tranches

A

In the Tranches tab, you can define bonus plans to be distributed in predefined portions or installment amounts.

WD calculates the portions or installments by prorating the overall bonus target using a tranche percent.

a) Enter the Tranche number (E.g. 1, 2, 3, 4)
b) Enter the Target Percent for each amount. The column must add up to 100.

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25
How do you create a Bonus Plan
TASK: Create Bonus Plan Plan Type: Amount or Percent-Based Plan Configure as relevant (eligibility, targets, link bonus process to employee review / company scorecard / bonus plan modifier / proration and/or waiting periods for eligibility, tranches, etc)
26
Explain the Initiate Bonus BP
A bonus plan does not give an EE additional compensation. It simply identifies an employee as an eligible participant, so when the Bonus Process is run the employee is included. The Initiate Bonus BP is what is used to run a bonus a process.
27
How do you configure and initiate a Bonus Processing?
Edit the Initiate Bonus BP Definition, configuring it according to the needs of your business (e.g. approvals). To initiate the BP, from the Related Actions menu off the Compensation Plan, select "Initiate Bonus Process".
28
How do you configure and distribute Bonus Pools
Workday automatically calculates pool amounts using a bottom-up calculation. Workday uses the plan definitions selected during the Initiate Bonus Process step and the employees identified in the Manage Impacted Employees step to calculate the individual employee target amounts. Workday adds the individual employee target amounts to determine the estimated cost and the initial pool amounts. You can change the initial pool amounts and adjust the pool amounts for individual bonus plans. CONFIG OPTIONS can include: * Top-down or Bottom-up funding of the bonus pool * Pool controls such as holdbacks, allowing overages, and displaying pools * The option to change funding at the bonus plan level * The ability to change funding at the supervisory organization level
29
How do you Propose bonus Awards?
*Propose Employee Bonus Award* is one of the last steps of the Initiate Bonus Process BP. Generally completed by the manager (but depends on your BP configuration, role assignments, etc.) a task will show up in the Inbox. You can use "Autofill" to apply recommended targets. From there you can make any changes and review the impact to your budget. Once complete, Submit to continue. From there an approval may be required (depending on config) and eventually funding.
30
How do you initiate a One-Time Payment?
AD-HOC 1) Use related action off employee's name and select OTP 2) TASK: Request One-Time Payment 3) Initiate a Hire or Term and have the Request One-Time Payment sub-process in the overall process GROUP OTP 1) Use EIB to upload for multiple employees
31
How do you Review Future Payment Plans?
Future Payment Plans are used to specify a target amount that can be paid out to the employees over several Bonus and OTP's, and eventually "True Up" to pay off any remaining balance owed to the employees. Can Define: 1) Who is eligible (via eligibility rules) 2) The target amount, whether it can be overridden 3) What bonuses, OTPs should be included when calculating the overall future payment target amount
32
How do you run the True-Up Process?
TASK: Complete Future Payment True Up Bonus
33
What are the available options for the Configurable Grid?
The Composite Column provides read only data about the employee (aka "Row header") e.g. Name, Title, Image There are several options available for the Individual Columns (aka "Columns") and the Group Columns (aka "Tabs") such as: * Column Group (name of tab in the grid) * Read Only / Editable / Advanced * Label Override * Display Options
34
How do you create a Configurable Grid?
TASK: Create Grid Configuration
35
How do you run the Configurable Grid Audit Report?
The report is used for verifying that the grid includes fields that the merit or bonus plans indicate should display as read only or be editable during the process. Run the report Enter an effective date Select the relevant Grid Configuration BLOCKER: Applies to fields that the plan indicates are editable and must be added to the grid configuration. WARNING: Applies to fields the plan indicates should display as read only but are missing from the grid. Consider adding these fields.
36
Describe the Coordination of events functionality for Termination and Parallel Process
Coordination of Events is an automatic process that handles Terminations, Request Compensation Change, Propose Compensation Change, Request Grade Change, and Request Job Change BP's as part of merit, bonus, or stock process. Termination rules can be created for the Merit, Bonus, or Stock Processes. WD allows parallel events to occur only for the Merit Process and not the bonus or stock processes.
37
Describe the various dates used in creating participation rules
1) Effective Date: The date the various awards will take effect 2) Process Period End Date: Used to set the duration of the process period and the initial eligibility for the process. 3) Organization Snapshot Date: Used to determine the organizations which receive events in the proposal process. 4) Compensation Snapshot Date: The date on which a worker's information is used to drive the target and pool calculations.
38
How do you create a Compensation Participation Rule?
TASK: Create Compensation Review Participation Rule
39
How do you configure a Merit Statement?
TASK: Create Merit Statement Rule
40
Explain the Initiate Merit BP
Contains all the tasks necessary to execute a merit event, e.g.: 1) Initiation 2) Manage impacted employees 3) Configure Merit Pools 4) Distribute Pools 5) Launch Employee Merit Award 6) Propose Employee Merit Award
41
How do you set up shared participation in the Initiate Merit BP?
By selecting a Grid Configuration of the type "Shared Participation Compensation Review" when initiating a merit process.
42
How do you initiate the Consolidated Merit Process?
TASK: Initiate Merit Process
43
What other compensation processes can be initiated with Merit?
Other merit plans, one or more bonus plans, or even stock plans.
44
What is the Manage Impacted Employees step? Why is it used?
Identifies workers with multiple compensation events so you can decide whether or not to remove them from the process.
45
How do you configure and distribute the merit pool?
Configuring the merit pool is the last step before launching the process to managers. Options include allowing holdbacks / overages, override statutory minimum, top-down or bottom-up pool determination STEPS 1) Access the inbox item for the process 2) In the Pool Distribution Summary section, enter pool amount or units that you want to distribute to each organization 3) Click *Go to Final Review* 4) Click *Submit*
46
How do you propose awards in a Consolidated Merit?
Via a task in the managers' inbox. Can propose employees' compensation for an individual supervisory org or Propose All (displays employees from multiple supervisory orgs on one page). Once the manager view the org, they can Submit or Submit All (for multiple orgs) Depending on the configuration, an employee may have a merit increase %, additional adjustment %, and/or a promotion %. NOTE: The calculations happen in that order.
47
How do you Generate a Merit Statement?
TASK: Release Merit Statement * Can be part of the Initiate Merit BP or standalone * Can be scheduled to run and be printed
48
Describe the Total Compensation rules
Determines to whom (workers) a Total Compensation Report Template should be available. Utilizes the very familiar WD rules framework.
49
How do you configure the sections of Total Compensation?
Each section represents all the plans that should be part of the total compensation calculation for that section. E.g. the "Allowances" section should specify all allowance plans that will be part of the calculation Configuration Options 1) Section Name 2) Included Plans 3) Description 4) Title Text 5) Explanatory Text 6) Display When Zero (checkbox) 7) Hide Value (checkbox)
50
How do you create a total compensation template for a defined population?
Create a Total Comp Template using a Total Comp Rule (which specifies which workers the template is available to) TASK: Create Total Compensation Template and specify: 1) Name 2) Total Compensation Rule 3) Disclaimer Text 4) Chart Explanatory Text 5) Display Stock (checkbox) 6) Add a section(s)
51
How do you run the Total Compensation Template Audit report?
REPORT: Total Compensation Audit Identifies workers included in more than one Total Compensation Template.
52
Explain managing employee severance
WD provides A FRAMEWORK for managing a terminated employee's severance package that enables you to calculate employee severance DURATION and AMOUNT based on the company's policy.
53
How do you create a Severance Matrix?
TASK: Create Severance Matrix The matrix is used to determine: * How long an employee is entitled to receive severance payments. * How much advanced notification of termination an employee is to receive.
54
How do you create a Severance Package?
TASK: Create Severance Package A severance package defines the types of severance pay components that an employee receives once they are terminated. The number of severance packages you create depends on how you want to track them. Example: Create a package for each termination event.
55
How do you create a Severance Worksheet?
TASK: Create Severance Worksheet The Severance Worksheet ties the Severance Package to the employee. It is created for an individual employee and not in mass. Must be created prior to terminating the employee. Enter the Severance Package, Employee Name, and Target Termination Date.
56
Explain Benchmark Jobs
A benchmark job contains the market salary information relevant to the one or more job profiles it is linked to. It will show what is considered below / at / above market compensation rates for a specific job profile. This information is intended to provide immediate decision support for comparing hiring salary rates to the market rate. It can also be used in turnover analysis to determine if compensation was a factor in a voluntary termination.
57
What is The Organization Market Position worklet?
Shows how many workers in an organization are at, below, and above market.
58
What is the Direct Reports Market Position report used for?
Intended for managers. Shows all job profiles for their direct reports and the total numbers who are at / below / above market.
59
What is the Job Profile Market Position report used for?
For selected job profiles, compares the average total base pay of employees to the market.
60
What is the Benchmark Job Audit report used for?
Displays a list of job profiles that are not associated to a benchmark job.
61
What is Age Market Salary Data?
As part of maintaining your benchmark jobs, you will need to edit benchmark jobs to adjust the data as it changes (ages) over time. Aging a benchmark job can be done manually (Edit Benchmark Job), but, that can be time consuming. May be more effective to use an EIB.
62
Explain *Steps* within a profile grade and the Step Progression
A step is a specific amount within a compensation grade or grade profile salary range. Steps assign a specific monetary amount to a worker's salary or hourly plan. A Step Progression is when, based on time in step, the eligible employee moves to the next step (i.e. get paid more) The progression can be automated using *Schedule Automatic Step Progression. Most commonly used with hourly workers.
63
How do you roll out / back Compensation Plans?
PROCESS: Rollout Compensation Plans to Employees PROCESS: Remove Compensation Plans from employees
64
How do you run a plan adjustment process?
PROCESS: Set Up Allowance Plan Adjustment
65
What is the difference between the Compensation Eligibility Rules and Default Compensation from Position?
They are different ways of defaulting compensation for a worker / position.
66
What are Compensation Grades?
Grades define the standard compensation range for a given job or job level. You can associate more than 1 compensation basis and pay range to a grade.
67
What are Compensation Grade Profiles?
Used to create variations within a grade (usually locale, could be any business-related criteria). A common use case is setting up grade profiles that provide alternative ranges for people in different countries, or even cities (San Francisco vs. Phoenix).
68
What are Compensation Plans?
The building blocks of your compensation structure. At a minimum, there must be one compensation package, on compensation grade, and a salary or hourly plan.
69
Describe the various types of Compensation Plans?
1) Salary Plan 2) Period Salary Plan 3) Unit Salary Plan 4) Hourly Plan 5) Commission Plan 6) Allowance Plan 7) One-Time Payment Plan 8) Stock Plan 9) Bonus Plan 10) Merit Plan
70
What is a Compensation Package?
A grouping of Grades and Compensation Plans. The combination of including comp components in a package and using comp eligibility rules enables the system to default those components into an employee's compensation during staffing activities.
71
Describe how defaulting works for Compensation Packages?
You must assign the eligibility rule to a compensation package and associate the default grade, grade profile, and one or more plans with that package. Worker must be eligible for package AND eligible for a plan in package for defaulting to occur Being eligible for a plan not in a package will not result in defaulting, but, the plan will be available to select.
72
How do you Request Compensation Changes?
TASK: Request Compensation Change
73
How do you Propose Compensation?
TASK: Propose Compensation is a sub-process of the Hire BP.
74
How do you maintain and view exchange rates?
TASK: Maintain Currency Exchange Rates
75
How do you give stock awards?
TASK: Initiate Stock Process BP
76
How do you initiate a bonus process?
TASK: Initiate Bonus Process (BP)
77
How do you set up one-time payments?
TASK: Create One Time Payment Plan
78
How do you initiate a Consolidated Merit Process?
TASK: Initiate Merit Process
79
How do you set up a Total Compensation Report?
Total Compensation Template * are associated to employees via Total Compensation Rules * are made up of Total Compensation Sections
80
How do you create a benchmark job?
TASK: Create Benchmark Job 2) In the Default Benchmark Data section, consider Competitive Market Target, Target Spread % 3) In the Profile Market Data section, you can define different values for specific employee populations using eligibility rules. If an employee matches the criteria defined by the eligibility rule, Workday uses the Profile Market Data section values instead.
81
How do you set up a plan adjustment?
1) Access the task for they type of plan you wish to adjust (Allowance Plan Adjustment, Commission, Compensation Step, Hourly Plan, unit Allowance Plan, Unit Salary Plan) 2) Enter the date on which the adjustment goes into effect and the compensation plan being adjusted 3) Configure fields in the adjustment
82
Comp Plans: Salary Plan
APPLY FTE%: Check if you want to prorate compensation ELIGIBILITY RULES: Who is eligible COMPENSATION ELEMENT: Ties plan to earnings Exclude From Merit: Check if you don't want this salary plan available when you initiate the merit process
83
Comp Plans: Unit Salary Plan
A salary plan based on units of delivered work (yards, pounds, cases, or units of time e.g. days, months). UNIT: PER UNIT AMOUNT: CURRENCY: DEFAULT UNITS: FREQUENCY:
84
Comp Plans: Period Salary Plan
Supports additional months, weeks, or days of pay (common in certain areas of the world, e.g. India pays a "13th month")
85
Comp Plans: Hourly Plan
Defines certain characteristics of an hourly compensation plan HOURLY RATE AMOUNT: CURRENCY: FREQUENCY:
86
Comp Plans: Commission Plan
For employees paid on commission. The plan itself does not impact compensation. It provides a target to be used in calculations such as total comp and comp bases. It also defines eligibility and can track participation and draw information that can be used by a third-party commission information system. COMP ELEMENT AMOUNT CURRENCY FREQUENCY DRAW AMOUNT (AND RELATED FIELDS): This information is for informational purposes and can be passed to a third-party commission system through integration
87
Comp Plans: Allowance Plan
# Define payments that are included as part of an employee's pay. E.g. Car, cell phone allowance. Vouchers for movie tickets. 3 TYPES 1) Amount Based e.g. $500 month 2) Percent Based 3) Unit Based
88
Comp Plans: One-Time Payment Plan
Provides the ability to award an ad-hoc payment to an individual employee. Could be used for a wide variety of payments, such as employee referrals, retention bonuses, severance payments. ``` Fields GROSS UP COMPENSATION ELEMENT TARGET AMOUNT/TARGET PERCENTAGE CURRENCY RECOMMENDED MINIMUM AMOUNT/PERCENT RECOMMENDED MAXIMUM AMOUNT/PERCENT REFERENCE FREQUENCY COSTING OVERRIDE WORKTAG ```
89
Comp Plans: Stock Plan
Many more prerequisites for creating a stock plan. 3 TYPES 1) Amount Based 2) Percentage Based 3) Unit Based ``` FIELDS ********** ALLOW TARGET OVERRIDE HID TARGET COMPENSATION MATRIX USE AS REFERENCE ONLY ROUNDING RULE COMPENSATION BASIS USE TARGET CURRENCY FOR GRANT TARGET AMOUNT/PERCENT/SHARES FREQUENCY VESTING SCHEDULE GRANT TYPE EXPIRATION DATE RULE PERCENT OF TARGET ``` STOCK GRANT TYPES 1) Long Term Cash 2) Option 3) Stock
90
Comp Plans: Bonus Plan
Either flat amount or a %. Uses a reference currency (can be paid in multiple currencies)
91
Comp Plans: Merit Plan
Similar set of options as a Bonus Plan.
92
What are the 3 compensation basis that WD delivers?
1) Total Base Pay 2) Total Salary & Allowances 3) Eligible Earnings Override

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