Our Workday Advanced Compensation Online course is designed to provide Functional knowledge for Learners from certified Experts. This online training program is comprehensive with real-world scenarios delivering practical value to aspirant workday professionals. After the completion of this course, Trainee will: This course is designed for aspiring compensation administrators who are responsible for deploying and maintaining the merit, bonus, and stock infrastructure and processes in Workday. In this course, you will configure and apply concepts like compensation review process, merit, bonus, and stock plans, configurable grid, compensation matrix, and coordination of events. Knowledge of Workday HCM is a prerequisite before learning this module in Workday.
Advanced Compensation Framework:
The frame work of this course is designed for learners to be able to describe the advanced compensation structure, summarize the process to award merit, stock, and bonus and learn configuration of compensation eligibility rules. Trainees would also learn to configure the compensation review business process, differentiate between the responsibilities of the controller and support role, complete compensation review as a manager and compensation administrator.
Concepts covered in this topic include identification of the options available for the configurable grid, copying and modifying a configurable grid, running configurable grid audit reports, coordination of events, ability to explain the coordination of events functionality for termination and parallel events, definition of the various effective dates and the creation of a compensation participation rule.
Merit Plans, Eligibility Waiting Period and Time Proration Rules
Students would acquire knowledge on merit plans and be able to describe the components of a merit plan, map the merit process, conduct a rollout for a merit plan to eligible participants, configure a compensation process template, process compensation awards for employees. They would also learn how to create an eligibility waiting period, identify the different types of time proration rules. create a time proration rule, test the waiting period and time proration rules in the compensation review process, and view the impact statutory minimums have on the merit pool and employee awards.
Compensation Matrix and Bonus Plans
Students would learn how to define the different types of matrices and the creation of a compensation matrix. They would also understand how to describe the components of a bonus plan, configure a bonus and run the compensation review process. complete bonus awards for employees, bonus Plan with individual performance factors, creation of a weighted compensation matrix, initiation and running a bonus plan with performance factors.
Stock Plans and Consolidated Compensation Review Process
Trainees would be taught how to create a stock plan, create a stock participation rate table, explain how stock is awarded in the Initiate Merit Process, review related reports, run the Update Stock Grant task, list the components of a compensation review process, create a process validation, initiate the consolidated compensation review process, configuration of manage impacted employees step and configure merit pool. To learn further in Workday, you can check out our other courses like Workday Finance Training, Workday Benefits Training or Workday Prism Analytics Training.