Compensation Workbench (CWB) allows managers and compensation professionals to plan, model, and allocate budgets and awards on a global basis across multiple currencies. Users can distribute budgets and compensation based on guidelines, see a worksheet view of employees, their performance ratings and total compensation. They can also promote employees and give them new performance ratings and rankings. Analytics provide internal and external comparisons, statistical analysis, compensation history, and overviews of current budgets and allocations so managers can make decisions that support business objectives. All of this is done within a secure environment with a configurable notifications and approvals workflow.
Total Compensation Statement (TCS) is bundled with Compensation Workench. Using Total Compensation Statement, organizations can easily build online or paper based statements that help employees realize the full value of their rewards.
Balance equity across a group of employees, regardless of different locations, currencies, business groups or programs. Multiple components of pay including merit and promotion increases, lump sum adjustments, bonuses and stock awards can be viewed and altered at one time.
Gain Flexibility in Implementing Your Compensation Strategy
Complete coverage is offered for any compensation plan design. Plans can be quickly created, modeled and rolled out to meet changing business needs.
Enforce Company and Legislative Guidelines
Define target amounts and ranges to enforce compensation and budgetary policies. Guidelines can be based on any number of criteria including job, grade, length of service, performance rating, compa-ratio or range position.
Drive a Pay for Performance Culture
Use employee performance measures to drive the planning, budgeting and approving of compensation. Guideline matrices can be created to easily manage compensation policies based on performance ratings and rankings.
Communicate Total Rewards
Use Total Compensation Statement to communicate rewards and benefits to employees. This enables employees to view their total compensation through an easy-to-use self-service interface. Paper based statements allow total rewards to be viewed offline.
Avoid Integration Woes with a Complete Solution
As part of a larger suite of HCM applications, Compensation Workbench provides seamless integration and a common user experience with modules essential to the compensation planning process: Performance Management, Core HR, Incentive Compensation, Financials, and Payroll.