The most valuable resources in any organization are the people who make it run. You rely on the skills your people possess to execute business objectives. Yet, your competitors are fighting for those very same people, making it increasingly expensive to continually recruit and train replacement personnel.
Oracle's PeopleSoft Workforce Rewards provides the tools you need to proactively manage your company's compensation and retention policies. PeopleSoft Workforce Rewards determines the overall value of your company's compensation package and puts that information in the context of the overall marketplace to help you build a competitive compensation strategy. PeopleSoft Workforce Rewards will also identify the best and brightest employees so you can retain the people your organization needs in order to be successful.
Compensation Planning and Simulation
Create multiple base and incentive pay plan scenarios to analyze the cost and return on investment of proposed changes.
Define compensation plan eligibility groups and base and incentive pay rules.
Design pay structures with the optimal mix of base and incentive pay.
Adjust pay structures, eligibility rules, and formulas to create compensation models for running scenarios.
Identify the difference between actual cost and the eventual employee value of different compensation elements.
Base Pay Structure Management
Identify the design parameters for your base pay structure.
Communicate pay range opportunities to job applicants and employees.
Test and revise the structure to conform to your organization's compensation strategy.
Assign benchmark and nonbenchmark jobs to ranges in the pay structure.
Conduct base pay structure scenario modeling.
Compare your organization's compensation structure with published compensation surveys for similar jobs.
Collect external market survey data from a variety of sources and make it relevant to your organization.
Create market-rate models based on job codes and calculate market rates using weighted averages.
Run market-based pricing scenarios to compare your current pay levels and structures with the market.
Retention Planning and Risk Assessment
Track employees who possess critical skills, represent a high development investment, or show high potential for future development.
Define risk and performance assessment rules and identify high-turnover risk factors.
Calculate potential cost and lost value of individual turnover.
Import employee survey data, and then compare this with information from your PeopleSoft human resources applications, financial management applications, and other legacy systems.
Combine existing workforce data with projections about your organization's workforce growth and reduction.
Input data as rules to create a simulated workforce for use in the Workforce Rewards compensation planning and simulation tool.