Compensation Workbench

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Compensation Workbench

• Presented by
• Ted Geary
• Natrona Technologies

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Summary

• Compensation Workbench is used for
• Annual Merit Reviews
• Bonus awards on a large scale (ICDs used for one
  or two employees)
• Allocation of Stock Options
• Promotion - job changes

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Agenda

• Getting Started (Keys to success)
• Implementation and Setup
• Testing (Whats involved)

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Getting Started

• Defining the business requirements (Required)
• PMI states 30 of all projects are successful,
  on-time, and on-budget
• What happened to the other 70?

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Getting Started (cont.)

• What are some requirements you need to define?
• When do you do your annual reviews?
• Is there a need for prorating compensation for
  employees who have been hired less than a year?
• How is the process done now?
• Is there a freeze date?
• Who gets a bonus? who gets stock?

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Getting Started (cont.)

• Cannot emphasize enough to define requirements
• Saves time and effort when the implementation and
  testing starts

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Getting Started (cont.)

• If already implemented Standard Benefits or
  Advanced Benefits, it does make the concepts,
  implementation, and testing easier for the end
  user
• It is not essential but it helps the super
  user(s) involved in the project

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Implementation

• Summary
• Life Event Reasons
• Derived Factors
• Eligibility Profiles
• Plan Types
• Plans
• Plan Enrollment requirements
• Standard Rates

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Implementation (cont.)

• Life Event Reasons
• The Key is to think about how you want your
  spreadsheet to look
• Defining how many needed
• Annual Review
• Bonus
• Stock Options

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Implementation (cont.)

• What is a Derived Factor?
• The compensation to use as a base for Merit
  Increase, Bonus, or Lump Sum Merit
• Hourly Rate
• Annual Salary
• Prorated (Fast Formula) vs. Stated Salary

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Derived Factor
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Implementation (cont.)

• Eligibility Profiles
• Who gets What?
• Merit All Eligible Employees
• Bonus Management
• Stock Options Executive

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Eligibility Profile
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Implementation (cont.)

• Plan Types
• Stand Alone vs. Combination Plan

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Implementation (cont.)

• Setting Up Plans
• Combination
• Options (Merit and Lump Sum Merit)
• Setup your plan years
• Determining Tasks
• Set Budgets
• Allocations
• Promote/Change Jobs
• Rate Performance
• Manage Approvals, Review and Submit
• Employee Statements (Need to configure)

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Implementation (cont.)

• Plan Enrollment Requirements
• Life Event
• Plan Year
• Self-Service Display dates
• Freeze Date
• Approval Hierarchy
• Eligibility Profiles

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Implementation (cont.)

• Approval Hierarchy
• Standard functionality uses Supervisor Hierarchy
• AME (Approvals Management), Position

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Implementation (cont.)

• Standard Rates
• Budget Distribution
• Eligible Salary (Based on Derived Factor)
• Worksheet Allocation ( Attach Elements for stock,
  Lump Sum, and Bonus)
• Budget Reserve

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Testing (Processing)

• Running the Participation Process
• -One employee vs. Concurrent Program
• Compensation Workbench Post Process
• Back-Out Compensation Life Events Process
• Compensation Workbench Refresh Process
• Compensation Workbench Close Enrollment Process

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Testing

• Compensation Workbench
• Setting Budgets
• Allocations
• Assignment Changes (Promotions)
• Switch Manager Functionality
• Web ADI

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Set Budgets
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Allocation Worksheet
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Switch Manager
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Web ADI
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Employee Statements
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Testing

• Points of Help
• Need plenty of time for testing because it can
  involve many people
• Personalizations will be necessary

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Implementation TestingTime

• 6 weeks to 3 months
• Factors that determine ranges
• Complexity of the processes such as how bonuses
  are determined

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• Contact Information
• Ted Geary
• tgeary_at_natronatech.com
• 775-233-0348