Oracle’s Compensation Workbench

Pay reviews are a time that many employees will look forward to, however, for those who work in their company’s reward team, this can mark one of the busiest times of the year. Conducting pay reviews across an organisation is no mean feat. Ensuring pay awards are distributed fairly is an incredibly important and challenging process. Even once the allocation of pay awards has been made, amending employees’ salaries in your Oracle E-Business Suite system and informing those employees of any increase in salary is time-consuming and, as with any manual process, can be prone to error. Oracle’s Compensation Workbench can help you to automate that process.

Using Oracle Compensation Workbench provides the following benefits:

Globally Manage Total Compensation

• 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, modelled 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.

Compensation Workbench can be configured to meet your pre-existing reward process. Alternatively, if you are looking at introducing a new reward process, Compensation Workbench is a great addition to your existing Oracle E-Business Suite system to ensure that new process is implemented fairly and accurately.

Choosing the right Managed Services Provider

Claremont has expertise of both implementing and supporting Compensation Workbench. If you are interested in Compensation Workbench and wish to have a discussion with us on how it can benefit your organisation then please do get in touch.

If you are looking for an Oracle partner who can help you with your technology investment, goes about it the right way and can back up the talk, then reach out. You can email us at info@claremont.co.uk or phone us on +44 (0) 191 206 4152.