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Workday Compensation Training

10 Weeks
All levels
0 lessons
0 quizzes
0 students

Workday Compensation’s automation of various compensation management tasks makes for significant time savings, and this software handles salary calculations, pay statements and payroll procedures.

Automating these procedures frees HR workers to focus on other duties while decreasing compensation management time.

Workday Compensation provides employers with various data and analytics solutions to assist with making better compensation decisions; its system tracks salary trends, pinpoints areas where adjustments could occur and analyses how different compensation adjustments affect employee retention and engagement levels.

It integrates seamlessly with performance, talent and compensation management systems so companies can gain a holistic picture of employee performance and potential to make better remuneration decisions.

It is an intelligent technology solution designed to accelerate compensation operations, minimise errors and inefficiency, improve decisions regarding compensation decisions and scale with changing business needs.

Workday Compensation has revolutionised compensation management; as an advanced cloud solution, Workday Compensation automates and simplifies compensation management processes, aiding companies in making smarter decisions and decreasing errors.

Workday Pay provides businesses with an easy and comprehensive way to manage employee pay information such as salary, bonuses and benefits; track it for compliance with legislation or industry standards and analyse it continuously.

Workday Compensation’s real-time visibility of compensation data provides firms with access to accurate compensation data in real-time for swift analysis and appropriate action to be taken quickly and effortlessly.

Integration between Workday Compensation and other systems and applications is another hallmark feature.

Businesses may leverage Workday Compensation by linking it with HR, payroll, financial accounting systems or accounting platforms, and this helps ensure compensation data remains up-to-date and that stakeholders receive accurate updates on any compensation changes or developments.

Workday Compensation’s reporting and analytics tools allow firms access to salary data to visualise trends quickly.

Workday Compensation is an efficient, dependable solution that has helped businesses of all sizes enhance their compensation systems.

By streamlining compensation management, you are increasing compliance with legislation or industry standards or gathering better data insights.

This course introduces Workday Compensation technology’s features, functions, and benefits, including job structures, pay grades, wage structures, and compensation computation.

Workday will be used to establish and administer job structures, pay grades and organizationally aligned salary systems; additionally, this course will cover pay rate calculation using rules and formulae.

Participants will also learn to use Workday Compensation’s reporting and analytics tools for analysing compensation data; they will receive training covering its integration with HR and payroll systems.                 Testimonials

Divya

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Naga Divya Jyothi

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Syam Penumala

Developer

Syam

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Workday offers companies an integrated compensation plan solution designed to manage employee compensation plans effectively across job grades and locations while considering performance-based pay systems and various incentive structures.
HR's compensation cycle typically involves creating and executing employee pay packages, conducting market research to ascertain competitive salaries and benefits packages, setting goals and budgets, designing structures and plans accordingly, communicating to employees their benefits information, and monitoring and adjusting programs.
Compensation processes vary widely by sector and circumstance; however, generally speaking, a compensation process determines and distributes payments or forms of compensation, such as salaries, bonuses, commissions or benefits to individuals or groups such as salaries or bonuses.
Compensation basics refer to the principles or concepts that underlie paying someone for their effort or services, including justice, equity, consistency and transparency; these concepts mean employees need to know exactly how their pay is calculated so that they may maximise it themselves.
Compensation payment refers to money given as compensation after suffering loss, injury or damage attributable to another party's acts or negligence; typically, this form of reimbursement forms part of a legal settlement or court order to compensate victims by legal precedent or court orders.

Requirements

  • Primary computer and HR system knowledge.
  • Understand payroll systems, salary structures, incentive plans, data analysis, and reporting tools.
  • HRIS experience is preferred, and the ability to adapt quickly to new technologies is desirable.

Features

  • Automated pay and benefits computation with real-time processing and reporting within HR; self-service employee compensation portal enabling mobile access by managers and workers for performance tracking and talent management is desirable.

Target audiences

  • AI-powered Predictive Analytics in Compensation Optimization: Midsized to large company Compensation Managers.
  • HR specialists specialising in pay and benefits; budgeters and analysts in Finance who monitor compensation budgeting processes.
  • IT Specialists who oversee compensation system administration.
  • Executives oversee compensation strategy and decision-making processes within their firms.