Complex Compensation Statements, A Workday Solution
Compensation planning is a crucial function for many organizations, and one of Makse Group's clients had a compensation process that was advanced but required a lot of manual data input. Each year, every field had to be adjusted, and every piece of data had to be updated manually, making the process cumbersome and time-consuming. The client approached Makse Group, a leading provider of Workday services, to find a more dynamic process for creating compensation statements.
Our team identified that the existing process was not scalable and required significant manual effort. They proposed a solution that leveraged Workday's reporting capabilities to pull data from the client's compensation process. The first step was to create a report in Workday that pulled all annual incentive plan EIB data. However, the client had a complex bonus structure, and there was a lot of movement in the company, making it challenging to grab all the bonus segments for each worker through a calculated field.
To address this challenge, the Makse Group team created a report that uploaded all the information from the advanced comp process to a text file. They then utilized an EIB to pull all that information from employee profiles so they could access it from the statement. Once this report was completed, a second report was created that pulled in all the pieces of information into a statement report that generated a statement for each individual employee.
The team at Makse Group implemented dynamic calculated fields that utilized a text structure to pull in the appropriate compensation statement. They had to factor in a mixture of bonus payments, one-time payments, and accumulations along with a combination of fields that needed to be pulled into the statement.
Once the statement report was created, a Business Intelligence and Reporting Tool (BIRT) was built with calculated fields bound to the BIRT with visibility rules showing the appropriate fields to the appropriate people. The final result was a dynamic statement that pulled all the data from the previous report. The only thing the client had to worry about was putting in the EIB, and the statement would dynamically pull all relevant data.
Makse Group's solution streamlined the client's compensation process by automating hundreds of fields that needed to be adjusted each year. By using Workday's reporting capabilities, the client can now generate compensation statements with ease and precision.
Makse Group's expertise in Workday and innovative approach to problem-solving enabled us to help our client achieve a more dynamic compensation statement process. The solution not only streamlined the process, but it also reduced errors and eliminated the need for manual data input, resulting in significant time and cost savings for the client. If you are experiencing similar issues, contact Makse Group now to speak to a Workday expert today.
