Is It Time to Step Up to Workday® Compensation Management?

Global rewards strategies have become vital in attracting, motivating and retaining a multinational workforce.Managing multiple compensation practices simultaneously increases complications. As governments increase regulatory oversight, multinational companies need comprehensive compensation tools to manage the risks while remaining competitive in global labor markets.

Companies that grow internationally, especially those that go global by acquisition, often find themselves with a hodgepodge of compensation practices and methods.

The impact of regulation and taxation on expatriates poses additional risks, while global leadership development adds extra pressure to make the workforce more mobile.

All this adds up to the need to manage the complexity of global compensation while making it easy to operate and understand for managers, employees, and strategic leaders. If you spend months pulling together compensation reviews, it may be time for a change.

Workday® Compensation: Global Reach and Local Control

We recommend Workday® Compensation for our clients who manage multinational workforces or are considering international expansion. Workday® provides the optimum balance of under-the-hood and ease of use so your managers can focus on people, not calculations.

• The flexibility to manage multiple compensation plans and pay package options, balancing global strategy with local compliance.
• The ability to bring in external benchmark, market and government data makes planning easier for compensation analysts.
• A configurable Business Process Framework allows the workflow to adapt to various requirements.
• Real-time data exchange with a single Workday® platform eliminates data inconsistency of disconnected systems.
• Dashboards and contextual analytics to provide a single source of data for planning and execution of compensation plans, and profound insights into impact and compliance.

Remove Complexity with Workday® Compensation Basis

Reward components in one jurisdiction may not be permitted in another. Compensation Basis is an added feature of Workday® changes. Compensation Basis information flows into dashboards and reports, so managers can view total compensation and details across boundaries.

Communication Matters More Than Money

Employees who understand the rationale behind compensation decisions are more engaged and productive than those who don’t. Almost all organizations worldwide have a compensation philosophy, but few communicate it well.

In a 2016 World at Work study, 53% of respondents said their employees do not understand their organization’s pay philosophy, and 46% stated they share only “minimal” information. [1^]

Annual total rewards statements with a well-designed philosophy embedded in them are a powerful tool for communicating pay. Many organizations struggle with rigid pay statement formats that are not adapted to differences in pay allocations.

This is where the Compensation Basis shines. The right information seamlessly flows into pay statements, so each employee has an accurate accounting of all compensation elements in a format they can understand.

Make Compensation Count

If you are ready to ease the pain of outdated compensation tools, you may want to give Workday® Compensation a look. Your people are your biggest expense and most important creators of value. Make their rewards matter.

References:

1. “New Survey Shows Organizaions Have Compensation Philosophies but Employees Rarely Understand Them.” WorldatWork. August 23, 2016. 

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