Conducting salary reviews can be an extremely complex and time-consuming exercise. Data is normally extracted from a variety of systems and consolidated onto departmental spreadsheets. Managers have to operate with sparse and often incorrect information and HR have the arduous task of tracking progress and collating completed information.
Oracle Compensation Workbench is specifically designed to improve the effectiveness of this process and to dramatically simplify it. Spreadsheets are replaced by an online workbench that provides managers with all of the data they require to make informed decisions on the allocation of salary increases, bonuses or stock options. An inbuilt Wizard guides the manager through the compensation review process enabling them to build model scenarios based on calculation criteria that use up to date Oracle HR data such as grade or performance rating and the results can be compared across multiple currencies where appropriate so that an informed decision can be made.
By providing a holistic view of the employee, Oracle Compensation Workbench enables organisations to reward top performers and do what is necessary to retain talent in the organisation.
For HR, Oracle Compensation Workbench not only dramatically reduces the administration overhead of the process but provides far greater controls. Approval processes and workflows can be defined, sign-off levels set for each manager and HR are provided with an up to date view of the progress being made.
Oracle Compensation Workbench is fully integrated into core Oracle HR and Oracle Payroll ensuring that once the process is complete and the required approvals granted, information is automatically updated in HR and feeds through to Payroll in the correct pay period. The labour intensive process of notifying employees is also automated with standard letters generated from Oracle HR.
For more information on any of the Oracle HCM modules, please contact John Brownhill on +44 (0)1372 860 740 or email him at firstname.lastname@example.org