Rate this ProductWorkstream Compensation
Workstream Compensation continues the Workstream tradition of offering the most flexible and globally capable compensation planning solution on the market. Leveraging TalentCenter's single, unified user experience and adding new integrated knowledge management capabilities, Workstream Compensation represents the most comprehensive solution on the market.
With Workstream Compensation, planning managers receive a wide array of timely information to improve their compensation planning decisions. Situation-specific advice and in-line analytics help them understand budgets, guidelines and market data to make better decisions. Integrated knowledge management content helps planning managers view a broader but more relevant set of information to understand context for their decisions.
Single, Global Solution
Subtext: Workstream Compensation is the most flexible global solution, supporting all languages and currencies. This enables managers to plan and manage all parts of their compensation in local currencies and in their local language.
Key Product-level Capabilities
- Dynamic Planning Screens and Graphics. With each award entry, the manager is presented with tabular and graphic comparison views of performance, group comparisons graphs, guidelines, and budgets which are all dynamically updated based on the manager's planning assumptions.
- Integrated Knowledge Management-Situation-Specific Alerts and Advice. Configurable alerts instantly inform the manager if they are making recommendations that fall outside the current policy or budgetary guidelines. These alerts are directly linked to patented advice screens that deliver personalized information focused on helping users quickly resolving the issue at hand.
- Non-technical, multi-language authoring of alert, help and informational text. Workstream's non-technical authoring capability makes the creation and editing of advice, help and other information-in any language-fast and easy.
- Multiple Currencies and Pay Rates. Managers have the option to review awards in either their own, or the employee's native or common currency as well as see all of the variable pay rate assumptions (e.g. hourly, monthly, annual, FTE) on the fly using this unique planning capability.
- Reviewing Screens. Real-time views into the manager's planning progress, alerts, and budgetary impacts, provide the foundation for rapid resolution of issues that streamline the planning process and reduce errors.
- Standard Reports. A set of pre-packaged reports are included to support the compensation planning process. Unlike costly, bolt-on reporting solutions, the Workstream Compensation standard reports can be deployed as widely or narrowly as desired without incurring hidden license obligations.
- Plan/Program Structure. Using the products modular structure, users can define the requirements for the compensation planning cycle including timing, effective dates and structure of programs for salary, equity, and variable pay.
- Configurable Transactions and Formulas. The formulas and transaction types (components) for each program can accommodate simple as well complex compensation formulas. Award functions can also include imbedded look-up and logic tables that may be defined to support many types of rewards variations or exceptions.
- Enterprise Budgeting. Workstream Compensation supports two methods of budget calculation and allocation: a rules-based budgeting to generate "bottom up" budgets and a "top down", or cascading budget approach.
- Flexible Reward Guidelines. Guidelines may be configured to support a wide range of variations including group, job, performance rating, geography, company performance and discounting structures. This feature is an essential feature for any type of global implementation.
- Interface Manager. This capability provides a framework and set of API's as well as an update scheduler
- Easy Data Copy. No configurable application is complete without tools to copy and migrate plan configurations. The data copy feature provides a convenient mechanism for copying configurations that can be used in creation of new rewards plans.
- HR Console. This powerful utility includes advanced functions for drag and drop hierarchy changes, automatic budget updates, employee data refreshes and mass adjustments.