Workday HCM Compensation Module:

The Workday HCM Compensation module streamlines and manages compensation processes within organizations. Key features include:

Compensation Planning: Create and manage tailored compensation plans.
Salary Reviews: Automate salary reviews and adjustments.
Budgeting: Allocate and manage compensation budgets effectively.
Analytics and Reporting: Gain insights and ensure compliance with robust tools.
Employee SelfService: Allow employees to view their compensation details.
Salary Plan
A salary plan in Workday HCM defines employee compensation strategies. Key elements include:

Salary Ranges: Set minimum, midpoint, and maximum salary levels.
Merit Increases: Award increases based on performance.
Promotion Guidelines: Adjust salaries for promotions or role changes.
Market Adjustments: Keep salaries competitive with market rates.
Compliance: Adhere to legal and regulatory requirements.
Overall, the module helps manage employee compensation, ensuring equity and supporting business goals.

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