Skip to main content
Documentation
Documentation
Administrator Guide
Last Updated: 2023-06-23
Steps: Pay for Company Performance

Steps: Pay for Company Performance

Establish the compensation structure for the bonus plan.
Factor company performance into the bonus funding.
  1. Decide how you want to fund bonuses for the organizations within the company.
  2. (Optional) Edit Business Processes
    Add the
    Manage Bonus Process Funding
     as the last step of the compensation review business process.
    Example: This step enables you to adjust the bonus funding percent on approved bonuses as the last step on the compensation review process.
    If you're not using this optional step for the organization, Workday recommends using the completion step that comes in the standard business process setup.
  3. Create or update the performance scorecard for the company.
    You can also import scorecard data into Workday with the
    Put Compensation Scorecard
     Enterprise Interface Builder (EIB) web service.
  4. Define the criteria for rating the performance of the company. You can rate company performance at any time during the compensation review process but when you rate performance affects bonus funding defaults.
    If you want company performance results factored into the bonus funding pool, create them before rolling out the bonus to organizations. You can add or create them later during the
    Manage Bonus Process Funding
     step.
  5. (Optional) Create Bonus Plans
    Add the company performance scorecard to a bonus plan.
  6. If the bonus plan is new, roll out the bonus plan to a target population of employees.
  7. (Optional) Access the
    Maintain Bonus Accrual Estimates
     report.
    You can estimate and report on bonus costs using compensation review initiation criteria, including organizations, bonus plans, and date parameters.
    Security:
    Process: Compensation Management Events
     domain in the Advanced Compensation functional area.