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Administrator Guide
Last Updated: 2023-06-23
Steps: Configure External Compensation Benchmarks from Survey Results

Steps: Configure External Compensation Benchmarks from Survey Results

You can use data from multiple external market surveys to calculate compensation benchmarks to guide you during compensation transactions.
  1. Access the
    Maintain Compensation Benchmark Profiles
     task.
    Enter 1 or more benchmark profiles and 1 or more compensation benchmark eligibility rules for each. Workday links employees and job requisitions to benchmark profiles based on eligibility rules.
    A benchmark profile usually corresponds to a location, which can have its own market data.
    To determine which compensation benchmark profile to use for the external compensation benchmark of an employee, Workday determines which benchmark profile the employee is eligible for. If an employee is eligible for multiple benchmark profiles, Workday uses the highest ranked eligible benchmark profile.
    Rank the benchmark profiles according to usage. Example: Rank San Francisco ahead of United States. If most of your employees are in the United States, rank United States ahead of other countries.
    Security:
    Set Up: Compensation Benchmark
     in the Core Compensation functional area.
  2. Access the
    Maintain Compensation Benchmark Targets and Spreads
     task.
    As you complete this task, consider:
    Option Description
    Job Families or Groups / Job Profiles / All Job Profiles
    Select 1 option:
    • 1 or more job family groups.
    • 1 or more job families.
    • 1 or more job profiles.
    • All job profiles.
    Compensation Components / All Compensation Components
    Select 1 or more compensation components from the list or select all.
    Target Percentile
    The percentile that you configured as the target of a compensation composite.
    Examples: 25th, 50th, 75th.
    Range Spread, %
    Enter a percentage.
    Workday calculates the minimum and maximum:
    • Minimum = Midpoint / (1 + 0.5 * Range Spread).
    • Maximum = (1 + Range Spread) * Minimum.
    Example: If the 50th percentile of the compensation benchmark is 110,000, and you select the 50th percentile as the composite target percentile, Midpoint is 110,000. If the Range Spread is 20%, Minimum is 100,000 and Maximum is 120,000.
    Security:
    Set Up: Compensation Benchmark
     in the Core Compensation functional area.
  3. Security:
    Set Up: Compensation Benchmark
     in the Core Compensation functional area.
  4. You can access the:
    Review Compensation Benchmark Data
     report to review the external compensation benchmark of job profiles.
    You can also create custom reports for:
    • External compensation benchmark for job profiles.
    • Current compensation assignment and pay range from compensation grade and grade profile.
    • External and internal compensation benchmark for employees.
    Security:
    Worker Data: External Compensation Benchmark
     and
    Worker Data: Internal Compensation Benchmark
     in the Core Compensation functional area.
Access:
  • Delete Compensation Benchmark Cycle
     task.
  • View Compensation Benchmark Cycles
     report.