Steps: Set Up Salary Plans
Set up compensation components and grades.
- Create a plan that enables you to assign extra months, weeks, or days of pay to employees.
- (Optional) Create Compensation Rounding Rules.You can associate rounding rules with allowance, salary, merit, bonus, or stock plans, or with compensation bases managed by a compensation basis total.Security:Set Up: Merit and Bonusdomain in the Advanced Compensation functional area.
You can:
- Assign the salary plan to a compensation package.
- Assign the salary plan to new hires.
- Assign the salary plan to promoted, demoted, and transferred employees.