Steps: Set Up Bonus Plans
Set up compensation components and grades.
- (Optional) Steps: Create a Compensation Matrix.To pay for employee performance, create or update the compensation matrix for use with the plan.If you must update the compensation eligibility rules for an existing compensation matrix, change the rules using theEdit Compensation Matrix Rulestask.
- (Optional) Define Employee Review TypesTo pay for employee performance or view it as part of the bonus proposals, create or update the review type for the plan.
- (Optional) Create Compensation ScorecardsWorkday factors company performance into the bonus pool only if you add the scorecard to the bonus plan and you have a qualifying performance results set.
- (Optional) Create Compensation Rounding RulesYou 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.
- (Optional) Steps: Manage Compensation BasisTo use Compensation Basis to calculate the target bonus of employees in percent-based plans, configure the Compensation Basis settings for your tenant.
- (Optional) Create Deferred Bonus Calculations