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Presented by
Ted Geary
Natrona Technologies
Summary
• Compensation Workbench is used for:
• Annual Merit Reviews
• Bonus awards on a large scale (ICDs used
for one or two employees)
• Allocation of Stock Options
• Promotion - job changes
Agenda
• Getting Started (Keys to success)
• Implementation and Setup
• Testing (What’s involved)
Getting Started
• Defining the business requirements
(Required)
• PMI states 30 % of all projects are
successful, on-time, and on-budget
• What happened to the other 70%?
Getting Started (cont.)
• What are some requirements you need to
define?
• When do you do your annual reviews?
• Is there a need for prorating compensation
for employees who have been hired less
than a year?
• How is the process done now?
• Is there a freeze date?
• Who gets a bonus? who gets stock?
Getting Started (cont.)
• Cannot emphasize enough to define
requirements
• Saves time and effort when the
implementation and testing starts
Getting Started (cont.)
• If already implemented Standard Benefits
or Advanced Benefits, it does make the
concepts, implementation, and testing
easier for the end user
• It is not essential but it helps the super
user(s) involved in the project
Implementation
Summary:
• Life Event Reasons
• Derived Factors
• Eligibility Profiles
• Plan Types
• Plans
• Plan Enrollment requirements
• Standard Rates
Implementation (cont.)
Life Event Reasons
The “Key” is to think about how you want
your spreadsheet to look
• Defining how many needed
• Annual Review
• Bonus
• Stock Options
Implementation (cont.)
What is a Derived Factor?
• The compensation to use as a base for
Merit Increase, Bonus, or Lump Sum Merit
• Hourly Rate
• Annual Salary
• Prorated (Fast Formula) vs. Stated Salary
Derived Factor
Implementation (cont.)
Eligibility Profiles
6 weeks to 3 months
Factors that determine ranges
• Complexity of the processes such as how
bonuses are determined
Contact Information:
Ted Geary
tgeary@natronatech.com
775-233-0348