Compensation and Benefits
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      2. Core HR: People
      3. Compensation and Benefits

      Compensation Proposals

      The Comp Proposals screen (People >> Compensation >> Comp Proposals) enables you to plan and review changes to an employee's Salary and Bonus payment without affecting their actual compensation records. It is very similar to the Current Comp Details and the All Comp Details screens except that it performs a few more calculations when a record is saved.

      Depending on the data entered, the screen automatically pulls through the data from corresponding Compensation records and enables the user to enter New Amounts and New Targets.

      Adding a New Compensation Proposal Record

      Adding a New Compensation Proposal Record
      1. Click the Add New button.
      2. Fill in the Effective From and Effective To dates; these should be the dates that the proposed compensation record will be effective.
      3. Select a Comp Item value from the available drop down, e.g. Weekly Bonus: (The Pay Period field will be automatically updated to show the number of times this compensation payment will be made over a given time period, e.g. Monthly (12 times a year).
      4. Choose the Proposal Status that will help you identify if the proposal has been approved, rejected or is still in a pending approval status.
      5. Choose a Payment Currency.
      6. Enter a New Amount value, e.g. 175.00 (not mandatory).
      7. Click Save.

      Note:

      • The read-only Review Date field will save with today's date.
      • Open the Current Amounts drop down; the Current (live) fields automatically pull through the corresponding values from the current Person Comp record with the same Comp Item value.
      • The First time you save a proposal record, the Current (on review date) values will always match the values in the Current (live) fields.
      • The Change from Previous values are automatically calculated by subtracting the Current (live) values from the New Amount values.
      • The Increase % field calculates the % increase from the Current (live) value and the New Amount value.
      • If no value is saved in the New Amount field then the Change from Previous and Increase % fields remain blank.
      • The New Target field is not used in any of the calculations but can be used to propose a Target for future proposals or increases.
      • If the employee's current Comp Details record is subsequently edited, or a newer current record added, then the Current (live) values on the proposal screen will be automatically updated but the Current (on review date) values will remain unchanged. To update the Current (on review date) values click the Update button; this will also update the Review Date to today and recalculate the Change from Previous values and the Increase %.