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Workday Compensation- 2. Create Compensation Grade

Workday Compensation Training Highlights

­čĺ░ Creating compensation grades involves defining currency, frequency, and range segments, with the option to automatically calculate values.

­čôŐ Compensation bases can be associated with grades, allowing for customization based on total compensation.

­čöä Values entered are automatically converted into the preferred currency set by the end user in their profile settings.

Workday Training - Key moments

Here are the summary titles with time for the provided video information:

  • Introduction to Compensation Grades 00:00

    • Compensation grades are essential in organizations for defining pay ranges and segments.
    • Creating a compensation grade involves specifying currency, frequency, minimum, and maximum ranges.
    • Workday offers the option to automatically calculate segment values based on defined ranges.

 

  • Creating Compensation Grade Segments 02:37

    • Additional ranges can be created for total compensation, apart from base pay.
    • Workday automatically generates segments and midpoints based on the specified ranges.
    • The system converts all values into the preferred currency set by the end user for consistency.

Workday Training FAQ’s

Q: Why is a compensation grade profile required in organizations?

A: A compensation grade profile is required in organizations to define the salary range for different positions, ensuring consistency and fairness in compensation practices.

Q: How can you create a simple compensation grade in Workday?

A: To create a simple compensation grade in Workday, you need to define the currency, frequency, minimum and maximum range, and optionally associate it with compensation basis. Workday can also automatically calculate segment values for you.

Q: What is the significance of associating compensation basis with a compensation grade?

A: Associating compensation basis with a compensation grade allows organizations to differentiate between base pay and total compensation ranges for employees, providing a comprehensive view of the compensation structure.

Q: How does Workday handle currency conversion in compensation grade calculations?

A: Workday automatically converts values entered in different currencies into the preferred currency of the end user, ensuring consistency and accuracy in compensation calculations across the organization.

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