Oracle Fusion Applications represents the future of E-Business computing, and there’s no wonder that Oracle HCM and Oracle HRMS are among the hottest topics here at Collaborate 14.
One of the most advanced applications available at the moment is Oracle Human Capital Management and one of the hottest topics from HCM is the Compensation Work Bench .
Oracle Fusion Compensation Work Bench – Overview
Oracle Fusion Applications Compensation Work Bench has come up with various user friendly and Strategic Planning features which will attract and motivate organizations to Award and Retain Talent. Because the Compensation Work Bench is integrated with Performance Management it will help to allocate compensation based on Performance by considering different pay components.
Fusion Compensation Workbench comes with different, pre-built worksheet properties which makes compensation plan flexible and easy to configure. This helps organizations to view worksheets in a preferred layout with added feature of downloading the worksheets, flexibility in creating eligibility profiles, access criteria and security.
Below are the most important features of Fusion Compensation Workbench
- Fusion Compensation simplifies to write complex compensation calculation rules as well with its new features in writing formulae.
- Users can have better understanding of Compensation structure changes in compensation letters with the help of detailed components.
- Managers can view compensation history, comments and ratings on one page in the form of analytics which will make compensation process more effective and help in decision making.
- Design compensation structure in terms of multiple components making budget analysis easy and comprehensive.
- Flexibility in viewing and filtering data across different dimensions.
- Restrict Compensation Work area access to specified levels and users by configuring Data Roles and Security profiles.
- We can make plan restrictions in simplified way by configuring Eligibility Profiles.
- Fusion Compensation provides the facility to view worksheet details in different Tabs which will help users to review the data in a clean way.
- Fusion Applications come up with few pre-defined alerts and facilitates creation of new alerts in fewer steps making the functionality more effective.
- It’s easier to migrate compensation plan configuration from one instance to another using Export/ Import XML files feature of Fusion compensation work bench.
- Fusion Compensation Worksheet display has few custom columns facilitating flexibility in configuring custom columns with formulas, LOVS, text data features. Fusion Compensation workbench will help in making better business decisions Based on Analytics.
Fusion Compensation Plan Design Flow Chart
Experience with Compensation Workbench
IT Convergence has helped clients deploy the Oracle Fusion Financials Compensation Workbench for several clients and the experience has been quite positive. The Compensation Workbench proved to be quite flexible and could be configured to meet wide ranging compensation requirements.
Moreover, the Compensation Workbench’s worksheet display features, fast formulae, security roles and approvals were very user friendly, although its best to stick to the solution’s preferred formats when configuring Pay stubs and Compensation statements.
Worksheets, however were easy to work with and one example of this was a need to display each component separately in the worksheet. In order meet this need, we created separate tabs for each component and used custom columns to display calculations.
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