Using the Remuneration Modelling Tool
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===Setting Filters on a Remuneration Model=== | ===Setting Filters on a Remuneration Model=== | ||
# Open an existing or new Remuneration Model. | # Open an existing or new Remuneration Model. | ||
| − | # | + | # Create the Name for the Model. |
| − | # | + | # Select the Model Type. E.g. Performance, Redundancy, Strategy, Expansion. |
| − | # | + | # Select Filter or Individual. Filter will allow you to only see people based on Job, Department, Location. Individual will allow you to select individual people and insert them into the model. |
| − | + | # Select the Columns you wish to include in the Model | |
| − | + | # Complete the information available in the Columns and then either "Save" or "Submit" for Authorisation. | |
| − | + | ||
| − | # | + | |
| − | + | ||
| − | # | + | |
===Setting Increase Rates on Employees=== | ===Setting Increase Rates on Employees=== | ||
Revision as of 00:29, 19 June 2020
Contents
Remuneration Modelling Tool Summary
The purpose of the Remuneration Modelling tool is to provide fast access to key remuneration information. You can model increase and decreases in Salary. You can apply Salary and Bonus increases based on Performance Scores.
The Tool allows you to view information for Employee's around LSL, Sick Leave and Length of Service, Other Costs, Benchmark (See if you are applying Salary Increase), Performance Review Scores. You can use the model to apply information to the Employee for Bonus and Salary or your can just use it as a Visualisation option to have a snapshot of the information which has been selected in the Columns.
You can Apply Salary reductions to the Model if you are reducing the Compensation for Employees by using the negative Salary feature. You can enter into the system, a Salary Date or Bonus Date which will be used to create new Salary and or Bonus records. Dates can be in the past or in the future. If a date is in the past, it will instantly create new Salary records for those people.
Salary Bench Mark can also be used to see if the current Salary for people is in line with the Benchmark which has been recorded against the Job. Bonus Payment Dates and Salary Increase Dates can be different to each other. You can also create different dates for different people if required. If you select Bonus from the Columns option, you will be able to see the last Bonus amount.
If you use the Authorisation process which is built into the Remuneration Modelling Tool, the person that sets up the Model, can send it for Authorisation to a Manager. All Managers will be available in the selection option, when Submit is clicked. A workflow e-mail will be sent to that person. This person can then Authorise / Decline, or send it to another manager for Authorisation. If Authorisation is performed by clicking the Authorisation button, the model will be Authorised and the Salary and Bonus records created based on the dates that are in the model. If you are using a Payroll integration, and the Payroll integration Supports Salary and Bonus update, this information will be sent from Subscribe-HR to Payroll. You cannot Create and Authorise a Model yourself for the reason of Risk mitigation and compliance. Please note that custom workflows can also be set-up based on specific Authorisation processes, which will only allow certain Managers to Authorise a Model.
The Remuneration Modelling tool can also allow you to filter your employees by Job, Department and/or location, so that only employee's working in a selected location(s) or department(s) are affected by the salary update.
Columns can be selected and included in the Model. E.g. Current Salary, Last Bonus, Review Score, Annual leave Balance, LSL Balance, Length of Service, Other Costs.
The Remuneration Modelling tool also allows you to search for an individual Employee by Name and also use filters return Employee results.
Creating a Remuneration Model
- After logging into the Subscribe-HR HCM Platform, under "TOOLS" select "REMUNERATION MODELLING" from the left navigation.
- Select the [Add New Record] button.
- Enter the Remuneration Model Name. Ensure that the name is descriptive.
- Select Save at the top of the page.
Setting Filters on a Remuneration Model
- Open an existing or new Remuneration Model.
- Create the Name for the Model.
- Select the Model Type. E.g. Performance, Redundancy, Strategy, Expansion.
- Select Filter or Individual. Filter will allow you to only see people based on Job, Department, Location. Individual will allow you to select individual people and insert them into the model.
- Select the Columns you wish to include in the Model
- Complete the information available in the Columns and then either "Save" or "Submit" for Authorisation.
Setting Increase Rates on Employees
- Open an existing or new Remuneration Model.
- Enter the new rate into the Remuneration Increase Field. This will be percentage rate if the Model Type filter is set to Salary or Bonus, otherwise it will be set to a currency rate for either Salary or Bonus that include employees with no salary or bonus.
- Select the Calculate button.
- To alter individual rates of employees enter the new rate for an employee in the Individual Increase field for that employee.
Applying a Remuneration Model
- Open an existing Remuneration Model.
- Select all employees that the new rate will be applied to.
- Enter a date into the New Salary/Bonus Date. This is the date that the new Salary or Bonus comes into effect for the selected Employees.
- Select Apply Model at the top of the page.
