Using the Remuneration Modelling Tool

Revision as of 23:58, 18 June 2020

Remuneration Modelling Tool

The Remuneration Modelling Tool allows you to update all Employee's or select Employee's Salaries or Bonuses quickly and efficiently. It also allows you to view information for Employee's around LSL, Sick Leave and Length of Service, 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 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. You can enter into the system, a Salary Date or Bonus Date which will be used to create new Salary and or Bonus records. 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 it is required to give certain employee's an increase in their Salary, rather than manually updating each affected employee's salary, you can use this tool to select those employees and quickly update their salaries or bonuses. This can be done based on their Performance Score - which can be drawn from their Performance Review.

The Remuneration Modelling tool can also allow you to filter your employees by 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, Last Review Score, Annual leave Balance, LSL Balance, 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

1. After logging into the Subscribe-HR HCM Platform, under "TOOLS" select "REMUNERATION MODELLING" from the left navigation.
2. Select the [Add New Record] button.
3. Enter the Remuneration Model Name. Ensure that the name is descriptive.
4. Select Save at the top of the page.

Setting Filters on a Remuneration Model

1. Open an existing or new Remuneration Model.
2. On the right of the page are the filters that can be set on the Remuneration Model.
3. Model Type allows you to set between Salary and Bonus, as well as the option to include employees that do not have a current salary or bonus.
4. Employee Name allows you to filter for a specific employee by name.
5. Departments allows you filter by department(s).
6. Locations allows you to filter by location(s).
7. After the desired filter has been entered select the Set Filter button.
8. Current filters can be checked by moving your cursor over the i icon under Current Filters.
9. If desired, the filter menu can be hidden by selecting the Hide button.
10. If hidden, the filter menu can be shown by select the Show button.

Setting Increase Rates on Employees

1. Open an existing or new Remuneration Model.
2. 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.
3. Select the Calculate button.
4. 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

1. Open an existing Remuneration Model.
2. Select all employees that the new rate will be applied to.
3. 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.
4. Select Apply Model at the top of the page.