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F.A.Q.

Compensation event - Actual payment component review walkthrough

  • November 12, 2024
  • 1 reply
  • 705 views
Bobber

When creating a compensation event to review Actual payments, you have 2 options to select:

 

- One time payment, which is calculated according to the employee's annual base salary;

- Variable plan, that is awarded according to the performance % set in the payroll category in the employee's profile.
 

With the variable plan option, it will pull the Bonus set in the employee's profile, which is then divided according to each Performance % set in their profile:

As an example, here the employee has a Bonus of 5000USD, 50% of it is weighted according to company performance, and the other 50 % will be individual performance.

 

In the compensation event, the bonus will be divided according to the percentage, which you can then award the employee according to the percentage set in each performance type:

 

If I opt to award the employee 100 % of individual bonus, and 50% of company performance bonus, then they will be awarded 3750 USD.

 

This value is always prorated according to the employee's FTE% as well, and will be taken into account when calculating the final Bonus payout.

 

    1 reply

    Celine Bocchi

    Hi ​@Miguel Pinto .  We have the managers checkin the goals and put in year end results during the performance evaluation at the end of the year.  

    Is it possible to use the compensation event to pull in these results for the goals, so that the director of the department can see the goals’s results by sub-managers team, and confirm the amounts that should be paid out?

    We just started implementation but so far it looks like we have to manually put in the goal results and I am trying to see if there is a way we can automatically pull in the goal results and automatically calculated payouts based on them as a proposal for the directors to confirm.

    thanks

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