Register Employee Compensation Details

Explanation

This function is used for registering Employee's Compensation details, and Compensation History.
Register or change any Compensation details of an employee. This can be completed in two pages in IFS Cloud: using the Compensation tab in Employee File and Employee Salary Information page.

When adding a compensation record, use Add Compensation button and enter desired information in the dialog. Select from any of the available Compensation Types, including Base Salary or any other types such as bonuses or commissions (Compensation Types can be defined in the Compensation Basic Data).
When modifying a compensation record, select one compensation record from the list. Use Modify Compensation button and enter desired information in the dialog.

Dependent Compensation Records

Dependent compensation records i.e. compensations that can be calculated as a percentage of a Base Salary can also be added or changed in the dialogs mentioned above. Hence, dependent compensation records must always have a matching Base Salary record (See below for prerequisites).
Any changes done to a Base Salary record with matching dependent compensation records, will be reflected in the matching dependent compensation records in fields including, but not limited to,

Validity Period
Amount

Compensation information is necessary for follow-up and reviews. E.g. To get an overview of the complete compensation package for employees, jobs etc. during the recruitment and salary review processes.

The following information is specific to the Compensation tab in Employee File.

Current Compensation Information Tab

View current compensation information of an employee in this tab. This table displays all compensation records valid from today (current date of viewing) onwards.
Add Compensation and Modify Compensation functions are available in this tab.

Compensation History Tab

View all compensation changes for an Employee in this tab.
The Compensation History chart provides a graphical view of an employee’s compensation history. Default view shows changes in the most recent 10 years. Date range for chart can be changed through filter button.
The Detailed Compensation table lists all of the compensation records for this employee. Default view shows changes in the most recent 10 years. Date range for table can be changed through filter button, along with other filtering options. Add Compensation and Modify Compensation functions are available in this table.

Prerequisites

In order to register Compensation Information

The salary rates, pay frequency, and salary periods must be defined in the Compensation Basic Data.
The work time information must be registered in order to have the amount per pay period and the defined salary rates calculated and displayed.
Compensation Types must be defined in the Compensation Basic Data.
If IFS/Schedules and Rules module is installed in the system, wage classes and wage codes are required to be defined in the Wage Classes and Wage Codes pages.

In order to register compensation records that are calculated as a percentage of a Base Salary (Dependent compensation records),

A Base Salary Compensation Type must be defined in Compensation Types in the Compensation Basic Data.
Dependent Compensation Types must be defined in Compensation Types in the Compensation Basic Data.
There must be a matching Base Salary record. A dependent compensation record matches a Base Salary record if,
- It has a Validity Period on or between the Validity Period of the matching Base Salary record

System Effects

As a result of this activity, employee compensation information and employee's compensation history data will be registered successfully.