Determining how to best evaluate your team and reward for performance involves many different internal and external data sets.
Smaller companies often do this manually, but completing compensation modeling in spreadsheets is not an optimal long-term solution for a fast-growing organization.
From the beginning, CrossCountry’s compensation process has been tracked through an offline model, but as the organization has grown, so has its size and complexity. It serves as the consolidation point for current and past year’s compensation information, which are extracted from external sources, HR, and talent systems. Significant time is spent entering, manipulating and validating the data, recalculating and checking formulas, and performing quality reviews to ensure its accuracy and validity. Due to the sensitivity of the information it contains, several controls have been put in place, including password protecting and limiting user access. Because of this, the amount of work required to update and consolidate this information has become a labor-intensive process for the select employees with access to the model.
Multiple sessions with service offering and geographic office leaders are held to review merit increases and bonuses for employees. Through a series of steps, these updates are consolidated back into the model and reviewed and approved by senior leadership. Once all merit increases and bonus awards are approved by senior leadership, these amounts are manually loaded into the HR system, and each award is then communicated to the individual employees and processed through payroll, resulting in a multi-step process through various independent systems.
How Workday Can Help
Workday will revolutionize CrossCountry’s compensation process.
All of the data will reside in Workday as the core system of record. Every employee’s current and historical information (hire dates, time worked, performance, base pay and variable pay) will be available for analysis and decision making. Employee data will be augmented with external salary data in secure dashboards that allow managers to see only their employees.
Using Workday’s Advanced Compensation functionality, CrossCountry will be able to execute the entire compensation review by incorporating performance in an automated process. Managers will have the ability to assess how each employee’s current compensation compares to their peers’ salary range and the market, and merit increases and bonus awards will be recommended and approved in Workday based on a specific approval process.
Once final approval is received, Payroll will then process the increases and bonuses, and employees will be able to view the information within Workday based on a determined date. Employees will also be able to view their total compensation statement through the Employee Self Service (ESS) functionality.
To learn more, view our guidebook “Learning from Our Journey: 4 Ways that COOs Can Benefit from Workday”