The employee compensation information component facilitates maintaining a record of the compensation details of an employee. Through this component, you can,

¡            Record the compensation details of an employee.

¡            Authorize the compensation details.

¡            View the compensation record.

After the employee is assigned to a specific Assignment, the base salary attributes are defined for the employee’s primary, secondary or non-regular assignment etc.

Recording Compensation Information: You can use the “Request for Recording Employee Compensation” activity to record compensation details. The search facility in the activity helps you in selecting the employee assignment for which you want to record the compensation details. You can select the required assignment record by specifying search parameters for the assignment details like the unique employee code, name, assignment number, position title, work location etc details of the employee who holds the assignment. For example, if you specify the search parameters for the employee code, job title, work location and grade details, the system fetches the records that match the specified search parameters. You can select the required assignment record from the records fetched by the system and enter compensation details.

Specifying Base Salary Attributes: The base salary details comprise the base salary amount and the currency in which it is to be paid, the scale to which the employee should be assigned, the rated frequency and payment frequency details. The rated frequency indicates if the compensation of the employee should computed on an hourly, daily or monthly basis etc., while the payment frequency indicates if the compensation amount is to be paid on a daily, weekly or monthly basis etc. A base salary for each assignment is specified along with rated frequency and payment frequency. For example, if rated frequency is weekly and base salary is $1000 it means that the employee is rated at $1000 per week. Ramco Payroll would fetch this Information when processing the Payroll for that Employee. Payment frequency is the frequency at which the employee is paid. For example, if the payment frequency is ‘Monthly’, it means the employee will be paid the specified amount every month. The currency in which Base Salary needs to be paid is also captured. The Scale of Pay which is applicable as per the Grade Set – Grade specified in the Employee’s Assignment will become applicable by default. This could be overridden, if necessary.

Additionally, you can also enter your comments with regard to the specified details.

Note that you can use the “Request for Recording Employee Compensation” activity for recording base salary details as well as editing the details already specified. A history of modification will be maintained on all the updates done on the Employee’s Base Salary. When the Base Salary attributes are updated, the Reason Type and Reason-Subtype for such updates can be captured.

Viewing Internal Equity: The user can avail the ‘View Internal Equity’ feature before defining the Base Salary attributes for an employee assignment. Through the internal equity feature, you can compare the compensation details of the selected employee with the compensation drawn by other employees having the same job, department-job combination, grade set-grade combination or number of years of work experience. This helps in making an informed decision about the compensation of the selected employee.

 Authorizing Compensation Information: Once the Base Salary attributes are entered for a particular Employee Assignment, the same can be authorized. You can use the “Authorize Employee Compensation Information” activity to authorize the compensation details. The need for authorization of Base Salary attributes is Organization dependent and can be built into Ramco Workflow. 

Viewing Compensation Details: The ‘View Employee Compensation Information’ activity facilitates viewing the compensation details. You can use the search facility in the page to select the required compensation record and view the base salary details.

Getting familiar with the activities inside