Creating bonus plans
A bonus plan is the key driver and foundation for the upcoming bonus compensation rounds.
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Compensation rounds are available under Workbench> Compensation > Bonus plans. Access to Workbench depends on your role within the platform. This feature is available for users with Configuration, Compensation Admin and Global Compensation Admin professional roles.
Step 1 - Plan details
To create a bonus plan, proceed as follows:
Click Create bonus plan in the upper-right corner of the Bonus plan page. The bonus plan creation form is opened at the first step, Plan details.
Fill in the basic details of the bonus plan:
Enter a name of the new bonus plan in the Name field.
Enter a unique code in the Code field.
Enter a description for the bonus plan in the Description field. We recommend that you state in this field the purpose of the bonus plan to avoid any confusion if you're creating several bonus plans in your system.
In the Goal plan period section define the time frame for the goal plan to be used in this bonus plan choosing a Start and End date.
Click Next in the progress widget to move to the next step of the bonus plan creation process: Prorating factors.
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Click Save and exit in the upper-right corner of the application to simply save your changes and finish the creation later on.
Step 2 - Goal plans
n this step, you must first add a goal plan to your bonus plan by clicking the + Add plan button. At the top of the page, you can see the total number of goals and goal types presented in this goal plan.
There are two tabs available that reflect the configuration of the goals based on the workflow:
Organizational
Individual
The list of goals from the chosen goal plan allows you to assign a payout curve to a specific goal. You can do this by selecting your desired payout curve from the drop-down list next to the goal.
Alternatively, for a bulk assignment, you can select multiple goals by checking the box at the top of the table to choose all goals or by manually selecting individual goals. Once you've made your selections, click the Bulk assign button, and then choose the payout curve from the drop-down list in the pop-up window.
You may also filter the goals in the tabs by clicking the Filters button. It is possible to filter the goals by type or by payout curve.
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All the changes made in this step are auto-saved.
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Click Save and exit in the upper-right corner of the application to simply save your changes and finish the creation later on.
Step 3 - Prorating factors
In this step you may select factor that will be applied to the plan.
Leave of absence (LoA)
Time in role (TiR)
Click Next in the progress widget to move to the next step of the bonus plan creation process: Bonus calculation equation.
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Click Save and exit in the upper-right corner of the application to simply save your changes and finish the creation later on.
Step 4 - Bonus calculation equation
In this step you can see the preview of out standard formula which calculates the bonus payout. You can adjust it later in the comp round creation process.
Click Publish in the progress widget to publish your bonus plan.
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Click Save and exit in the upper-right corner of the application to simply save your changes and finish the creation later on.