FY23 Year-End Talent and Compensation Process, Timings, and Job Aids Compensation: September 05-29

[Audio] Good morning everyone. I'm here today to discuss the fiscal year end talent and compensation process, timings, and job aids. We'll be going over our compensation worksheets, merit and bonus budgets, performance rating, and merit and bonus information. We're excited to share how our progress has been and look forward to taking questions at the end of the session. Let's get started..

[Audio] The end of the fiscal year is approaching and it is essential that we review our performance and compensation processes to ensure compliance with organizational policies and procedures. This slide outlines the timeline for the FY23 year-end talent and compensation process, associated timelines, and job aids. The performance and compensation processes will start on September 5th and conclude on September 29th. It is important that each of us is aware of the tasks that need to be done and when. Additionally, plenty of job aids are available to help us in completing these tasks. Planning ahead and being mindful of relevant regulations are necessary in order to guarantee that our organization is in compliance..

[Audio] Associates and their leaders must review their evaluations, discuss performance and compensation, and ensure compensation calibrations are in line with company expectations. Talent profiles and performance management education should be completed, along with managers filling out compensation worksheets and providing performance increase, bonus, and stock recommendations for eligible employees. Directors and above will then, in collaboration with line leaders, assign the recommendations made. Subsequently, HR will review the merit increase allocations. The timeline for this entire process is 4 weeks, from September 5th to September 29th..

[Audio] Navigate to your Workday inbox and locate the notification titled 'Compensation Review: Merit'. Expand the task to full screen mode to access the organization summary which includes your overall budget and spend. Carefully review this information before proceeding as it will affect the following steps of the process..

[Audio] With the start of the new fiscal year, we need to take a look at the timeline and job aids for our talent and compensation processes. The Merit Compensation Review Screen will be open from September 5th through the 29th. Throughout this time, managers and their assigned personnel will be able to check, suggest, and finally approve merit pay adjustments for all employees. This is a key factor in making sure our top talent is being rewarded, and that we're improving our company's competitive edge..

[Audio] The slide displays a sample of the compensation review screen, displaying names and job profiles of the direct reports, alongside their fiscal year end performance rating. Additionally, a summary of merit and bonus information is featured, allowing the user to review, evaluate, and decide on any necessary recommendations. The merit tab contains a smart panel with pertinent compensation info and potential assessment and proposed awards. Lastly, the direct reports budget and spend is incorporated for inspection..

[Audio] The next step in the fiscal year-end talent and compensation process is to assign merit awards. To do this, click on the 'Merit' tab and select 'Autofill' which will pre-populate recommended merit increases for each eligible employee. It is important to note that the Autofill function will override any manual changes that have been made previously. If manual adjustments are being made, you should enter either the merit increase percentage or the merit amount, and keep in mind that you will not be allowed to exceed your total available merit budget. Additionally, a smart panel will appear for each employee containing relevant compensation information..

[Audio] Employees with base compensation above the target range for the FY23 year-end process are eligible for a lump sum option. This lump sum payment will be accounted for in the merit budget, not over-and-above it, and it can be entered either as a dollar amount or as a percentage of the employee's base compensation..

[Audio] In this third step of the Compensation process, the assigned Compensation Reviewer must access the Workday Inbox and open the “Compensation Review: Bonus” notification. Upon expanding the task to full screen, the Reviewer can select the Bonus tab and decide whether to use autofill or manually adjust the bonus amount or bonus factors. They may also view bonus calculations and check the total available budget for any one employee. Finally, select Assign which will trigger applicable approvals..

[Audio] The third step in the Fiscal Year compensation process is Bonus. Clicking the blue number on the slide will take you to the bonus target calculations. Bonus target is a central element in the overall compensation process and an important part of the total FY23 Year-End Talent and Compensation Process..

[Audio] Thoroughly review your recommendation for all the merit increases and bonus payments. To proceed, click ‘submit’ on each inbox item and enter any comments that may be required. Once you have completed this final step, click ‘done’ to finalize the Fiscal year end process..

[Audio] This is an important step for you as the next level manager. Once you have been sent the email and Workday notification, you must log into Workday and go to the inbox. There you will find the compensation review notification that allows you to review any compensation-related changes that require approval. Make sure to closely follow the instructions given on the notification to ensure a successful Year-End Talent and Compensation process..

[Audio] As Next Level Manager, you will be using this screen to review the merit and bonus budgets available for your organization and to provide recommendations on who should receive them. This screen contains information about the current status of the compensation review process, the total number of associates included in the process, and the percentage of your budgets that have already been recommended by your subordinates. It is important to review this information carefully in order to make informed decisions for your organization..

[Audio] Managers at the next level must assess the merit and bonus recommendations for their employees and sub-organizations. To view the list of sub-organizations and direct reports, click on the sub-organization symbol next to the individual's name, which will display all the individuals and sub-organizations under the manager's responsibility. To review the merit and bonus recommendation for each individual, click on the pencil icon under view and status; this will give instructions on how to complete the assessment for that individual or sub-organization..

[Audio] It is important to review the merit and bonus recommendations configured for each of the employees in your organization. This review should take into account their performance, contribution, the competitive market, and any other relevant data. To make any necessary changes to the recommended amount click on the pencil icon for each employee, and click continue once you have finished. Make sure to review all employees before clicking continue, as you will not have the chance to do so after..

[Audio] At this stage, you will need to complete the steps on behalf of a subordinate manager, should they not have completed their job. By clicking on the search glass icon, found under view, a new page will open. Click on Actions, and select complete on behalf. A new window will open, allowing you to enter comments if necessary, and then click complete on behalf. You will then receive a message that states the task was successfully completed, and can then click done to return to Step 6, which will show a pencil icon instead of the search glass icon, indicating the work is complete..

[Audio] Managers must review the compensation of their sub-organizations and click submit to finish the review. Upon submission, recommendations are automatically sent to the Compensation Team for review and initiating the approval process for revised compensation and bonuses. Bear in mind that clicking submit prevents editing or altering recommendations..

[Audio] At the end of this fiscal year, employees enter the last stages of the performance management process, which involves self and leader evaluations, performance and compensation discussions, calibration and one-on-one meetings. Managers review key performance indicators, ratings and goals for the next fiscal year, assigning bonuses, performance increases and stock allocations to eligible employees. Employees receive a compensation statement and access to educational materials to aid in their understanding of their performance. This process forms part of the talent profile, which helps the company identify and promote the development of its most talented employees..

[Audio] I would like to point out that should you need any help with the compensation process, you can reach out to your leader, HR Support or HR Business Partner. As that concludes our presentation, thank you for taking the time to learn about the FY23 year-end talent and compensation process, timings, and job aids..