Monthly Bonus Accural
SummaryDesign to Support Monthly Bonus Accurals
I am working with a customer who does a monthly bonus accrual based on the 1) worker's assigned plan and target monthly company and 2) the company's performance. Each month finance will send the company's performance (accomplishment) which will then be calculated/compared with the worker's target. I have a few asks of the experts:
1) What is the best way to design core compensation to store the worker's assigned plan, target and the associated effective dates?
2) What is the best way to calculate and report on the monthly actual based on accruals? We would want to do this using out of box functionality within Workforce Compensation or Core HR versus using a customized report. As the customer wants to do modeling using Workforce Compensation to understand throughout the year how budget is impacted based on company performance and headcount.