Increase wage grid by % and synch employees

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We would like to apply a COLA % to our wage grid to give employees a 1% increase. Typically we have been advancing employees on the grid by a step, but in this instance we want to update the grid by 1% and then synch employees to the updated hourly rate - no step movement. Has someone done this before and able to provide steps on how to do it?

We use Oracle Fusion.

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