Custom fast formula based start date and end date for Individual Compensation Plan (ICP)

Manju Nayak

Currently ICP supports only few payment start date and end date options. One common requirement we see is to derive the automatic payment start date and end date based on other attributes so we requesting to add capabilities to derive the custom fast formula based payment start date and end date.

We have savings plans where employees select a percentage amount to participate in the plan, accessible through employee self-service. This plan is globally implemented using the ICP. Currently, we have specific requirements where the % deduction effective start dates are based on payroll cut-off dates. Unfortunately, there is no way to derive a custom effective element entry start date.

Allowing users to choose the dates could lead to errors, and we cannot expect them to understand all the payroll cut-off dates. Therefore, it is crucial for us to derive the effective start date automatically.

SivaKumarRajan

You can use the Induvial Comp Plan start date options which help to move the next payroll dates.

Manju Nayak

There are only 7 different options in the Individual Comp Plan payment start date LOV and none are based on pay period so we cannot derive First of Next pay period.

SivaKumarRajan

If we use first of Next pay period then it will move to next pay period. If this is not solve your requirement then,

you can have Input validation formula by keeping your cut off date in the formula so hat when ever employee tries to change the percentage then it will throw an error to restrict. - if I understnd your requirment correctly.

We do have similar but of pension percentage changes requirement and want to restrict back date entries.

Manju Nayak

Thank you Sivakumar for the details. Unfortunately, there is not First of next pay period code and it has only First of next month. At the moment we are using the element entry validation only and user experience is not that great as it validates the logic after submitting the transaction, but this is what best we could do at the moment. Irrespective whole ICP product design in the HCM cloud is not that great compared to ICD functionality in EBS where we had much more options to control everything including the end date.