Many times I have received a query from clients as well as from my friends about how can one give a reward of one week's or two week’s salary to an employee in EC. In this blog post, I will try to explain the simple way of using one-time payments for the same. In SuccessFactors, we have various options to reward an employee: one way is to use Spot awards/One-Time payments, which can be used by EC customers, with or without a license for Compensation module. Another way is to use reward and recognition under the Compensation module.
In Reward and Recognition, we don’t have any direct way. A person who is giving an award would need to pre-calculate one week's salary either manually or have this value stored in EC and then use that value and paste this amount while giving an award. Doesn’t seem to be a good idea for customers and above all, what about customers who are not even using the compensation module at all. So let's explore other options of using Spot Awards/One-Time payments in EC which do not involve manual calculations or copy/pasting the amount for an award. Here are the steps for using One-Time payments as an option to pay a bonus/award of one week’s salary to an employee:
Here I am reading the annualization factor of frequency for Pay component EEB_UK and then multiplying that with the amount and finally with 0.0191 (7 /365 days) to determine the salary for one week(7 days).
9. Based on this example we could also include multiple options like two weeks salary or any other option and use those in rules to compute values at the run time.
In this example, I have tried to explain the easy way of rewarding employees monetarily, using variables values for various choices/options can be computed at run-time without there being any need for storing such values in EC and above all, there is no need of manually computing such values or importing such values in the instance which may lead to the introduction of so many errors besides the addition of effort and time. You may also add a rule for initiating a workflow for approval.
In Reward and Recognition, we don’t have any direct way. A person who is giving an award would need to pre-calculate one week's salary either manually or have this value stored in EC and then use that value and paste this amount while giving an award. Doesn’t seem to be a good idea for customers and above all, what about customers who are not even using the compensation module at all. So let's explore other options of using Spot Awards/One-Time payments in EC which do not involve manual calculations or copy/pasting the amount for an award. Here are the steps for using One-Time payments as an option to pay a bonus/award of one week’s salary to an employee:
- Create a Pay component for storing One Week’s salary.
- The most important part is to create a basic business rule which will read basic salary pay component and based on that determine one week's salary.
- Use a variable to calculate values for one week’s salary based on frequency and amount of basic salary component.
Here I am reading the annualization factor of frequency for Pay component EEB_UK and then multiplying that with the amount and finally with 0.0191 (7 /365 days) to determine the salary for one week(7 days).
- If on-change under one-time payment user/award giver chooses pay component ‘One_Week’, it will set the value equal to the value computed for variable above and accordingly set the currency code which should be the same as currency code for EEB_UK.
- Go to ‘Manage business configuration’ and for ‘payComponentNonRecurring’ add the business rule created above to trigger onChange.
- Now let's try. For testing, I choose a user who has EEB_UK as a basic salary.
- Go to One time Payment and click on Award One-Time Payments
- For Type select, ‘One_Week’ pay component from the drop-down and we will see the amount (Value) and currency code is filled by the rule.
9. Based on this example we could also include multiple options like two weeks salary or any other option and use those in rules to compute values at the run time.
In this example, I have tried to explain the easy way of rewarding employees monetarily, using variables values for various choices/options can be computed at run-time without there being any need for storing such values in EC and above all, there is no need of manually computing such values or importing such values in the instance which may lead to the introduction of so many errors besides the addition of effort and time. You may also add a rule for initiating a workflow for approval.
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