What does the 'Compensation Management' module in Workday help organizations accomplish?

The 'Compensation Management' module in Workday is specifically designed to manage and streamline an organization's approach to salary structures and compensation planning. This module enables organizations to create, analyze, and implement compensation plans that align with their business goals while ensuring compliance with internal policies and external regulations.

Through this module, HR professionals can effectively handle various compensation elements, including base salaries, bonuses, and stock options, providing a comprehensive view of employee compensation. It aids in making informed decisions regarding pay increases, market adjustments, and performance rewards by utilizing data analytics and reporting features. As a result, organizations can enhance their ability to attract, retain, and motivate talent through well-structured compensation strategies tailored to their workforce needs.

The other options—developing employee skillsets, facilitating recruitment, and tracking attendance—are not the focus of the Compensation Management module and pertain to different aspects of HR operations. Skill development typically falls under learning and development, recruitment is managed by talent acquisition modules, and attendance is tracked through time and absence management systems.