In Oracle Fusion, setting up a new compensation cycle using the Duplicate functionality allows you to streamline the process by copying the configuration from a previous cycle. This saves time and ensures consistency. Here’s a step-by-step guide on how to generate a new compensation cycle:
Steps to Generate a New Compensation Cycle Using Duplicate Functionality:
1. Log in to Oracle Fusion
- Navigate to the Home page and click on the Compensation module.
2. Access Compensation Plans
- Go to Compensation Management.
- Select Manage Compensation Plans.
3. Find the Existing Compensation Plan
- In the list of existing compensation plans, locate the plan you want to duplicate.
- Use the search function or scroll through the list to find the relevant plan.
4. Duplicate the Plan
- Select the compensation plan you want to replicate.
- Click on the Actions drop-down menu.
- Choose the Duplicate option.
5. Name the New Compensation Plan
- After clicking Duplicate, the system will prompt you to provide a name for the new compensation plan.
- Give the new cycle a distinct name, ensuring it reflects the correct period (e.g., “Annual Review 2024”).
6. Review and Modify Plan Settings
- The system will copy all settings from the original plan, including eligibility rules, salary increases, bonus structures, and approval workflows.
- Review all configurations and make necessary adjustments for the new cycle. Common areas to review include:
- Eligibility profiles (may need updating for new hires or other demographic changes)
- Budget amounts and distribution methods
- Approval hierarchy for the current year
- Compensation components (salary, bonuses, incentives, etc.)
7. Adjust the Plan Dates
- Modify the Plan Start Date, Plan End Date, and Evaluation Period to reflect the current compensation cycle.
8. Review Plan Participants
- Ensure the correct group of employees is included by reviewing or updating the participant list or eligibility rules.
- Exclude or add employees based on the organization’s changes since the last cycle.
9. Test the New Compensation Plan
- Before launching the new cycle, test the plan by running simulations or previews to ensure that the duplications and changes are accurate.
10. Activate the New Plan
- Once everything has been reviewed and tested, activate the compensation plan to make it available for managers and HR to start the compensation process.
- Monitor the plan as needed during the compensation cycle.
Best Practices:
- Plan Naming Convention: Use a consistent naming convention for different cycles to avoid confusion.
- Double-Check Dates and Budgets: Ensure that the dates, fiscal year, and budget allocation align with organizational goals.
- Test Before Activation: Run simulations to catch any potential errors or mismatches.
By using the Duplicate functionality, Oracle Fusion simplifies the process of generating new compensation cycles, making it easier for HR teams to manage compensation reviews efficiently.
Comp Plan Setups- Generate New Compensation Cycle Using Duplicate Functionality