To configure compensation statements in Oracle Fusion, you need to set up how compensation information is presented to employees in statement format. Compensation statements provide a comprehensive overview of an employee’s total compensation package, including salary, bonuses, benefits, and other relevant details.
Here’s a step-by-step guide to configuring compensation statements in Oracle Fusion:
1. Navigate to Setup and Maintenance
- From the Home Page, click on the Navigator icon (hamburger menu) in the top-left corner.
- Select Setup and Maintenance.
2. Search for Compensation Statements
- In the Setup and Maintenance page, use the search bar to find Manage Compensation Statements.
- Click on the Manage Compensation Statements task from the search results.
3. Select an Existing Statement or Create a New One
- You will see a list of existing compensation statements.
- If you want to modify an existing statement, find it in the list and click Edit.
- To create a new compensation statement, click the Create or + button.
4. Enter Statement Details
- Fill in the necessary details for the compensation statement:
- Statement Name: Enter a descriptive name for the statement (e.g., “Annual Compensation Statement”).
- Statement Type: Choose the type of statement (e.g., Annual, Quarterly).
- Effective Date: Specify the date from which this statement will be effective.
5. Configure Statement Components
- In the Statement Components section, define which components will be included in the compensation statement:
- Base Salary: Include details about the employee’s base salary.
- Bonus/Variable Compensation: Add sections for bonuses or other variable compensation types.
- Benefits: Specify the benefits offered, such as health insurance, retirement contributions, etc.
- Total Compensation: Optionally include a summary that calculates total compensation from all components.
- For each component, you can also define:
- Display Order: The order in which the components appear on the statement.
- Visibility: Whether each component is visible to all employees or restricted based on roles or departments.
6. Customize Statement Format (Optional)
- Depending on the configuration options available, you may have the ability to customize the layout and format of the compensation statement. This can include:
- Template Selection: Choose from predefined templates or design a custom layout.
- Branding Elements: Add company logos or other branding elements to the statement.
7. Configure Delivery Options
- Specify how the compensation statements will be delivered to employees:
- Electronic Delivery: Set up email notifications or online access to statements through the employee self-service portal.
- Print Options: If physical copies are required, configure print options for generating hard copies.
8. Save Changes
- After configuring the statement components and settings, review the details to ensure accuracy.
- Click Save or Submit to apply the changes.
9. Test the Compensation Statement
- To validate that the compensation statement displays correctly, you can generate a test statement for an employee.
- Review the generated statement to ensure all components are included and formatted as expected.
10. Communicate to Employees
- Once the compensation statements are configured, communicate to employees how they can access their statements and what information is included.
11. Regular Review and Updates
- Periodically review and update the compensation statements based on changes in compensation structures, policies, or employee feedback.
Key Considerations:
- Legal Compliance: Ensure that the compensation statements comply with legal requirements and organizational policies regarding employee compensation transparency.
- User Roles and Permissions: Be mindful of user roles and permissions when configuring visibility and access to compensation statements.
By following these steps, you can configure compensation statements in Oracle Fusion, providing employees with clear and comprehensive insights into their total compensation packages.
Comp Plan Setups- Configure Compensation Statements