Salary Details held against an Employee
Here are the Payroll related fields that need to be populated for all the employees in their respective Employee 360 profiles:
Recommended processes to manage Payroll data
When creating an employee record, either directly from the employee 360 or updating a successful candidate to an employee record, the compensation tab is always available. It is recommended that you capture the employee's compensation information at this time. This includes the following details:
Effective Date (This will indicate the date from which the employee will be paid from)
Employee's Bank details
Bonuses (if any).
Employee Salary Changes
The effective date of a salary change is a key driver to identifying when a salary becomes effective for an employee so always take care that this is captured correctly. The system will not allow an employee to have more than one salary effective at the same time. This means that when you are giving a new salary, you need to ensure that the effective dates are different.
To give an employee a new salary as a result of a promotion or uplift, it is always recommended to add a new salary with the effective date of the change. This ensures that the employee will be assigned the correct salary at the correct time.
If you have entered a salary value in error, then you can use the edit option to update the existing salary, this will update the salary row and will not create a new salary record.
If an employee gets a new bonus, then ensure that this is recorded via the Add Bonus option and ensure that it has the correct effective date.