Compensation Service Overview
What is Compensation Service in Zoho People?
The Compensation Service in Zoho People simplifies the recording, tracking, and management of employee salaries and benefits. It includes salary revisions, generating revision letters, and integration with the performance service of Zoho People. Data security is ensured to the fullest within the Compensation Service.
How is the Compensation Service useful, and who is it intended for?
Using the compensation service, you can store and access compensation data and salary history reports that can aid in compensation planning, expense tracking, and budgeting.
It also acts as a central repository from which data will flow to multiple payroll vendors (via data export).
Here is how Compensation Service can be useful across the various roles in the organization:
Here is how Compensation Service can be useful across the various roles in the organization:
- All Employees (general usage):
Access their detailed salary information (with breakup), revision letters and, previous salary revision data.
- Managers:
Along with viewing their own information, managers can be granted access to view team salary information and revisions. This can assist them with salary benchmarking and allow them to make a fair decison.
- Administrators:
In addition to what the above two roles can perform, Compensation Service for administrators is a central place to maintain organization compensation data, they can export data to input to payroll platforms, handle the salary revision process (with access to Performance Service).
Administrators can set up Compensation related configurations, such as salary tracking methods, salary structure and currencies, and work on employee compensation data (if applicable). All of this is achieved through their administrative access to settings and operations.
What are the prerequisites for using Compensation Service?
- A base currency should be configured for using compensation so that the data from different locations, calculations, and conversions are equated using the given base currency.
- The date of joining of all employees must be updated in order to upload their salary data.
- If your organization is currently using the salary form in the performance service, you will need to import this data into compensation before enabling it. Going forward, all changes and edits can be made only in the Compensation service.
- Ensure that Compensation service is enabled (Settings > Manage Accounts > Manage Service > enable "Compensation".
Selected employees can be given administrative access to Compensation Service settings or data.
Navigate to:
Compensation Settings | |
Compensation Reports |
We recommend starting with Compensation Settings (linked above).