New PeopleSoft Total Rewards Solution Provides Your Employees a Complete View of their Compensation and Benefits
By Robbin Velayedam - PeopleSoft HCM-Oracle on Jul 28, 2011
Employees and recruits tend to focus on the base salary and are not necessarily aware of the true value of all the benefits or rewards available to them. This is often the case with employer paid or provided rewards such as stocks, bonuses, training, insurance or benefits coverage, and company perks. All of these rewards have an associated value to them and are important items to be included as part of an employee’s Total Rewards Statement. Providing such a statement has often been a real challenge for organizations because of the time-consuming process that often involves manipulating compensation and benefits data from various sources.
With the general availability of PeopleSoft’s Total Rewards Statement functionality, organizations are now able to use PeopleSoft HCM to provide employees a complete view of their total compensation and benefits. Total Rewards allows organizations to pool data from multiple sources – internal and external to PeopleSoft – to provide a detailed Total Reward Statement supporting cash and non-cash reward items such as earnings, stock allocation, bonuses, retirement contributions, tuition reimbursement, leave accrual, or any other company provided rewards. Total Reward Statements are accessible via the PeopleSoft Employee Self Service components and are template-based to allow for configuration and company branding.
Here are just a few highlights of the new Total Rewards Statement functionality:
• Employee self service access to compare current and previously provided statements.
• Reward Data definitions functionality to monetize any type of company provided reward.
• Template-based configuration to allow for company branding and facilitate generating recurring statements.
• Step-by-step statement publishing process complete with testing and ad hoc updating tools capabilities.
• Easily extract and pool data from disparate data sources.
The HCM 9.1 Total Rewards Statement posting is a self-contained feature and does not require additional licenses beyond PeopleSoft HR 9.1. Customers may download this feature from the My Oracle Support website - Resolution ID 852286 for the HCM 9.1 release.