Workday Advanced Compensation Training is a specialized program designed to equip HR professionals and compensation analysts with the knowledge and skills required to effectively configure, manage, and administer complex compensation plans and programs using the Workday Human Capital Management (HCM) platform. Workday Advanced Compensation provides organizations with tools and functionalities to design and administer compensation plans, incentive programs, merit cycles, bonus structures, equity awards, and other forms of employee compensation. Workday Advanced Compensation Training covers various features, configurations, best practices, and integration techniques for managing compensation effectively in Workday.

Advanced Compensation Fundamentals: Introduction to advanced compensation concepts, terminology, laws, and regulations, as well as an overview of Workday Advanced Compensation features, architecture, and capabilities.
Compensation Plan Configuration: Training on configuring complex compensation plans, including salary structures, bonus plans, incentive programs, equity awards, stock options, and other compensation elements in Workday.
Merit and Performance Management: Training on managing merit cycles, performance-based compensation, salary adjustments, merit guidelines, performance ratings, and compensation reviews in Workday.
Bonus and Incentive Programs: Training on designing, configuring, and administering bonus programs, incentive schemes, sales commissions, profit-sharing plans, and variable pay structures in Workday.
Equity Awards and Stock Options: Training on setting up equity awards, stock grants, stock options, restricted stock units (RSUs), and other equity-based compensation plans in Workday.
Compensation Integration: Training on integrating Workday Advanced Compensation with other Workday modules, such as payroll, talent management, and financial management, to ensure data consistency and accuracy.
Compensation Reporting and Analytics: Training on generating compensation reports, dashboards, and analytics using Workday's reporting and analytics tools, and customizing reports to meet specific business requirements.
Compliance and Governance: Training on ensuring compliance with compensation regulations, labor laws, pay equity, and internal governance policies, and conducting audits and reviews of compensation data in Workday.
Compensation Administration: Training on administering compensation processes, workflows, approvals, and notifications, managing compensation budgets, and handling compensation-related inquiries and escalations in Workday.

Workday Advanced Compensation Training is suitable for HR professionals, compensation analysts, compensation managers, HRIS administrators, and consultants involved in designing, configuring, administering, and managing compensation plans and programs within organizations using the Workday platform. It is also beneficial for organizations looking to enhance their compensation management capabilities, improve compensation processes, and ensure compliance with compensation regulations and labor laws.

Prior experience with Workday is beneficial but not always required for attending Advanced Compensation Training. While familiarity with the Workday platform can help participants grasp concepts more quickly, training programs often cater to individuals with varying levels of experience, providing foundational knowledge before delving into advanced topics. However, having a basic understanding of HR processes and compensation management can enhance the learning experience.

Workday Advanced Compensation Training courses are regularly updated to reflect platform changes, new features, enhancements, and best practices. Training providers collaborate closely with Workday to stay informed about platform updates and incorporate relevant changes into their training materials, modules, and curriculum. Updates may include new functionality, improvements in user experience, changes to configuration options, and updates to compliance regulations or industry standards, ensuring that training remains current and aligned with the latest Workday advancements.

Yes, participants typically receive ongoing support after completing Workday Advanced Compensation Training. Training providers may offer access to online resources, community forums, knowledge bases, and help desks where participants can seek assistance, ask questions, and engage with trainers and peers. Additionally, participants may have the option to enroll in refresher courses, attend webinars, or participate in user groups to stay updated on Workday Advanced Compensation developments, share insights, and network with other professionals in the Workday community.

Yes, Workday Advanced Compensation Training can be customized to address the unique needs, requirements, and challenges of specific industries or sectors. Training providers often offer industry-specific training programs tailored to organizations operating in sectors such as healthcare, finance, retail, manufacturing, technology, and services. Customization may involve incorporating industry-specific case studies, examples, and scenarios into the training curriculum, ensuring relevance and applicability to participants' professional contexts.