What is a "Compensation Plan" in Workday designed to define?

A "Compensation Plan" in Workday is specifically designed to create a structured approach for managing employee compensation. This framework outlines the salary ranges, bonuses, stock options, and other monetary benefits that are available to employees in an organization. It ensures that compensation practices are consistent, fair, and aligned with the organization's overall compensation strategy and business goals.

The design of a compensation plan in Workday allows organizations to establish clear guidelines regarding how compensation will be administered, making it easier to maintain equity and transparency across various job roles and levels within the company. Additionally, this plan can include performance metrics and guidelines that link compensation adjustments to performance, helping to motivate employees and drive results.

In contrast, the other options do not accurately capture the primary purpose of a Compensation Plan. For example, while managing assets, departmental budgets, or HR governance frameworks are important aspects of business operations, they do not directly pertain to the management and structuring of employee compensation, which is the focus of a Compensation Plan.