What is the primary function of the Compensation module in Workday?

The primary function of the Compensation module in Workday is to manage employee pay structures and bonuses. This module allows organizations to create and administer comprehensive compensation plans, including base salaries, variable pay, bonuses, and other incentive schemes. It enables HR professionals to set competitive compensation packages aligned with market standards and organizational strategies, ensuring that the right talent is attracted and retained.

Within this module, compensation data can be analyzed to track performance and budget adherence, facilitating informed decisions on pay raises, promotions, and adjustments necessary for equitable compensation across the workforce. The comprehensive tools provided help in managing not only current compensation but also the planning for future adjustments, making it a critical element in an organization's overall human capital management strategy.

Other options pertain to functionalities outside of the Compensation module; for example, managing learning opportunities relates to the Learning module, while user permissions pertain to security settings within Workday.