Review the compensation process

- [Instructor] Compensation plans … and compensation structures are about data and settings. … The compensation process is a description … of a business process, … it's the setting for how compensation will be calculated, … typically on an annual basis. … We're in compensation management, let's click on the links. … And look at our compensation processes. … In the data that comes with the Talent trial … there are three different processes, … a fiscal year process for executives, … a fiscal year process for hourly employees, … and a fiscal year process for salaried employees. … Let's take a look first at the process for executives. … At the top we have a processes name, a description, … and the process type, which is an annual type, … that's typical. … Below that we have the date setup. … And this is important because of all of the things … in these processes, the dates are the things … that you will have to change, … usually every single year. … The cycle start and cycle end dates … are typically the prior fiscal year, …