To ensure the salary amounts that you defined in your position budgets compare favorably with the actual salaries of the employees in those positions, you should periodically review position budget information. You can review this information for a specific business unit or position or by the activity involving the position.
Position activity can also be reviewed for employee changes. As employees transfer positions, are promoted, hired, and terminated, a record is created on the position. This information is useful in analyzing positions where there is high turnover.
To compare budgeted amounts for salaries, FTEs, hours, and head count with the corresponding actual amounts that are projected through year end, you can review position budget information by position. You use this information to determine whether you expect to meet or exceed your position budgets through the end of the year.
When you review position budget information, the system displays projected year-end salary amounts that you can use to compare with budgeted amounts. The system calculates these amounts based on the employees' annualized salaries and their associated effective dates. The system calculates projected year-end amounts by adding together the prorated annualized salaries for all of the employees who were in the position during the year. If an employee does not work an entire year in the same position, the system prorates the employee's annualized salary for the amount of time that the employee worked in the position during the fiscal year.
A positive open amount for salary, hours, head count, or FTE indicates that you are under budget for the fiscal year. A negative open amount indicates that you are over budget for the fiscal year.
The HR Contact can inquire online or via a report to check on Position status and budgeted amounts.
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