Will I be able to implement the results of the what-if analysis to the payroll module within the greytHR tool?
This tool is only for analysis and comparison of the “what-if” salary revision plans. The tool does not implement the results. To implement the results, the payroll admin must import the final inputs back into the greytHR application.
Why do I need this tool when I can get it done with an Excel sheet?
It causes tremendous navigation challenges to manage the scenarios and salary data in multiple tools. Referring to the salary data in one tool, exporting it and performing the analysis on another tool becomes tedious, time-consuming and error-prone. Moreover, calculating and analyzing multiple scenarios/what-ifs involves plenty of manual work and effort.
This tool gives you more accuracy and makes it easier to execute the scenario from one single point rather than shuffling across different applications.
Why should I use this tool?
What-if analysis:Integrated tool within the greytHR for what-if analysis in terms of salary revision.
Multiple versions of what-if analysis:Admin can create numerous scenarios based on different criteria of salary slabs.
Downloadable Reports:You can generate and download the reports based on the Salary Increment/Salary Deferment/Salary Cut percentage and Salary Slabs. You can also download the employee-wise report as per your requirements.
How does the tool work?
This tool helps the employer/payroll admin in creating a what-if analysis for various salary slabs by collecting the required inputs from the users. The inputs include the nature of goal (Salary Increment/Salary Deferment/Salary Cut), Target percentage and CTC or Base Salary Component.
You will be allowed to define the salary slabs. Based on the frequency updated, the slabs will be structured with the target percentage updated by the user by default.
You can either retain the target percentage for all salary slabs or may choose to vary based on the salary slabs. Based on the percentage updated against respective slabs, a summary and a detailed report through excel will be made available.
Will it help in changing the actual CTC values?
This is a tool that runs through various options and helps you to conclude in selecting the best suitable plan. Based on the analysis, actual CTC values can be changed in the regular procedure. This entirely depends on the Salary Component that you select and the kind of impact that you would like to make.
Can I use this tool for analysing salary revision plans by revising salary components such as Sales Incentives, Bonuses, and Leave encashments?
Yes, you can. It is advisable to process the salary for the desired payroll month. You may also do an analysis for all the employees who have values for the selected component.
I want a few exceptions, like extra deductions or no deductions for a few employees. Can I execute it through this tool?
Yes. If the change you intend to make matches the salary slabs derived based on the frequency, then it is possible to do it within the tool. Else, you can handle exceptions in the excel output before importing it into the application.
Can I revise the salaries based on different levels of salary bands?
Yes. You can create multiple/separate analysis based on different salary bands. You can do increments for a set of bands while decrementing the other set of bands.
Can I create my goal with multiple band frequencies, compare them and choose the most suitable one (Like IT plan comparison)?
You can create multiple band frequencies. However, the comparison within the tool is currently not available.
Can I save scenarios (like in the Investment Declaration) and choose the best scenario for Salary Increase/Decrease later?
Yes, you can create and analyze multiple scenarios. Later, you can decide and modify the actual salary based on the most beneficial plan.
Does it work like Goal Seek functionality in Microsoft Excel?
No. This tool intends to give more flexibility to the user to do a trial & error mechanism.
Do we have a provision for not deducting the income tax for the deferred salary amount?
This tool is intended to help you only with what-if analysis.
However, greytHR as an application has the ability to handle this requirement. Please get in touch with our Implementation/Support Engineers to customize your requirements.
Does it factor in Variable Pay as a separate component or does it consider net CTC? If it takes net CTC, how does the cut/defer apply to variable pay while applying the cut/increment?
Currently, the system will allow you to pick any one component and proceed with the what-if analysis. You can have two different scenarios in case of Variable Pay and CTC separately.
Does this tool support an exception list for employees?
The analysis will be done for all the employees whose salary inputs are processed for the selected payroll month. The employees who are already excluded from salary processing or with no value for the selected salary component will not form a part of the analysis data.