You can create a new instance for a compensation plan as an effective date record. This allows you to configure the waiting period, target payout, bonus eligible salary, bonus factors, and proration rules in the compensation plan for a period.
To create an effective date record:
- Go to Compensation Setup > Compensation Plans.
- Select a compensation plan in the left-side panel.
- In the Add drop-down list, click Effective Date. A new effective date record is added under the compensation plan in the left-side panel and the configuration fields are shown to the right.
- Configure the effective date record details using the available fields. See Effective Date Fields for Compensation Plans.
- Click Save.
You can delete the effective date record by selecting it in the left-side panel and clicking Delete. See Delete Compensation Plans.
When you create an effective date record, Dayforce automatically ends the previous effective date record with an Effective To date as one day before the new record's Effective From date. You can’t create effective date records with overlapping effective dates. Also, you can’t edit effective date records (except for the Effective From and Effective To fields) or delete effective date records that are linked to the payout period of a compensation cycle.