Compensation Models

Compensation models are a company-wide group of combination types / templates.

Quick facts about compensation models:

• They are a collection of compensation types available for the company employees
• One or more companies can use the same model
• A company may use different model for each division due to country-specific rules
• They contains overall information related to all employee compensations

These groups are referenced from companies, so that one or more companies can use a compensation model. When a new employee or contact person is created in Maconomy, the default compensation model is that of the company. The compensation types available in the setup of compensation agreements are those that belong to the model specified on the contact person. For each compensation model, specify a pay period calendar to use for gross pay calculations. Here the calendar consist of calendar years with smaller periods, which you can chose as date periods to calculate gross pay over.