Oracle Fusion HCM Benefits a configurable and flexible global product that allows the organizations to change and adapt to the unique requirements of their workforce and it is an integral part of any total compensation package. Human Capital Management Benefits can deliver traditional one-size fits all plans and highly complex plans that selectively target various segments of the workforce with different benefit packages. It supports the self-service style of choosing benefits with flex credits if required. Benefits self-service presents the employee with an intuitive process that guides them through a selection of their eligible benefits. Employees can assess and update their contact as part of the enrollment guided development and also select dependents and beneficiaries in a different step at the end of the enrollment process.
HCM Benefits supports all types of enrollment processing: on demand, automatic, life event based, and open enrollment. Rules can be defined to extend, to terminate current enrollment, and to apply default enrollment under specified circumstances,
HCM Benefits controls key processes triggered by a life event, such as the elections that can be made, coverage start and end dates, appropriate defaults, and required communications to be sent. A life event management is a change to a person that makes a collision on his/her eligibility or cost calculations for benefits. These include employment life events as new recruitments, promotions, terminations, and transfers, personal life events as marital status and address changes, and time-based events as age and length of service changes. Life event definitions may change by employee, country, and may be dependent upon multiple conditions. You configure the vital conditions that describe a life event and the system automatically analyzes and determines the impact of the event on the employee benefits without manual interaction. Use the collapsing rules to collapse various life events that happen within a specified time into one event.
Oracle Fusion HCM Benefits is a global, rules-based benefits application that allows the organizations to handle and deliver benefits policies to meet their objectives, mission, and strategic arrangement to the organization.
Provide the greatest value to every employee through flexibility in benefits option, recognizing that an organization’s business objective, location, organization type, employee demographics, and other factors figure benefit plan, flexibility, and extensible to meet particular benefits plan.
It is suitable for plans, programs, and options as well as estimation of costs can be configured without updating the application code and are applied to every employee to distribute a personalized experience. The benefits offer an easy extraction of employee enrollments to a human resource XML based file. This can be transmitted to a third party for additional transformation and delivery.
Build benefit programs suited to business strategy and organizational culture, fusion HCM benefits has a fully flexible design process where setup objects can be recycled. It allows the creation of benefit programs that include various plans to meet the organization’s benefits requirements. Plans can be grouped together that share same enrollment and eligibility rules. Eligibility and the costs of benefits are individually determined based on the configured rules for every employee. Fusion HCM benefits natively integrated to Global HR so relevant events in Global HR are automatically noticed and processed. This lowers manual work and automates life event processing to be acquiescent with organizational strategy.
Implement Benefits Policy using Fast Formula
Oracle provides web-based rules authoring facility as Fast Formula it can be used when configuring benefits and expands the delivered re-configurability. It enables the defining of modified rules for eligibility and costs using data items within Fusion Global HR. Use Formula Evaluation to check that fast formula works as expected. Fast Formula is preserved through upgrades using customer extensions.
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