How do you configure a cost-sharing model within Workday?

To configure a cost-sharing model within Workday, you need to establish specific contributions made by both the employer and the employee for each available benefit option. This process involves defining how much each party will contribute towards the costs of various benefits, which may include health insurance, retirement plans, and other perks.

In this model, the clear demarcation of responsibilities regarding benefit financing is crucial as it directly impacts employee satisfaction, retention, and overall benefit utilization. By tailoring the contributions to each benefit option, organizations can create a flexible and fair approach that addresses the financial capabilities and preferences of both the employer and employees.

The other options, such as setting a fixed monthly salary, assigning benefits based on tenure, or allowing employee voting on benefit changes, do not directly facilitate the establishment of a cost-sharing model. These methods may influence the benefits administration process but do not specifically define how costs are shared between the employer and employees.