What information is essential to set up a new benefit plan in Workday?

Establishing a new benefit plan in Workday requires specific foundational details to ensure the plan is comprehensive and compliant. The critical components include the plan name, types of benefits offered, eligibility criteria, and contribution rates.

The plan name serves as a clear identifier for participants and administrators, while the types of benefits offered directly correspond to what employees can expect and choose from, such as health insurance or retirement plans. Eligibility criteria are essential to specify who can enroll in the plan, ensuring that it aligns with company policies and complies with legal requirements. Finally, contribution rates detail how much the company and employees will contribute to the benefits, which is crucial for managing costs and providing transparent information to employees about their financial commitments.

While employee feedback, career development, and market analysis might inform the broader context of planning benefits, they are not core components needed to create the technical setup of the benefit plan in Workday.