What role do benefit elections play in the total compensation statement in Workday?

Benefit elections play a crucial role in the total compensation statement in Workday by being factored into the overall total compensation calculation. This integration ensures that all aspects of an employee's compensation, including salary, bonuses, and selected benefits, are fully represented in the total compensation statement. By factoring in benefit elections, the statement provides a comprehensive view of what an employee is receiving as part of their overall compensation package.

This approach allows employees to see how their selected benefits contribute to their total earnings and can influence their understanding of the full value of their employment. It also aids in transparency and helps employees make informed decisions regarding their benefits based on the total compensation they receive.