n this episode, hosts Lois Houston and Nikita Abraham talk to Cloud Delivery Lead Nigel Wiltshire about the Reward Life Cycle, which centers around the compensation that is given to an employee, and how it is paid and processed.   Compensation, in this case, is not restricted to the salary that is paid to an employee but includes bonuses, stocks, medical insurance, and other benefits.   Oracle MyLearn: https://mylearn.oracle.com/ Oracle University Learning Community: https://education.oracle.com/ou-community LinkedIn: https://www.linkedin.com/showcase/oracle-university/ Twitter: https://twitter.com/Oracle_Edu   Special thanks to Arijit Ghosh, David Wright, Kris-Ann Nansen, Radhika Banka, and the OU Studio Team for helping us create this episode.   --------------------------------------------------------   Episode Transcript: 00:00 Welcome to the Oracle University Podcast, the first stop on your cloud journey. During this series of informative podcasts, we’ll bring you foundational training on the most popular Oracle technologies. Let’s get started. 00:26 Lois: Hi there! Welcome to the Oracle University Podcast. I’m Lois Houston, Director of Product Innovation and Go to Market Programs with Oracle University, and with me is Nikita Abraham, Principal Technical Editor. Nikita: Hi everyone. Last week, we discussed the Employee Life Cycle, the key players involved, and the tasks that come under it. 00:47 Lois: Right, Niki. And if you missed any of the earlier episodes in this season, you’ll want to catch up so you can get a full picture of the HCM business processes. Today, we’re going to discuss the next HCM business process life cycle, the Reward Life Cycle, with our Cloud Delivery Lead Nigel Wiltshire. Hi Nigel, welcome back. Are you tired of talking to us yet? 01:09 Nigel: Hi Lois. Hi Niki. Haha! No, I’m never tired of discussing this topic. Nikita: So Nigel, let me start by asking the question of the day, what is the Reward Life Cycle? Nigel: Niki, if I was asked to describe the Reward Life Cycle in as few words as possible, it would be something along the lines of “The Employee’s Total Worth.” 01:26 Lois: OK. That’s definitely a few words. What do you mean by that? Nigel: This life cycle centres on the compensation that is given to employees and how that compensation is processed and paid. Now, when I say compensation, I’m not just talking about the salary that is given to them for the job they do. This also includes other compensation such as bonuses, stock, and other incentives.  01:47 Nigel: It also encompasses any benefits that are afforded to the employee, which are often funded by the employer, such as Medical Insurance, Dental Insurance, Vacation, Income Protection, and many more. Like I was saying, these benefits are often paid for by the employer and are generally referred to as “Benefits in Kind,” which, depending on country-specific legislation, are often taxable. Some benefits come with various levels of cover that the employee can opt into, such as to cover their spouse or family. These additional options often come with a requirement for the employee to contribute. This is why I referred to it as “The Employee’s Total Worth.” As an example, let’s say an employee’s base salary is US$60,000 per year. On top of this, they also receive bonuses that equate to US$20,000 per year, and have a benefits package paid for by the employer that is worth US$8000 per year. In essence, the employee’s worth comes out at a whopping US$88,000 each and every year. 02:44 Nikita: OK, so bringing the conversation back to HR business processes, Nigel, how many processes make up the Reward Life Cycle? Nigel: There are four: Benefits to Payroll, Time Collection to Payroll, Reward Planning to Targeted Compensation, and Payroll to Payment. Lois: So, can you tell us a little more about each of these? 03:05 Nigel: Sure, Lois. The “Benefits to Payroll” process allows organizations to configure and manage benefit programs. As I was saying earl