An Amplify Administrator can access the Classifications tab in Administrator settings and edit the Benefits Classification section or the Benefit Template.
They are given the option to lock/ unlock any key attribute of the benefit creation process. This essentially gives the full control over what attributes are to be input when the benefit is created at the user level. All benefit fields, including the formula, measure configuration and custom fields can be configured using the classification system.
This article will help you with the following benefit configurations.
- How to add a description of the benefit, set the start and end date, unit and the reporting cadence for a benefit classification
- What is the significance of the padlock icon
- How to set up a disbenefit
- How to enable Cumulative values and Benefit Weighting
- How to configure benefit plan calculation
- How to configure default Plan values, Actuals reminder and forecast Limits
- How to enable actuals for a benefit
- How to set up simple or advanced benefits
- How to enable benefit maps for benefit creation, configure forecast calculation, and replace the plan with actual values
- How to enable External ID for benefits
- Enabling the usage of custom names for accounting periods
Adding a description, setting the start and end date, and the reporting cadence for a benefit classification
- Description: This description will appear on the benefit form. Describe the benefit, discuss any relevant data sources and policies.
- Start Date: Default Start Date.
End Date: Default End Date.
- Benefit Value Unit: A benefit is ultimately responsible for delivering value. This value is represented in Units. Select the unit that represents the value this benefit is responsible for. The default unit for a Benefit is the primary currency.
- Reporting Cadence: The reporting cadence for a benefit defines the resolution of data points. Amplify will ensure that there is one value for each period nominated, for the duration of the benefit. Amplify allows for the reporting Cadence to be changed even after data has been entered into the system.
The Padlock Icon
Selecting the padlock icon, and thereby locking the attribute will hide this section for the user when creating a benefit. Alternatively, leaving the attribute unlocked will allow the benefit creator to overwrite this field.
Marking a benefit as a disbenefit
Upon enabling this setting, Amplify will ensure that all dis-benefits are negative in value, ensuring they have a negative impact on the overall delivery of benefits with the same unit. With disbenefits, you will see the values flipped on the graphs.
Enabling Cumulative values and Benefit Weighting
- Display results cumulatively: Toggle this feature to display the value for this benefit cumulatively on the profile.
- Benefit Weighting: Choose a weighting which will affect the importance of the benefit when calculating performance indicators like the Amplify Index. All of the above configurable attributes are displayed on the Properties widget of the Benefit Dashboard.
Enabling Benefit Plan Calculation
Amplify makes it possible to define a formula for benefit calculation when one or more distinct measures are required to track a benefit. Selecting this toggle allows the Administrator to create the measures to calculate the benefit plan.
Enabling this setting will allow you to define:
- measures for calculating the benefit: you can create new measures by clicking on the New Measure button, or add measures that are shared with the entire organisation by clicking on Shared Measures. It is useful to unlock this setting using the padlock icon so as to allow end-users to create new measures.
- specify the unit for each new measure. Ensure that all measures that are part of a benefit calculation formula have the same unit.
Configuring Default Plan Values, Actuals Reminder and Forecast Limits
- Plan Value: Enter the default initial plan value.
- Upcoming Actuals Reminder: If you enable this, Amplify will automatically surface a notification in the days leading up to an actual measurement being recorded (0 to disabled) on the
- Forecast Limits: Apply lower and upper limits to prevent forecast from exceeding this range. If this section is left blank, it shall be ignored by Amplify.
This setting allows actuals to be recorded for each period for the reporting cadence.
If this setting is toggled off, it means that the benefit will not be measured, as actuals will not be captured for the benefit. If this setting is kept unlocked(by clicking on the lock button), it will allow the end-users to enable or disable actuals recording for individual benefits that they are working on.
Setting up Simple or Advanced Benefits
Read more about simple and advanced benefits here. The default configuration for Amplify is to equip the Benefit Plan tab with a Plan tab that brings all measure plan management together in a single location (Measures Dashboard). If the user prefers, however, the Plan tab can be set to contain the Formula Builder dashboard, in order to give the user more control over benefit calculation.
Selecting Measures Dashboard from this list will configure the benefit as a simple benefit, however, selecting Formula builder will allow users to create multiple measures and create a formula to calculate the benefit using those measures.
Enabling benefit maps for benefit creation, configure forecast calculation and replace the plan with actual values
Select the above settings to allow Objects to be created using the Map, enable Amplify Forecasts or replace Plan with Actual values.
Enabling External ID
By default, Amplify assigns an internal identifier to all objects. But, if you want to identify the benefits with an externally maintained ID that is used in your enterprise, you can do so by enabling this setting. Read more about external ids here.
Using custom names for Accounting periods
This setting, if enabled, allows you to create custom translations for Accounting Period labels on Benefit charts. Read more about creating custom translations here.