Executing the Oracle Fusion HCM Benefits Policy using Fast Formula

Executing the Oracle Fusion HCM Benefits Policy using Fast Formula

Oracle Fusion Human Capital Management benefits is a global, rules-based benefits application that allows the organizations to handle and deliver benefits policies to meet their objectives, mission, and strategic arrangement to the organization.

Provide the greatest value to every employee through flexibility in benefits option, recognizing that an organization’s business objective, location, organization type, employee demographics, and other factors figure benefit plan, flexibility, and extensible to meet particular benefits plan.

It is suitable for plans, programs, and options as well as estimation of costs can be configured without updating the application code and are applied to every employee to distribute a personalized experience. The benefits offer an easy extraction of employee enrollments to a human resource XML based file. This can be transmitted to a third party for additional transformation and delivery.

Build benefit programs suited to business strategy and organizational culture, fusion HCM benefits has a fully flexible design process where setup objects can be recycled. It allows the creation of benefit programs that include various plans to meet the organization's benefits requirements. Plans can be grouped together that share same enrollment and eligibility rules. Eligibility and the costs of benefits are individually determined based on the configured rules for every employee. Fusion HCM benefits natively integrated to Global HR so relevant events in Global HR are automatically noticed and processed. This lowers manual work and automates life event processing to be acquiescent with organizational strategy.

Executing the Benefits Policy using Fast Formula - Oracle provides web-based rules authoring facility as Fast Formula it can be used when configuring benefits and expands the delivered reconfigurability. It enables the defining of modified rules for eligibility and costs using data items within Fusion Global HR. Use Formula Evaluation to check that fast formula works as expected. Fast Formula is preserved through upgrades using customer extensions.