This new tool will better meet departmental and divisional needs for accurate, multi-year compensation planning, and will improve the University’s long-range operating budget process – a process that accounts for 70 per cent of the University’s total expenditures.
Through community consultation, the Planning & Budget Office and EASI have selected leading-edge technology from Questica – to provide a holistic, accurate, intuitive and streamlined user experience. Beyond maintaining the core functionality of the current SAP B6 application, this tool will support a more efficient compensation planning process and will provide the flexibility for future expansion as the University’s needs change.
WHY MAKE THIS TRANSITION?
- The B6 was developed at a time when U of T’s budget was a much more centrally-managed process (25 years ago) – divisions and departments now have greater responsibility for long-term planning.
- Planning & Budget and EASI has chosen a tool that will meet the needs of a decentralized community of administrators with a diverse range of budgeting processes.
- Selecting Questica, a cloud-based application, ensures the University will continue to implement best-in-class technology and remain at the forefront of innovation.
- By partnering with divisions in the upfront development, we expect to increase efficiency, reduce risk, and avoid duplication of resources.
- Provides an improved, intuitive user experience, data analysis and validation
- Increases long-term planning accuracy with a five-year planning outlook and salary increase projections
- Provides a holistic view of compensation, which expands beyond the current data on appointed staff to include non-appointed staff
- Provides flexibility with versioning and/or “what if” scenario planning
- Increases planning and analysis accuracy by incorporating data on a monthly (vs. annual) basis
- Simplifies compensation projections by automating salary increase assumptions (e.g. ATB, Merit, Grid etc.)
WHAT IT IS
- Multi-year compensation plan
- Holistic view of appointed and non-appointed staff, hospital-based faculty, benefit costs and salary increase projections
- Compensation scenario planning
Note: PTR pool calculations will be launched separately
WHAT IT ISN'T
- Overall financial modelling (non-compensation, capital, restricted funds)
- Reconcile and report on actuals with transaction-level details from FIS
- Implementation of PTR or other salary increase processes
Compensation Planning Tool Presentation - August 7, 2019
Watch this video to learn more about:
- The benefits of the new tool
- What is and isn’t within scope for the project
- Project timelines
- What users can expect for user acceptance testing and training
The project timeline is being reviewed and will published when consultation with Questica is complete.
Assistant Vice-President, Planning & Budget
Director, Enterprise Applications and Deputy CIO
Manager, Financial Information Systems, EASI
Manager, Budget Administration, Reporting, and Information Systems, Planning & Budget
Project Manager, EASI
Project Manager, EASI