Case Study: Technology Transformation
SUMMARY
Global top-tier investment bank’s HR department reinvented their compensation function through a multi-year transformation initiative fueled by implementation of a fit-for-purpose technology solution.
CLIENT CHALLENGE
Top US investment bank with tailor-made total reward approach was struggling to keep up with BAU compensation operations using an outdated, homegrown system that supported few core compensation management processes and left them working in offline spreadsheets and outdated databases.
OUR SOLUTION
We closely collaborated with client subject matter experts to evaluate current state processes, design detailed user-centric future state processes, and define business requirements used to translate end-user needs into developer-friendly guidance for system build as well as change management and training context for tactical operational implementation.
RESULTS & IMPACT
Client successfully rolled out user-centric, cloud-based compensation system, supporting over 80,000 global people managers and employees across 41 countries
Automated 50+ compensation processes, getting teams out of tedious spreadsheets, reducing manual error and version control risks—decreasing processing times up to 4x and saving over 100K FTE hours annually
Supported development of new value-added system features like budget vs. spend widgets, custom critical and informational alerts for each user group, tailored UI design by profile and process, and more
Developed robust change management strategy and produced extensive training content library of over 250+ resources for HR users, managers, and employees, providing robust knowledge management base for year-end comp process go-live support and BAU compensation operations
