A leading global financial services firm, with approximately 20 million customers and more than 10,000 employees worldwide, found that its human capital management (HCM) system could not keep pace with the complex needs of its rapidly growing global business. Compensation was a particular concern for the company, whose performance- based culture measures compensation based on an employee’s contribution to the firm’s success. The existing custom system was not designed to measure these results on a global basis, nor could it support a multicurrency compensation program.
When the financial services firm engaged PwC to help it plan and implement a solution, a third option was presented, one that would enable the firm to maximize investment in its existing core HCM system while quickly gaining state-of-the-art functionality. Working closely with Oracle’s HCM Product Strategy and Development division, we developed a project schedule to deploy select Fusion HCM modules using a “coexistence” approach. Coexistence enabled the firm to add Fusion HCM Compensation and Talent Management modules to its existing core Human Resource (HR) system using prebuilt integrations.
Impact on client's business
The financial services firm has recognized the following benefits:
- Up to a 70 percent reduction in time spent on compensation review process. The process now takes only three to six weeks, down from 10 weeks previously.
- Ability to more efficiently meet global compensation requirements and ability to streamline performance ratings and compensation processes.
- Empowered managers to make the right compensation decisions based on key information from embedded dashboards and analytics.
- Increased system integration, automation, and workflow to yield process efficiencies and reduce manual processes.
- 83 percent of pilot participants agreed to advocate for the tool.
- Entering fourth successful cycle of compensation since implementation.