This US-Based, retail bank with nearly 2,000 employees and over 150 locations, is a full-service community bank that has been serving customers for nearly a century. They deliver services to a wide range of consumer, business, commercial real estate, nonprofit, and local government customers.
The client manages a variety of Merit cycles, long-term incentives, equity, and discretionary plans. These plans and reporting were being managed through spreadsheets and custom reporting and analysis.
This retail bank was facing a variety of challenges based on the complexity of their plans, timing of their payouts, and the overall process of managing employee turnover and overall security.
The bank had multiple concerns that Decusoft identified to be addressed:
- Quarterly Merit cycles, annual component-based Bonus, Long-Term Incentive plans, and equity plans
- Password protected spreadsheet process with little to no security and audit capability
- Decentralized approval processes
- Heavy reliance on customized reporting and analytics
- Lack of internal support to get HR data into custom formats
The bank chose Compose to solve the problems they were having with their current set-up. Compose had a proven ability to solve the specific hurdles they were facing and the ability to consult and deliver on a tight timeline.
With Compose, the client stood to benefit from:
- Automation & Streamlining of Process
- Mitigate Risk and Eliminate Reliance on Spreadsheets and Unsecure Email
- Eliminate Calculation Errors and under/over Payments
- Audit & Access Controls for Regulatory & Audit Protection
- Provides modeling and analytic capabilities
- Provide Employee Comp Statements
- Import and Export capability to both HRIS and multiple payroll systems
With the help of the Compose solution, the bank was able to streamline and secure its complex multi-layered program with much more confidence. They were able to produce a Manager’s Scorecard on a quarterly basis in 48hrs versus 4-6 weeks (a 75%s reduction in time resources). Produce multiple “what-if” scenarios prior to a cycle and analyze roles and payouts based on position, group, and performance status. Most importantly for the bank, they were able to secure the entire process. Leaving password-protected spreadsheets behind, (secure role view/access) shielding information from managers based on only their groups, improving data integrity, and saving time and money managing compensation processes, and freeing staff up to work on more strategic initiatives.