One compensation platform with full functionality, configurability and scalability. We enable you to close the critical gaps in your compensation lifecycle and practices.
Annabel Fan, Global Head of Financial Services at beqom, shared her thoughts on what is top of mind for financial services today. Financial institutions have unique challenges in planning and executing their HR compensation and sales incentive processes. With compensation accounting for between 70 and 90 percent of operating expenses, institutions are looking towards solutions that are capable of tackling their complex requirements.
Technology now exists to fully automate all of a firm’s compensation processes, which can dramatically improve operational efficiency, lower costs, enable execution of business strategy, aid in attracting and retaining talent, and support regulatory compliance.
This “digital transformation” is already happening. Many of the world’s leading financial institutions have streamlined their compensation lifecycle with an automated total compensation solution, securely in the cloud.
The planning and executing of compensation on a global basis is highly challenging as organizations seek to create consistent processes in multiple countries. When it comes to compensating a globally dispersed workforce, organizations have to manage a number of challenges. Peter Devlin, Head of Total Rewards at Deloitte, spoke with beqom about what he thinks any company that is doing international compensation planning needs to take into account.
“With beqom’s solution, we can comply with federal and international banking regulations. As a financial institution, all the data we manage—including HR information— is highly sensitive and confidential. beqom’s Total Compensation, which runs on Azure, passed the very robust evaluation process by our IT security employees.”
Find out why leading financial institutions are implementing beqom as part of their HR and digital transformations.
Read the Financial Services case study to learn more about the industry's challenges.
With beqom, the BNP Group manages executive compensation, deferred bonus and equity management processes, all within one integrated platform, ensuring that compensation processes are transparent and compliant with regulatory guidelines. The ownership of the beqom solution is in the hands of the business users, enabling BNP Paribas to simplify and administer complex compensation processes with flexibility and agility.
Aiming to increase motivation and reduce absenteeism in their sales team, AG2R LA MONDIALE decided to replace their previous in-house developed variable compensation tool with beqom's Sales Performance Management Cloud Solution.
The new platform allowed their commercial team to quickly find their compensation information at a glance.