Oil and energy success story
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Compensation ManagementDelivering global compensation efficiency and user engagement
One of the world’s largest publicly traded energy providers and chemical manufacturers, this industry leader has a workforce of 64,000 employees spanning 63 countries and 160+ nationalities, with annual revenues well over $100 billion.
The company views its people as its most competitive advantage, and a key people goal is attracting the best talent. Its strategic talent objective is to have a diverse and engaged workforce where employees have broad opportunities for personal and professional growth.
Improving the efficiency and usability of its compensation systems was part of the company’s “NextGen” HR digital transformation initiative.
Employees
Revenue ($)
Countries
Challenge
Streamlining a complex global compensation scenario
The company sought to consolidate its compensation systems to eliminate multiple aging systems that were highly customized, cumbersome and costly to maintain and change, some homegrown and some in SAP. HR envisioned a more customer-oriented solution with improved auditability, which would include dashboards and analytics to improve the user experience and boost engagement.
The team wanted to streamline the highly manual and labor-intensive processes needed to manipulate data and design and run the base compensation systems, which required the support of ~30 FTEs. A unified compensation platform would also improve system supportability through standardization, consistent methodology, and simplified knowledge transfer for highly technical design roles.
Simplistic solutions would not work. The company leverages highly complex salary and bonus plans to best meet the needs of its workforce and support a performance-based culture.
Solution
A unified platform for efficient comp planning & administration
beqom was implemented to manage the salary review process for 20,000 employees worldwide, as well as to plan and administer incentive compensation. beqom was chosen because of its unified platform and the complete flexibility of the solution. As a single, centralized total compensation platform, beqom allowed the company to consolidate its compensation processes and thereby eliminate multiple systems.
The solution provided value to end users, yielding high user acceptance and engagement. beqom’s user-centered mobile design delivered a high end user experience via easy self-service access to compensation information, with analytics and dashboards for managers and comp admins.
The back end processes were also simplified. beqom handles multiple feeds from disparate systems with automated mapping, simplifying administration and improving the speed and accuracy of compensation processes.
The beqom solution manages document routing, management, signature, and storage, with an interface to DocuSign to enable compensation plan acceptance.
The application went live in October 2020 with an abbreviated comp round, due to Covid 19, and completed a full comp round in January 2022. In 2021 the company expanded its commitment to the beqom platform, signing an Enterprise License Agreement and adding usage extensions in Long Term Incentives and Advanced Analytics.
Benefits
An innovative digital experience that brings efficiency, performance, and cost savings
Using beqom’s industry-leading compensation platform and leveraging the company’s expertise in managing global compensation, the company was able to achieve its goal of delivering a world-class digital rewards platform and excellent user experience. Benefits include:
- Flexibility to manage its plans the way that it wants
- Better compensation decisions due to analytics and data insights
- Efficient and accurate compensation planning, enabling complex models
- Compensation plans that are tailored to support talent objectives and motivate employees
- In the hands of the business user, eliminating heavy dependence on IT and SAP
- Reduced costs, by eliminating ongoing spend to SAP/IT
- Self-service portal for employees to see compensation details and documents
- Simplified document management integrated with DocuSign
We chose beqom because of the complete flexibility of the solution. Also, beqom staff fully understood our processes, provided timely responses, and came in prepared.
