Tier One Bank success story
Learn more about the following beqom products
Compensation ManagementModernizing compensation at scale: How a major bank transformed rewards for 60,000 employees globally
This Fortune 500 U.S. multinational investment bank and financial services company has over $40 billion in revenue and $2 trillion in assets, with more than 60,000 employees in 42 countries.
Assets ($)
Employees
Countries
Pay components
Challenge
Modernizing complex compensation management with compliance and efficiency
The firm was facing several major challenges related to compensation management.
Flexibility, scalability, adaptability: The bank was managing compensation with a custom legacy system and Excel spreadsheets, which was not scalable, posed risks for accuracy and compliance, and resulted in a subpar employee experience. It was difficult to adapt to continually changing regulations. There was no common data set for use by Finance and HR Compensation teams.
Handling global complexity with efficiency and control: HR sought a highly secure compensation platform that could handle the firm’s complex compensation models, improve efficiency and control, provide analysis, reduce risk, and elevate the role of the HR Business Partners and Compensation Analysts.
Ensuring top notch data security: Like many financial institutions, the bank was highly cautious regarding data security. Putting PII-level data in the cloud was not something they would do without a pressing business need. Adopting a modern and compliant compensation management solution proved to be the trigger for them to adopt the beqom solution.
Solution
Supplementing Workday with a best in class compensation solution
beqom was implemented as the compensation system of record for 60,000 employees and managers in 42 countries, including:
- Salary review
- Bonus Administration
- Long Term Incentives
Supplementing the Workday HR system, beqom’s elastic data model allows it to accommodate the firm’s unique requirements, including managing 50+ compensation components, with multiple complex roll-ups and currencies.
beqom enables complex modeling and accruals, cascading global bonus pool modeling and allocation by manager, stock splitting and deferred compensation allocation, actual and annualized compensation calcs and statements, and special processes for covered employees and Material Risk Takers (MRT). No other solution reviewed by the compensation team could meet their requirements for handling deferred comp and total rewards.
beqom’s technical team worked with the client to show how all security, data privacy, and compliance requirements could be met in accordance with their rigorous standards. beqom is certified for ISO 27001, ISO 27017, and ISO 27018, and meets compliance standards such as ISAE 3402 and SOC2 Type II.
Benefits
Achieving efficient Total Compensation Management worldwide
Using beqom, the bank was able to achieve its objective of modernizing its compensation management to enable an effective rewards strategy, handle global complexity, and ensure security and compliance.
- Global platform: Common global platform providing transparency and easy user experience.
- Effective, localized pay plans: Ability to implement effective, complex compensation schemes globally.
- Efficiency and scalability: Automated, efficient, and reliable compensation processes.
- Enhanced planning capability: Accurate simulation, modeling, and accruals.
- Data security and privacy: Compliance with rigorous IT and Legal requirements.
