In an ever-evolving compensation landscape where attracting and retaining top talent is paramount, HR teams are facing the challenge of needing to run more complex compensation cycles with less resources. As companies add new complexities to meet the challenges of pay transparency, pay equity, and an ever evolving market, many find spreadsheets are the only way to meet the unique needs of their complex pay programs. However, spreadsheets don’t scale, break easily, and lack the necessary automation - resulting in hours of tedious administrative work and a subpar planning experience. This company was at their breaking point. Pequity, a leading provider of innovative compensation planning solutions, introduced their game-changing Compensation Planning Product to address these challenges. This case study explores how Pequity transformed the compensation planning process for a global corporation with diverse workforce needs.
Client Background
A multi-billion dollar tech company operates in multiple industries with a global workforce of over 5,000 employees. Facing fierce competition for skilled professionals and the need to streamline its compensation planning process, their Total Rewards team sought a comprehensive solution that could adapt to the complexities of its diverse workforce.
Challenges
- Manual Processes: Cumbersome, time-consuming manual processes for compensation planning leading to errors and inefficiencies. Spreadsheets had hit their breaking point.
- Diverse Workforce: Managing compensation for a diverse workforce spanning various roles, geographies, and industries.
- Market Competitiveness: Ensuring that compensation packages remain competitive to attract and retain top talent.
Solutions
Pequity introduced a best-in-class Compensation Planning Product tailored to meet their unique needs and complexities.
- ✔️ Key Features: Compensation Planning, Ranges Management & Sharing, Employee & Spend Analytics, Employee Compensation Portals, Compensation Expert Services
- ✔️ Data-driven Decision Making: Leveraging advanced analytics to provide real-time market insights, enabling the team to make informed decisions about compensation adjustments and remain competitive.
- ✔️ Flexibility and Customization: A highly customizable platform that allowed the Compensation Team to create tailored compensation logic based on individual roles, performance metrics, and market benchmarks.
- ✔️ Automation and Efficiency: Streamlined the compensation planning process through automation, reducing manual errors and saving valuable HR resources.
- ✔️ Scenario Modeling: Advanced scenario modeling capabilities allowed them to simulate different compensation scenarios, ensuring strategic alignment with organizational goals.
Implementation
Pequity worked closely to seamlessly integrate the Compensation Planning Product into their existing HR infrastructure. The implementation process included:
- Needs Assessment: Conducted a thorough analysis of compensation challenges, ensuring the product was customized to meet their specific requirements.
- Training and Support: Provided comprehensive training to HR teams and Planners on using the new platform and ongoing support to address any challenges during the transition.
- Integration with Existing Systems: Ensured seamless integration with Workday and other existing HR systems, minimizing disruption to daily operations.
Results
- 🕓 Time Savings: The automation of compensation planning processes resulted in a reduction of over 100 hours in time spent on manual tasks, allowing HR teams to focus on strategic initiatives.
- 🎯 Improved Accuracy: The elimination of manual errors and the use of real-time data improved the accuracy of compensation decisions.
- 🙌 Enhanced Employee Satisfaction: The ability to offer competitive and fair compensation packages increased employee satisfaction and retention.
- 📊 Strategic Decision-Making: Access to robust analytics empowered leadership with data-driven insights for strategic decision-making in talent acquisition and retention.
Conclusion
Pequity's Compensation Planning Product proved to be a game-changer, revolutionizing their approach to compensation management. By addressing the challenges of a diverse workforce and streamlining the planning process, the product not only increased operational efficiency but also contributed to the ability to attract, retain, and motivate top talent in a highly competitive market. The success of this partnership underscores the transformative impact that innovative compensation planning solutions can have on organizations striving for excellence in human resource management.
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