Simplifying Complex Comp For A Global Financial Leader How a Fortune 500 Company is Leveraging Automation Innovations to Simplify Compensation Management
Simplifying Complex Compensation With A Global Financial Leader
Dec 01, 2014
For many organizations, compensation management is quite COMPLEX. The process is becoming too time and resource intensive. Managers are struggling to go through the comp planning process while still running their departments. And there aren't efficient tools to ensure everyone stays within their budgets. Sound familiar?
But that’s about to change. Ameriprise Financial, one of the leading financial services firms in the country, took steps to dramatically improve it’s comp management process to achieve efficiencies and increase engagement…and even create ROI.
In this presentation you will learn from Ameriprise’s VP of Compensation, Luke Malloy, on how he took on the task of implementing new comp management and planning technology for a very complex compensation structure.
In this presentation you will learn:
• The Challenge: dealing with old technology, complex data & compliance issues
• The Buy-In Case: making an effective business case for better technology (& the budget to do it)
• The Solution: finding the right technology fit & vendor
• The Transition: keys to smooth change management with HR and line managers
• The Lessons: takeaways from a successful implementation in a complex environment
To learn more about HRsoft, go to http://hrsoft.com . To hear the webinar, visit http://hrsoft.com/webinars
But that’s about to change. Ameriprise Financial, one of the leading financial services firms in the country, took steps to dramatically improve it’s comp management process to achieve efficiencies and increase engagement…and even create ROI.
In this presentation you will learn from Ameriprise’s VP of Compensation, Luke Malloy, on how he took on the task of implementing new comp management and planning technology for a very complex compensation structure.
In this presentation you will learn:
• The Challenge: dealing with old technology, complex data & compliance issues
• The Buy-In Case: making an effective business case for better technology (& the budget to do it)
• The Solution: finding the right technology fit & vendor
• The Transition: keys to smooth change management with HR and line managers
• The Lessons: takeaways from a successful implementation in a complex environment
To learn more about HRsoft, go to http://hrsoft.com . To hear the webinar, visit http://hrsoft.com/webinars
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Transcript
Simplifying Complex Comp For A Global Financial Leader
How a Fortune 500 Company is Leveraging Automation Innovations to Simplify Compensation Management
AGENDA
Simplifying Complex Compensation
COMPENSATIONMANAGEMENT
Simplifying Complex Compensation
COMPLEXITY& CHANGE
AGENDA
Simplifying Complex Compensation
Poll Question
COMPLEXITYIs your organization operating in more than one location?
a. More than 1 Stateb. More than 1 U.S. Regionc. More than 1 Countryd. None of the above
Simplifying Complex Compensation
COMPLEXITY& CHANGE
AGENDA
Simplifying Complex Compensation
Poll Question
CHANGEHas your organization changed any of the following in the past 3 years?
a. Comp Budgetsb. Award Programsc. Planning Processd. All of the above
AGENDA
Simplifying Complex Compensation
A Shift in Strategy & Technology
COMPENSATIONMANAGEMENT
LEGO Robot (Cube Stormer 3): New Rubiks Cube World Record 3.25 Seconds
AGENDA
Simplifying Complex Compensation
Not So Simple…
AGENDA
Simplifying Complex Compensation
Not So Simple…
More time & resources needed Pressure to stay within budgets & guidelines Increased volume & complexity of spreadsheets Less departmental budgets & resources Increased data security & compliance issues Variety of manual & automated systems Changing, updating & integrating technology
AGENDA
Brian SharpChief Marketing Officer , HRsoft
S. Austin MuzumdarSenior Vice President Client Success, HRsoft
Our Presenters
Luke MalloyVP Compensation, Ameriprise Financial
Simplifying Complex Compensation
AGENDA
Simplifying Complex Compensation
What is High Impact Compensation Management™?
Strategic HR
Effective Line Managers
Engaged Employees
AGENDA
Simplifying Complex Compensation
Poll Question
Which of these initiatives are most important for your organization?
a. Strategic HRb. Effective Line Managersc. Engaged Employeesd. All of the above
Simplifying Complex Compensation
TechniqueDeveloping a proactive strategy to simplify comp management
TechnologySuccessfully implementing & maximizing your comp management system
Talent Takeaways
Simplifying Complex Compensation
Profile10,000 employees
10,000+ franchise advisors
Locations• Minneapolis• New York• Boston• India
Luke MalloyVP, Compensation
Simplifying Complex Compensation
New to the organization
First big initiative
Replacing something people had been using for years
Simplifying Complex Compensation
The Challenge
Simplifying Complex Compensation
The Challenge
Old Technology
Lack of experience with new HR software
Complex Data
Global, but not integrated
The Challenge
Simplifying Complex Compensation
The Challenge
Talent Takeaway Know your limitations
Know your organization
The Challenge
Simplifying Complex Compensation
The Challenge
Simplifying Complex Compensation
The Buy In Case
Simplifying Complex Compensation
HR gets the last dollar
Know your needs
Building an effective business case
The Buy In Case
Simplifying Complex Compensation
Talent TakeawayMove from being a data entry system to a rewards decision tool.
The Buy In Case
Simplifying Complex Compensation
The Solution
Simplifying Complex Compensation
Know your specificrequirements
Know what you want from your vendor
Get the right technology fit
Find the right vendor
The Solution
Simplifying Complex Compensation
Talent TakeawayPreparing for the projectis as important as the partner in the project
The Solution
Simplifying Complex Compensation
The Implementation
Simplifying Complex Compensation
The Rollout Plan
The Training Plan
Setting the tone & priority
Organizing your team
Working with your vendor
The Implementation
Simplifying Complex Compensation
Talent TakeawayProactive Planning &Effective Execution
The Implementation
Simplifying Complex Compensation
Lessons Learned
Simplifying Complex Compensation
The ChallengesSystem changeChange managementMulti-year plan
The SuccessesInclude stakeholdersTake your timeUser testing
Lessons Learned
Simplifying Complex Compensation
TECHNIQUEKnow your organizationKnow what you can change
TECHNOLOGYMust be part of the strategyEnd user experience has to be easy
Talent Takeaways
Simplifying Complex Compensation
COMPview™Compensation Management Software
HRsoft.com
Simplifying Complex Compensation
Strategy Session
HRsoft.com
answer questions
share resources
offer solutions
Simplifying Complex Comp For A Global Financial Leader
How a Fortune 500 Company is Leveraging Automation Innovations to Simplify Compensation Management
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