Simplifying Complex Compensation With A Global Financial Leader
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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
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Simplifying Complex Compensation With A Global Financial Leader
- 1. Simplifying Complex Comp For A Global Financial Leader How a Fortune 500 Company is Leveraging Automation Innovations to Simplify Compensation Management
- 2. AGENDA COMPENSATION MANAGEMENT Simplifying Complex Compensation
- 3. COMPLEXITY & CHANGE Simplifying Complex Compensation
- 4. AGENDA Poll Question COMPLEXITY Is your organization operating in more than one location? a. More than 1 State b. More than 1 U.S. Region c. More than 1 Country d. None of the above Simplifying Complex Compensation
- 5. COMPLEXITY & CHANGE Simplifying Complex Compensation
- 6. AGENDA Poll Question CHANGE Has your organization changed any of the following in the past 3 years? a. Comp Budgets b. Award Programs c. Planning Process d. All of the above Simplifying Complex Compensation
- 7. AGENDA COMPENSATIONMANAGEMENT Simplifying Complex Compensation A Shift in Strategy & Technology LEGO Robot (Cube Stormer 3): New Rubiks Cube World Record 3.25 Seconds
- 8. AGENDA Not So Simple… Simplifying Complex Compensation
- 9. AGENDA 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 Simplifying Complex Compensation
- 10. AGENDA Our Presenters Luke Malloy VP Compensation, Ameriprise Financial S. Austin Muzumdar Senior Vice President Client Success, HRsoft Brian Sharp Chief Marketing Officer , HRsoft Simplifying Complex Compensation
- 11. AGENDA What is High Impact Compensation Management™? Strategic HR Effective Line Managers Engaged Employees Simplifying Complex Compensation
- 12. AGENDA Poll Question Which of these initiatives are most important for your organization? a. Strategic HR b. Effective Line Managers c. Engaged Employees d. All of the above Simplifying Complex Compensation
- 13. Talent Takeaways Technique Developing a proactive strategy to simplify comp management Technology Successfully implementing & maximizing your comp management system Simplifying Complex Compensation
- 14. Simplifying Complex Compensation Profile 10,000 employees 10,000+ franchise advisors Locations • Minneapolis • New York • Boston • India Luke Malloy VP, Compensation
- 15. Simplifying Complex Compensation New to the organization First big initiative Replacing something people had been using for years
- 16. The Challenge Simplifying Complex Compensation
- 17. The Challenge The Challenge Simplifying Complex Compensation Old Technology Lack of experience with new HR software Complex Data Global, but not integrated
- 18. The Challenge Talent Takeaway Know your limitations Know your organization The Challenge Simplifying Complex Compensation
- 19. The Challenge Simplifying Complex Compensation
- 20. The Buy In Case Simplifying Complex Compensation
- 21. The Buy In Case Simplifying Complex Compensation HR gets the last dollar Know your needs Building an effective business case
- 22. The Buy In Case Talent Takeaway Move from being a data entry system to a rewards decision tool. Simplifying Complex Compensation
- 23. Simplifying Complex Compensation The Solution
- 24. Simplifying Complex Compensation Know your specific requirements Know what you want from your vendor Get the right technology fit Find the right vendor The Solution
- 25. The Solution Talent Takeaway Preparing for the project is as important as the partner in the project Simplifying Complex Compensation
- 26. The Implementation Simplifying Complex Compensation
- 27. The Implementation Simplifying Complex Compensation The Rollout Plan The Training Plan Setting the tone & priority Organizing your team Working with your vendor
- 28. The Implementation Talent Takeaway Proactive Planning & Effective Execution Simplifying Complex Compensation
- 29. Lessons Learned Simplifying Complex Compensation
- 30. Lessons Learned Simplifying Complex Compensation The Challenges System change Change management Multi-year plan The Successes Include stakeholders Take your time User testing
- 31. Talent Takeaways TECHNIQUE Know your organization Know what you can change TECHNOLOGY Must be part of the strategy End user experience has to be easy Simplifying Complex Compensation
- 32. COMPview™ Compensation Management Software HRsoft.com Simplifying Complex Compensation
- 33. Strategy Session answer questions share resources offer solutions HRsoft.com Simplifying Complex Compensation
- 34. Simplifying Complex Comp For A Global Financial Leader How a Fortune 500 Company is Leveraging Automation Innovations to Simplify Compensation Management
Editor's Notes
- In the past, rewards generally referred to pay or Compensation. This is no longer the case, Total rewards encompasses everything an employee receives from an employer, in other words it is the overall value proposition that the employer offers to the employee. So a well run Total Rewards program would not only include tangibles, such as compensation and benefits but also intangibles such as learning and development opportunities, deployment, workforce flexibility, leadership communication, job training, development, lateral moves, stretch assignments and career incentives etc Also one more thing, the term “Total Reward” is often confused with total reward statements, which are a tool to communicate the value of a package
- In the past, rewards generally referred to pay or Compensation. This is no longer the case, Total rewards encompasses everything an employee receives from an employer, in other words it is the overall value proposition that the employer offers to the employee. So a well run Total Rewards program would not only include tangibles, such as compensation and benefits but also intangibles such as learning and development opportunities, deployment, workforce flexibility, leadership communication, job training, development, lateral moves, stretch assignments and career incentives etc Also one more thing, the term “Total Reward” is often confused with total reward statements, which are a tool to communicate the value of a package