Financial Services Organization Cuts Compensation Planning Time by 50% Through Smart Automation Solution

CHALLENGE
A Financial Services organization had been relying on manual processes to calculate yearly salary increases and bonuses, proving time-intensive, inefficient, and prone to error. Traditional software offerings were prohibitively expensive for their once-a-year need. As a result, they faced a series of challenges, including prolonged planning timelines, an overwhelmed HR team who struggled to complete other tasks during this period, frequent manual recalculations, and difficulty maintaining budget consistency and pay increase targets.

 

SOLUTION

The Atwater team implemented an automated tool tailored to the client's specific business processes and budgetary constraints, designed to update available pay pools instantly when changes occurred. Featuring a central repository of compensation data, the budget-friendly solution not only eliminated the need for manual adjustments, but also allowed the HR team to test different pay scenarios to make better-informed decisions before finalizing the compensation. And because it seamlessly integrated with the company's financial planning processes, they could easily align compensation adjustments with budgetary allocations.

 

RESULTS

The customized solution helped the client streamline its compensation planning process, ensuring that targets for pay increases and bonuses remained consistent and within budget. As a result, the HR team now spends 50% less time on compensation management activities, freeing them up to focus on previously neglected tasks and enhancing the efficiency and agility of their operations.