Implementing modern compensation planning solutions to attract and retain top talent

Client background

An integrated health system of a major Midwest university that serves more than 60,000 patients each year. This health system has over 1,400 physicians and 16,500 staff at six hospitals and 80 outpatient sites.

The business challenge

Compensation, the most visible and costly component of any total rewards strategy, presented this client with many challenges as they worked to determine what rewards will attract and retain top talent while not breaking their budget. Increasingly, this has meant linking pay for performance. The client identified two top priorities for their move to a more modern compensation planning solution:

• Align their rewards programs with organizational outcomes to get the best return on compensation investments.
• Eliminate the cumbersome, error prone Excel spread sheets that lacked functionality, required significant manual data entry, and posed a security risk in order to reduce the compensation cycle time.

The Baker Tilly approach

A modern, integrated compensation planning solution was needed to enable efficient compensation cycles for managers and administrators and to effectively execute a pay for performance compensation strategy.

Leveraging Oracle’s advanced HCM technology, Baker Tilly and the client worked closely to design and implement a full featured workforce rewards planning tool to achieve:

• Re-engineered and streamlined processes for improved flow of information; greatly reducing manual touch points, guess work, and experience
• Modern analytics capabilities to guide wise decision-making by managers and executives
• Automation of a variety of technical, administrative and analytic tasks performed by compensation administrators

The implementation of this workforce rewards solution allowed the client to:

• Link individual rewards to corporate goals
• Enforce complex compensation planning and eligibility  rules
• Integrate with performance, goals, benefits, and payroll
• Provide a total compensation budget  dashboard
• Create models for merit, bonus, and equity for planning purpose
• Create employee total rewards statements

The business impact:

• A complete rewards picture for staff, compensation administrators, managers, and executives
• Workforce rewards are monitored and managed with clear defensible guidelines and data-driven decision-making
• Notifications and analytics to guide managers toward wise decisions, and alert compensation administrators for strategic intervention

For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.