Regional banking and investment company streamlines performance processes with Oracle HCM Cloud
Client background
A large regional banking and investment company with over 4,500 full- and part-time employees.
The business challenge
Existing processes and lack of technology, curbed the ability to efficiently evaluate employee performance and tie performance to compensation.
- Manual performance management processes: While compensation processes were automated in Oracle HCM Cloud, performance reviews were completed on paper and Excel-based forms, prompting manual tracking and entry of ratings into the Compensation system.
- Data integrity issues: Inconsistencies between the performance ratings captured on paper and the ratings entered into the compensation system created discrepancies in the organization’s pay for performance strategy and confusion within the employee base. Reporting from the compensation module did not reflect the performance outcomes captured on paper.
The Baker Tilly approach
Baker Tilly leveraged its performance management and financial industry experience to implement Oracle HCM Cloud Performance Management. The work included:
- Roadmap definition: Built a project roadmap to re-engineer and automate performance review processes and connect between performance management and compensation strategies.
- Process analysis and redesign: Analyzed and compared the client’s manual performance management processes to automated industry leading practices, providing the foundational input for design of future-state processes and system configuration.
- Technology enablement & knowledge transfer: Simultaneous to enablement of processes through Oracle HCM Cloud technology, a robust knowledge transfer plan was followed. The approach included obtainment of defined skills and topics by role with mechanisms for monitoring the effectiveness of the training.
The business impact
The implementation of enhanced processes and Oracle HCM Cloud Performance Management has enabled the following key business results:
- Automated and centralized performance reviews: Performance reviews are completed in a single location by both the manager and the employee providing an enhanced end-user experience with needed visibility and opportunities for collaboration.
- Rating alignment: The integrated cloud performance management and compensation platform allows for ratings to automatically populate in both the Oracle HCM Cloud Performance Management and Compensation modules, eliminating potential for any discrepancies.
- Improved data quality and access: With performance reviews now completed online, reports on performance review completion progress and other qualitative review metrics can be pulled at any time. Additionally, consistent data is shared between Performance and Compensation processes. This has led to increased visibility and insight into the organization, allowing for effective real-time decision making.
- Sustainability: A comprehensive knowledge transfer effort created a new level of competence to effectively manage, maintain and enhance the system long-term.
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.