Workstream Inc, a provider of Enterprise Workforce Management software, today announced that Wells Fargo & Company, a Fortune 50 financial services company, has successfully deployed the largest Workstream Compensation implementation on record, for the companyís 129,000 employees across North America.
With a geographically distributed workforce amassed through years of mergers and acquisitions, Wells Fargo found themselves trying to manage a highly complex, decentralized compensation model. Compensation planning was performed at each individual business unit, utilizing numerous different systems, processes and calendars for managing salary, variable pay and stock options. In order to address these issues, Wells Fargo selected Workstream for a multi-year, multiple division deployment that now successfully manages almost 130,000 employees in over 80 divisions. Workstream Compensation provides Wells Fargo with an integrated system for planning and managing the complexities of total compensation and assisting line-managers in making better, more equitable pay decisions.
ìBy using Workstream to automate, streamline and communicate compensation practices throughout our organization, weíve been able to collapse nearly 82 separate compensation planning processes into one, synchronized focal review process,î stated Paula Roe, SVP of Compensation and Benefits at Wells Fargo. ìAs a result, our compensation planning cycle has reduced to 5 weeks, significantly streamlining our administrative processes.î
The Company chose a staged approach to enterprise-wide deployment due to its complex, distributed structure and disparate compensation planning philosophies. This yearís focal review process marks a milestone for the Wells Fargo Compensation Group in achieving a standardized compensation planning process for the entire financial institution.
ìWorkstream Compensation is a robust, strategic application that helps organizations solve complex compensation problems that impact the entire enterprise,î said Michael Mullarkey, CEO and Chairman of Workstream. ìCompanies like Wells Fargo depend on Workstream to help reduce turnover of top employees, streamline compensation planning cycles and gain better visibility and control of their largest single expenditure ñ employee compensation.î
Distributed by HR Marketer.com
Wells Fargo successfully deploys largest implementation of Workstream compensation
Leading Financial Services Company Standardizes and Streamlines Compensation Planning Process for More Than 125,000 Employees
