Case Study
HR AND PAYROLL HEALTH-CHECK REVIEW
A large financial services company specialising in selling and trading institutional stocks and fixed income engaged PCL to optimise HR and Payroll operations for its 32 Payrolls across 27 legal employers in the UK. The company has more than 12,000 employees and more than 3,500 hourly workers.
Harsh
5 min read
12K+
Employees
3.5K+
Hourly Workers
32
Payrolls
27
Legal Employees
1000+
Employee
50+
Office Branch
250+
Official Partner
10+
Years of experience
HR and Payroll process review
We examined each employee’s life cycle stages and their impacts on payroll processing. In addition, we reviewed the time and effort involved in off-system processes across each HR and payroll process.
During explore sessions, we identified that Pension processes were one of the major pain points. The pension processes utilised over 150 resource days annually to administer 14 pension schemes. The enrolment to benefit was done manually with little use of the Employee self-service. Employees were communicating voluntary contributions via emails that were difficult to track. It resulted in several pension adjustments.
Further, the new hire enrollment process to pensions was manual, leading to several exchanges of excel sheets and information loss. In addition, the method of communication with employees was done manually via email. Also, the accuracy of the pension contribution calculations was less than 78% resulting in several pension adjustment entries.
During explore sessions, we identified that Pension processes were one of the major pain points. The pension processes utilised over 150 resource days annually to administer 14 pension schemes. The enrolment to benefit was done manually with little use of the Employee self-service. Employees were communicating voluntary contributions via emails that were difficult to track. It resulted in several pension adjustments.
Further, the new hire enrollment process to pensions was manual, leading to several exchanges of excel sheets and information loss. In addition, the method of communication with employees was done manually via email. Also, the accuracy of the pension contribution calculations was less than 78% resulting in several pension adjustment entries.
Identified Quick wins
We identified the root causes and suggested solution options to streamline the process and improve accuracy. For example, during the new hire onboarding process, enrolment to pensions is to be done using the enrolment process, eliminating the manual process for 98% of employees.
Self-service for a voluntary contribution of pensions enabling tracking between HR, Benefits, and Payroll teams. Communication to employees via pension enrolment letters.
The payroll run book was prepared to support the Exempt, Opt-Out, and change of pension schemes process. The solutions options recommended had high ROI.
Self-service for a voluntary contribution of pensions enabling tracking between HR, Benefits, and Payroll teams. Communication to employees via pension enrolment letters.
The payroll run book was prepared to support the Exempt, Opt-Out, and change of pension schemes process. The solutions options recommended had high ROI.
Identified root cause
Further analysis was done to identify the root cause of inaccuracy in pension contributions. During analysis, it was clear that earning elements subject to pensionable had configuration issues. Therefore, the segregation of duties and process maps were built to identify who is responsible for pension enrolment changes in the enrolment process.
The company implemented the recommendations with the implementation team of PCL and now can do entire payroll processing for 32 payrolls from start to sign-off in less than seven days.
The company implemented the recommendations with the implementation team of PCL and now can do entire payroll processing for 32 payrolls from start to sign-off in less than seven days.
To know the topic areas of Payroll Technical Review
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