A large Financial enterprise transforms 32 payrolls to Oracle Cloud & reduces Payroll sign-off to less than seven days
Off-system processes are minimised with controls and processes enabled in Oracle Payroll-HR
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.
Scalable system enabled the acquisition of 4300 plus Financial Partners
The company implemented the recommendations with the implementation team of Payrollcloud and now can do entire payroll processing for 32 payrolls from start to sign-off in less than seven days.
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.
BGC Partners overcame payroll issues with an integrated, end-to-end Oracle Cloud HCM resulting in significant time savings, allowing focus on strategic initiatives.
The Riverside Group is one of the UK’s leading registered social housing providers, with over 3500 employees and over 75,000 homes