Summary
We helped the Executive Compensation group of a Fortune 100 financial services firm to create a tool to automate documentation of certain types of compensation, which had previously been done manually, eliminating many rounds of checks.
Situation
The Executive Compensation group of a Fortune 100 financial services firm had a yearly compensation documentation process for documenting certain employees who were paid above or below a certain standard deviation from the mean. This process was extremely manual and required the passing of huge amounts of sensitive compensation data via email in excel spreadsheets. There were many manual checks involved in maintaining the data and much room for human error. Our team was brought in to help automate and streamline the process.
Satori Solution
We worked with key stakeholders of the process to understand what the key pain points were for each group. Our team identified three main areas for improvement:
i) in filling out the documentation accurately (those people filling out the documentation were not familiar with the regulations around the documentation),
ii) In checking the Executive Compensation teams checking of the documentation, and
iii) In the storage and maintenance of the documentation.
Results
We partnered with the IT team to develop and implement the solution that streamlined the process through enhanced spreadsheets with built in checks and validations as well as an Access database to house the documentation. We also successfully conducted training with the main stakeholders on the new process and supported the team through one round of documentation. Our solution led to the documentation coming in cleaner and therefore had fewer rounds of checks.