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COMPANY:
Leading Insurance Company
One of Australia's largest general insurance and reinsurance groups.
INDUSTRY:
Insurance and Finance
EMPLOYEES:
R.Review is used for 2,100 employees
SOLUTION:
R.Review replaced spreadsheets as a means for reviewing salaries and managing bonus payments in the company's annual remuneration review process
KEY BENEFITS:
* Provides managers with a guided process for completing salary and bonus reviews for their team members;
* Secure, web-based access to a centralised source of data;
* Automated tracking of spend to budget;
* Automated generation of Salary and Bonus Letters;
* Provides management with the ability to report on progress and outcomes and take action where required.
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The Need to Change the Spreadsheet Based Process
Like many Australian organisations, this leading insurer used spreadsheets to manage the annual salary and bonus review process. Salary review Spreadsheets were created for each business and then distributed to business managers for input. Once managers had entered recommendations and returned the spreadsheets to HR, they were then consolidated into a single spreadsheet for moderation, report generation, approval and letter production. This process was then replicated at a different time in the year to accommodate the separate bonus process.
The remuneration review process was time consuming for both HR and business managers, gave rise to the potential for errors and omissions, provided little transparency to management and minimal protection of sensitive company data.
In 2007, this insurer sought an alternative to the manual spreadsheet-based approach, seeking to improve the overall process for managers, to reduce the time required to complete the annual salary and bonus review and to reduce the potential for errors and omissions.
The Solution
This insurer implemented R.Review, Remesys’ web-based remuneration review solution to streamline the annual salary and bonus review processes. R.Review provides managers with secure access via a web browser to consolidated data including employee, market, budget, salary, bonus and performance data, enabling managers to make informed salary and bonus decisions for their teams. R.Review provided a means to easily, accurately, and consistently review and update employees’ remuneration. The system is reviewed annually, and where appropriate, updated to ensure the system reflects the Company’s evolving remuneration practices.
The Key Benefits
R.Review improved the remuneration review process and provided a number of benefits including:
- provision of a single centralised and secure source of data to reduce data errors and omissions;
- delivery of an extremely intuitive system, customised to streamline the existing review process of this insurer;
- automated generation of salary and bonus letters significantly reducing the administration associated with this task;
- improved transparency of budgets and total spend throughout the process;
- reduced the overall time required to complete the salary and bonus reviews; and
- significantly reduced the likelihood of errors.
The Experience
This insurer was impressed by the level of service and responsiveness of the Remesys team. Business managers commented that R.Review is extremely easy and intuitive to use and provided significant time savings.
“Access to a single data source enables us to manage our managers and their expectations more effectively.”
- Luke Calderon, Manager, Reward Operations
Download a copy of the case study here
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