Anaplan’s Global Compensation for Banking app provides agility and control for flexible and compliant compensation planning.
If you work in banking, you know that the compensation packages of top performers have raised eyebrows and caught the attention of regulators, no matter which country you’re in. The names of these top performers rarely appear in the media, so they are largely anonymous. But because most work for publicly listed companies, regulators are demanding more transparency surrounding employee compensation in the banking sector.
The need for compliance rings a death knell for spreadsheets
The complexity of global banks, the diversity of compensation models used by local subsidiaries countries, and the challenge of manipulating thousands of employee records meant spreadsheets were always laborious to manage and prone to errors.
Additionally, industry regulators now also require that banks consistently apply deferral calculations and compensation rules, which means external auditors need to scrutinize the process—making spreadsheets increasingly unacceptable as a solution for large-scale compensation planning.
Anaplan: A unique solution that delivers control without sacrificing flexibility and immediacy
Those involved in compensation planning may be concerned that the need for greater control will compromise the flexibility required to deal with the many variations typically encountered within global banks. But that’s not the case with Anaplan’s Global Compensation for Banking app, which comes complete with a rich set of easy-to-configure planning, forecasting, and scenario modeling functionalities that enable HR to build sophisticated compensation and deferral calculations. The solution holds all the necessary data, including base salary, bonus amounts, and all the attributes (such as position, start/end dates, tax status, cost center, country, and department) needed for determining eligibility rules, calculating bonus amounts, and applying deferral rules.
And because the Anaplan platform is built on an in-memory calculation engine, users can run results in real time, even for a very large number of employees. HR teams lose none of the immediacy of spreadsheets since they can run unlimited simulations at a very granular level and provide their Remuneration Committee with immediate feedback. The ability to rapidly cycle through iterations significantly reduces the lead time involved in finalizing compensation plans and helps drive productivity. At the same time, the ease of scrutinizing the centrally stored rules and relationships in an Anaplan model makes it easy for both managers and auditors to determine whether every individual’s compensation plan and bonus deferral calculation is compliant.
Read the executive overview, Anaplan for Global Compensation in Investment Banking and check out the freshly released Global Compensation for Banking app to discover how Anaplan offers investment banks and others in the sector a unique solution for managing the compensation of their employees.