Implementing salary planning software for large financial institutions generally involves quite a few different pay programs; the majority of our financial clients implement three or more different pay programs (merit, bonus, equity, stock, STIP/LTIP, etc). Financial institutions and professional services organizations usually have the highest number of salaried employees. Salaried employees are usually eligible for multiple programs, making a compensation management solution system extremely critical for financial institutions. Given the high number of pay programs, financial institutions are more likely than other industries to implement total rewards statements as well.
From our experience, implementation almost always begins with simple pay programs such as merit and bonus. Depending on how the project is phased, other variable pay programs such as short and long term incentives are usually implemented after merit and bonus. On average, a typical implementation for a large (5,000+ employees) financial institution should range from 8-12 weeks depending on client readiness.
For more information on Harvest HCM and our salary planning software, please visit www.harvesthcm.com.