Wachovia implements Callidus incentive management system

Source: Callidus Software

Callidus Software Inc. (Nasdaq: CALD), the industry leader in Enterprise Incentive Management (EIM), announced today that Wachovia General Bank has completed implementation of Callidus’ TrueComp® solution to manage incentive compensation programs for more than 25,000 payees, and to better address its most recent compensation needs created by the company’s growth. TrueComp has replaced Wachovia’s existing incentive management system to streamline operations, bringing better flexibility and visibility to incentive management processes and performance. With TrueComp, Wachovia is now able to process more than two million transactions per month and manage more than 30 compensation plans – replacing costly and time-consuming manual efforts with the automation afforded by the market’s leading EIM software solution.

"Following our successful merger with First Union, we were looking for a way to automate our incentive management process and develop a platform that could support our evolving needs," said Terrance (Terry) Gilbert, vice president, Compensation Infrastructure and Incentive Management Departments at Wachovia, which provide services to the General Bank, as well as other organisations throughout the company. "Enterprise incentive management technology has offered us exactly that – the ability to turn compensation management from a manual process to a business driver and strategic competitive advantage. By using TrueComp, we are now able to automate, streamline, assess and quickly adjust our compensation process and increase our ability to create and modify plans in a dynamic and competitive market."

In keeping up with industry demands, Wachovia realised its need to have a more robust state-of-the-art compensation system that could manage complex plans and scale to support the company’s size, growth potential and business complexity. Specifically, Wachovia sought to replace existing manual processes with a system that could more accurately measure performance against market-specific goals. TrueComp has enabled Wachovia to manage, analyse and automate its compensation plans to measure plan effectiveness and reward delivery of results. TrueComp also provides compensation managers with the plan modeling and analytical tools they need to evaluate proposed compensation plan changes, and dynamically change and align compensation plans to corporate objectives and current market conditions.

"Industry leaders such as Wachovia have complex business frameworks and need reliability in their incentive compensation processes," said Christopher Cabrera, senior vice president at Callidus Software. "TrueComp is the only industry solution that addresses the compensation management issues facing financial institutions today, especially those whose size and business needs have increased as a result of industry consolidation. We will continue to service this market, by providing solutions that manage complex plans with enormous transaction volumes and scale as business objectives evolve."

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