Workstream Inc. (NASDAQ:WSTM), a provider of Enterprise Workforce Management software, today announced that Wells Fargo & Company (NYSE:WFC), a Fortune 50 financial services company, has successfully deployed the largest Workstream Compensation implementation on record, for the company's 129,000 employees across North America.
With a geographically distributed workforce amassed through years of mergers and acquisitions, Wells Fargo found themselves trying to manage a highly complex, decentralized compensation model. Compensation planning was performed at each individual business unit, utilizing numerous different systems, processes and calendars for managing salary, variable pay and stock options.
In order to address these issues, Wells Fargo selected Workstream for a multi-year, multiple division deployment that now successfully manages almost 130,000 employees in over 80 divisions. Workstream Compensation provides Wells Fargo with an integrated system for planning and managing the complexities of total compensation and assisting line-managers in making better, more equitable pay decisions.
"By using Workstream to automate, streamline and communicate compensation practices throughout our organization, we've been able to collapse nearly 82 separate compensation planning processes into one, synchronized focal review process," stated Paula Roe, SVP of Compensation and Benefits at Wells Fargo. "As a result, our compensation planning cycle has reduced to 5 weeks, significantly streamlining our administrative processes."
The Company chose a staged approach to enterprise-wide deployment due to its complex, distributed structure and disparate compensation planning philosophies. This year's focal review process marks a milestone for the Wells Fargo Compensation Group in achieving a standardized compensation planning process for the entire financial institution.
"Workstream Compensation is a robust, strategic application that helps organizations solve complex compensation problems that impact the entire enterprise," said Michael Mullarkey, CEO and Chairman of Workstream. "Companies like Wells Fargo depend on Workstream to help reduce turnover of top employees, streamline compensation planning cycles and gain better visibility and control of their largest single expenditure - employee compensation."
Workstream Compensation
Workstream Compensation is a comprehensive set of products that enable end-to-end management of all types of compensation information including salary, variable pay and stock awards. As many organizations are beginning to introduce more complicated, formula-driven variable pay plans, Workstream features an Advanced Variable Pay module that provides the flexibility to manage these plans easily and to assist managers in correctly rewarding the company's high achievers.
All Workstream Compensation products are designed to provide managers and compensation professionals with the information and online decision support tools necessary to help them make more informed, policy-based pay decisions. The Workstream products can be implemented separately or together, allowing organizations to achieve the goal of realizing a pay-for-performance philosophy at their own pace. Workstream Compensation products include:
- Focal and Anniversary Planning, for annual and year-round salary, basic variable pay and stock evaluation across the enterprise, during a pre-determined planning window or on an effective date.
- Advanced Variable Pay, for formulaic variable pay plans that are administered throughout the year.
- Total Rewards Statements, an integrated, Web-based product for employees to access, view, model and manage all of their corporate-sponsored financial benefits.