HR transformation helps bank retain top talent

Our client – an innovative leader in the financial services industry that offers comprehensive mobile and web capabilities to its customers – competes for top talent in an increasingly technology-driven environment. It wanted to provide an employee experience that matched what it offered to clients, and realized that it needed to make a major technology change to meet that goal. In addition to enhancing employee recruitment and retention, the company also wanted to:

• increase business intelligence capabilities by breaking down reporting silos
• mitigate operational risks associated with its complex time-tracking and payroll systems
• reduce HR operational costs by driving transactions through self-service technology
• reduce the costs and time required for traditional enterprise resource planning upgrades.

KPMG helped this client plan and execute a wide-ranging Workday cloud system that transformed its HR capabilities and delivered a world-class, mobile-enabled experience to employees and managers. Results have included:

• a more scalable and sustainable HR model
• increased alignment between HR and business objectives
• increased HR effectiveness through real-time insights, custom dashboards and analytics
• decreased cost of ownership for ongoing administration and maintenance of HR systems and service delivery
• increased automation by enabling the core HR system, Workday, to communicate seamlessly with downstream systems
• enthusiastic end-user adoption and successful cut-over between systems while maintaining more than 99 percent payroll accuracy.

This client engaged KPMG to lead the implementation of the Workday HR system for three important reasons: We offer a strong Workday experience with a deep HR background, proven tools, and a consulting partnership that extends beyond a pure technology solution. We also understood the client’s unrelenting commitment to enhancing the employee experience. The project included:

• a broad scope comprised of human capital management, payroll, absence management, compensation, time tracking, benefits and talent management for tens of thousands of employees in several countries
• leveraging our proprietary tenant to align the client’s business processes to leading HR practices
• defining key business requirements for Workday enhancements
• developing and executing a comprehensive change-management, communication and training strategy.

Take full advantage of transformational opportunities

Moving to a cloud platform offers many tactical benefits, including cost savings, maintenance and integration. But real transformational opportunities are realized through improved business processes and systems that deliver sustainable, efficient and effective operational results.

Don’t under-invest

There’s great risk of under-investing in the change, adoption and deployment necessary to realize the transformational benefits of a cloud solution. Invest appropriately to ensure the organization fully understands the new system, its capabilities and the opportunities it offers.

Technology isn’t a silver bullet

Technology is a great way to start conversations about important questions and to discover areas that need attention, but it won’t solve all your HR problems. It’s critical to develop a robust strategy and engage with experts who understand the cloud and topics such as robotics and digital labor in order to take full advantage of transformational opportunities.