Anaplan, the enterprise planning cloud company, launched its Global Compensation for Banking app that provides financial institutions with a scalable and agile bonus planning and modeling platform. This secure, multi-dimensional app enables Reward teams to allocate a business’s total bonus pool across multiple organization levels. With full transparency over compensation models, firms can run “what-if” scenarios, deliver sophisticated bonus deferral calculations down to employee level, and analyze results in real time.
“Reward and remuneration packages are crucial for banks and their financial strategy because they represent a compensation-to-revenue ratio of 35-45 percent,” comments Damien Teisseire, PwC Partner, who advises banks on their Reward strategies. “In an increasingly competitive and constantly evolving landscape, financial institutions are looking at more creative ways to reward their employees. But linking this to business strategy can be challenging with insufficient or inaccurate data. In addition, it is a regulatory requirement to provide the appropriate reporting on compensation for material risk takers and the highest paid employees.”
Anaplan’s Global Compensation for Banking app offers a rich set of forecasting and scenario analysis functionalities that enable HR departments to benchmark, plan, and analyze global compensation costs, monitor compensation rules, and make changes to the compensation model on-the-fly. Additionally, the app’s intuitive interface allows HR users to maintain the same level of ownership as with traditional planning tools, but with far greater accuracy.
Jim Rich, Anaplan Area Vice President, East comments: “In such a sensitive and highly regulated industry, the ability to deliver flexible modeling and planning capabilities, all via an easy-to-use interface, is of increasing importance to businesses. Anaplan’s Global Compensation for Banking app is a great example, providing an effective solution for banks to better address ever changing global compensation planning requirements and support team members by equipping them with the tools they need.”