Today’s economic climate makes analyzing, planning, forecasting, and managing a company’s HR-related costs and functions more critical than ever. To date, Finit has worked with over a dozen clients on People Planning. Highlights of the solutions include:
- Direct Connects to Workday, Oracle HR, Data Warehouse (DW), and other systems
- People Planning templates or reporting templates to accelerate a client’s People Planning project
- Automation of the most complex compensation models
- Consistency, flexibility, and transparency for modeling and reporting employee information
- Compensation planning for large volumes of employees
In this blog, we highlight 3 examples of People Planning implementations by Finit.
Fortune 1000 construction company
Our client is one of the largest home building companies in the United States with revenues of $2.7B. They build mid-to-upscale housing, as well as first-time and mid-market homes, in Arizona, California, Colorado, Georgia, Florida, Illinois, North Carolina, South Carolina, Nevada, and Texas.
Business challenges
Our client’s housing developments take many years of planning—from acquisition of land, to the completion of model homes, to the sale of all homes in the development. Employees are designated to each development to handle the tasks across all phases and from various departments such as legal, construction, finance, marketing, HR, etc. As it pertains to employee planning, the company plans and tracks expenses per development.
It was difficult for our client to accurately track and plan the workforce. There were multiple types of compensation and length of time per community. In addition, email and excel templates that had been used to handle the requirements resulted in:
- Inconsistent processes
- Lack of standardization
- Limited reporting capability
Outcomes/Benefits realized
As part of the broader OneStream implementation, People Planning was implemented in order to meet the requirements for planning compensation expenses associated with each development. The new solution:
- Provided a simple, consistent way to plan for the workforce in detail over a 48 month period for existing and new development
- Enabled employee compensation plans to be automated
- Provided consistency, flexibility, and transparency for modelling and reporting employee information as part of the financial plan across the entire organization
- Eliminated the processing and distribution of files through a direct connection to Workday
- Provided speed and accuracy by automating manual processes
Our client’s stats related to People Planning
- 2,500 employees
- 4 years (48 periods) into the future planned employee costs and headcount
- 15 different types of bonus plans
- Direct Connect to Workday
Fortune 1000 financial services company
With $224 billion in assets under management, our client is a global investment firm that deploys private capital across four business segments: corporate private equity, real assets, global credit, and investment solutions.
Business challenges
Due to the nature of our client’s business, employee compensation calculations are highly complex. The company had been performing their people planning process using a legacy tool, which caused versioning issues, limited modeling capabilities to a small group in HR, and created constraints and risks. The company also faced the following operational challenges:
- Single user & versioning issues
- Modeling limited to small HR group
- Excel-based (reference data, complex formulas)
- Manual integration with HR system and financial system
- Manual comparative reporting (forecast vs. budget)
Outcomes/Benefits realized
Finit and our client deployed OneStream’s People Planning solution, enabling the team to budget and forecast with more speed and accuracy than ever before. In addition:
- Updates that took days in their legacy system now take minutes.
- Our client now has detailed modeling capabilities for new positions, promotions, transfers, complex bonus structures and other adjustments.
- The solution includes compensation and benefit drivers by geography supporting their global employee base.
- Budget owners can see the impact of their changes in real-time.
Our client’s stats related to People Planning
- 1,600 employees
- 30+ calculations for filled, open, and future positions
- 16 benefit & payroll drivers used across 31 worldwide offices
- Benefits & payroll modeled in transactional currencies
- Direct Connect to Workday through DW
$25B U.S. retail company
Our client is a U.S. department store chain founded in 1858; with over 550 locations* nationwide and approximately $25B in revenue.
Business challenges
The People Planning implementation at our client was part of the larger technology replacement of six Oracle Planning and Essbase applications with OneStream Software to streamline their financial reporting and planning processes. Our client’s People Planning challenge was the volume of employees – they needed a solution that could handle actual vs. budget variance analysis at a headcount/employee level. Because they also analyzed their workforce on a weekly basis, they needed a solution to handle that, as well.
Outcomes/Benefits realized
By leveraging the People Planning MarketPlace application, our client was able to take advantage of relational blending to avoid maintaining 100,000+ employee members as master data. Current employee-level information can be leveraged for those planners who choose to plan salary at a named employee level without requiring an administrator to keep those employees in sync between systems.
The People Planning solution at our client
- Allows weekly planning and analysis of budget vs. actual by week, by employee
- Enables access to reporting detail through drill-down to headcount/employee level data from summarized reports
- Enables improved analysis and reporting
- Easily handles a significantly large volume of employees
Our client’s stats related to People Planning
- 130,000 employees
- Planned salary cost at the cost center, job title, and named employee level
- Integration to Oracle HR system
- Oracle HR Direct Connect
Learn more!
To learn more about our People Planning solutions, please contact us at insights@finit.com.