beqom, a cloud-based total compensation software provider, has announced that a leading global investment services firm, headquartered in Australia, has successfully implemented the beqom solution to manage total compensation and performance for all employees globally.
“We are excited to work with this partner, which is known as an innovator in fund management, and we’re proud to add the company to a roster that includes some of the world’s most prestigious global financial institutions,” says Vismay Gada, Head of Global Financial Services at beqom. “The addition of this company as a client furthered the expansion of beqom into the APAC region and reflects our focus on solving the unique compensation challenges of the financial services industry across the globe.”
The multinational provides services to more than 500 institutional investors across infrastructure, debt investments, listed equities, and private equity, and manages a large portfolio of investment funds. In addition, its employees are spread across ten countries and four continents. The company rolled out beqom as its new remuneration management system in 2020, successfully completing its annual performance and remuneration review cycles in a virtual, COVID-19 working environment.
Previously, the company managed its compensation processes in Excel and Access. Using beqom, the leadership team was able to automate and modernize its existing compensation operating model and to implement a holistic approach to pay-for-performance. The solution provided its global managers with self-service access to a secure, delegated, and auditable remuneration review process without the need for sending spreadsheets.
beqom’s centralized compensation system pulls together all relevant internal and external data into a central database that supports performance-based compensation determinations, and reporting and analysis. By moving all the remuneration information into a single database, the company’s compensation team has been able to focus on more value-added analytics to support remuneration decisions and business strategy, assess the effectiveness of plans, and inform future incentive framework design.
The beqom solution also enabled this firm to automatically generate its annual review outcomes statements and to process multiple pay files for ten countries for remunerations increases, incentives, and promotions.
beqom’s Software-as-a-Service (SaaS) platform means that the company has been able to deploy the solution without added infrastructure investment while employing single sign-on functionality to plug seamlessly into its IT environment.