Scotiabank Centralizes Their Worldwide Compensation System, Reducing Risk and Costs

Scotiabank chose PeopleFluent Salary and PeopleFluent Incentive to deliver accurate payments and centralized data, allow access from anywhere in the world and reduce the risks of manual error.

Business overview and goals

Scotiabank wanted a centralized, error-free compensation process and wanted to stop using spreadsheets to process their annual executive comp processes, with the critical goal of supporting multiple currencies and employees across fifty countries.

The Solution

Scotiabank chose PeopleFluent to deliver accurate payments and centralized data, allow access from anywhere in the world and reduce the risks of manual error. Scotiabank dramatically reduced the planning time spent on compensation decision-making process from over one month to just ten days.



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Results

  • The implementation of their compensation initiative occurred very rapidly.
  • The scope of the project included two different organizations within Scotiabank, 11 bonus plans, 4 stock plans and 2 salary plans.
  • The entire rollout took place within a six-month period.
  • Scotiabank staff did not require extensive training during the deployment stage; 30 to 40 minutes of instruction on how to use the system proved sufficient.
  • Scotiabank has been able to dramatically reduce the amount of overtime and has trimmed their compensation decision-making process drastically.