Because of recent government regulatory pressures on the financial services industry, the CEO initiated a large cost reduction plan to create a leaner version of the financial services. This business intelligence initiative was a result of this cost management effort.
The company’s second largest expense after infrastructure is human resources. The objective of the business intelligence initiative is to understand how the company can measure and reduce overall HR spending and address regulatory compliance for banking employees Business drivers and technology drivers fell into 4 high-level categories:
- A desired ability to perform HR analysis & measurement in multiple ways across the company.
- Integration of a variety of disparate data sources & reporting/analysis tools was required. A number of disparate systems and data sources existed as a result of numerous acquisitions and mergers.
- Visibility was needed into all large scale HR information, which has previously been impossible due to disparate tools and data sets as well as a number of differing data definitions preventing synergy.
- Reduce the extensive amount of IT resource time spent towards answering business questions directed to HR consultants by line-of-business managers.
This project was the largest implementation of Oracle Human Resource Analytics in the world. Executives aimed to bring the company’s many distinct lines of business together into an enterprise reporting and analysis solution for human resources (HR). of information. This step in the university’s technological evolution was an enhanced system for student curriculum analytics.
As a large bank, there are over 300,000 employees in the US, with 40,000 managers. The company has grown via acquisition over the many years, resulting in various lines-ofbusiness and geographic regions performing the HR function differently. One of the key aspects of the project was to gain a consensus amongst each of the 7 distinct groups (6 LOBs plus corporate HR). Ultimately, the project aimed to bring everyone in the organization together on a common reporting and analysis package to help enable a single, enterprise method of HR.
The final analytical application used a PeopleSoft source for the subject areas of Workforce Profile, Compensation, Retention, Hiring, Terminations, Promotions, Performance Management, Contingent Workforce and Recruiting.