A fast-growing investment bank specialising in emerging markets, headquartered in Eastern Europe, desperately needed to standardise its payroll functions across all of its sites worldwide as it expanded.
It enlisted the expertise of Novo Altum to lead it through the process of identifying a solution which would meet the unique requirements of its business model. We guided its journey to find an outsourcing provider who could service its fragmented corporate structure.
As a result, efficiency, accuracy, and consistency were dramatically improved. Cost savings were achieved, but more importantly, the framework we devised also allowed for newly acquired sites in diverse locations to be integrated easily, speedily and at minimal cost.
With 1600 employees across 16 countries worldwide, including in Africa, Eastern Europe and China, the bank needed to take greater control of its payroll function to improve quality and cost-effectiveness.
It asked for Novo Altum’s help to get a clear picture of its current situation, define the design principles of the new service and identify solutions which would enable it to service a varied and dispersed population. It was vital to establish a framework which could function effectively across all the bank’s diverse locations and into which new sites could be slotted seamlessly.
After analysing the client’s current payroll activities across the spectrum, we presented a number of options for outsourcing this function as the best means of reaching their standardisation goals.
Having decided to seek one single outsourcing provider who could co-ordinate all its payroll activities across all sites globally, we designed and managed the bank’s tender process, including identifying potential partners and evaluating tender documents. We then played a central role in supporting the implementation of the selected provider’s outsourcing operations.
By implementing a solution which successfully integrated each individual location’s specific requirements within a standardised global framework, governed centrally, our strategy has ensured the availability of global management information and an approach which can adapt with the changing shape and size of the business. The client now has the visibility, flexibility and control it needs.
Moreover, this sustainable model is key to facilitating the bank’s growth, providing a simple mechanism to incorporate new acquisitions as smoothly as possible at minimal expense. Indeed, in addition to achieving target cost savings of $140,000, six new countries have effectively been integrated into the outsourced model at no extra cost.