Case Study
Here’s how BGC Partners transformed HRIS and 22 payrolls in just four months with 99.82% accuracy
BGC Partners overcame payroll issues with an integrated, end-to-end Oracle Cloud HCM resulting in significant time savings, allowing focus on strategic initiatives. In addition, BGC partnered with PCL to execute the HRIS transformation, improving the process, standardization across departments and optimization of people services, managers and employee community.
Harsh
5 min read
3K+
Employees
22
Payrolls Transformed
30K+
Records
99.82%
Accuracy achieved
1000+
Employee
50+
Office Branch
250+
Official Partner
10+
Years of experience
Customer Profile
BGC Partners, “listed on NASDAQ as BGCP” is a pioneering global brokerage and financial technology company servicing the financial markets with over 3000 employees. BGC’s customers include many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms.
BGC provides a wide range of services, including trade execution and broker-dealer services, to a broad range of financial and non-financial institutions. It also offers financial technology solutions, market data, and analytics through its brands, Fenics, BGC Trader, Capitalab, Lucera, and Fenics Market Data.
BGC provides a wide range of services, including trade execution and broker-dealer services, to a broad range of financial and non-financial institutions. It also offers financial technology solutions, market data, and analytics through its brands, Fenics, BGC Trader, Capitalab, Lucera, and Fenics Market Data.
Business Challenge
Offering more than 200 financial products to clients from more than 20 major markets worldwide with a 3000+ strong team of its employees has posed an equally enormous challenge for BGC Partners to manage the payroll database as it was large and complex. In addition, expensive and limited support from the existing payroll partner has made it even more difficult for BGC Partners to optimize the data.
At certain stages where BGC required manual intervention to update various pay, the system did not support retroactive changes; any change that happened in the past required manual calculations. Hence, their payroll used more than 50 offline calculations. The limited functionalities also hindered the legacy systems. The system was destabilized, and reports took hours to run.
At certain stages where BGC required manual intervention to update various pay, the system did not support retroactive changes; any change that happened in the past required manual calculations. Hence, their payroll used more than 50 offline calculations. The limited functionalities also hindered the legacy systems. The system was destabilized, and reports took hours to run.
Why BGC Partners chose Oracle HCM
To overcome these challenges, BGC Partners chose Oracle HCM, a consistently ranked #1 vendor in Gartner, with “Completeness of Vision” being a key differentiator vis-a-vis other competitors in the market. Oracle Cloud HCM is a cost-effective and robust automated standardizing system that facilitates easy workforce management while saving precious time and costs in payroll processing. In addition, it automatically calculates predated HR changes and processes them to provide financial flexibility with a payment option to the employees.
Implementation Partner
BGC partnered with PCL for the implementation of Oracle HCM for this complex project since PCL had domain expertise in Payroll implementations, along with HCM transformation to be able to cater to all the requirements – like company-specific compliances such as trading partner payroll, class 4 NIC, UK Pay policies and UK HMRC regulations. PCL went beyond data migration handling to expedite the cleansing of over 30,000 records.
Results
BGC Partners successfully executed the HRIS transformation for 22 Payrolls, which enabled the payroll process for the 3000+ employees with an accuracy rate of over 99.82% to run smoothly without any errors. In addition, it became a unified platform, increased company-wide visibility, and ensured compliance with labour regulations.
Best of all, the project was delivered by PCL within the stipulated budget. Also, it was delivered in a record time of 4 months to achieve payroll go live by April, the new UK fiscal year start. In addition, PCL offered additional Payroll support and continuous training to the end users, ensuring better adoption and a smooth experience. It ensured all employees were paid on time and HMRC files were submitted per government regulations.
Best of all, the project was delivered by PCL within the stipulated budget. Also, it was delivered in a record time of 4 months to achieve payroll go live by April, the new UK fiscal year start. In addition, PCL offered additional Payroll support and continuous training to the end users, ensuring better adoption and a smooth experience. It ensured all employees were paid on time and HMRC files were submitted per government regulations.
Response time from the PCL Team is superb. The PCL team are always available to help. And it matters a lot when it comes to critical processes such as paying employees.
– Annette McGrath
BGC Partners
BGC Partners
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