Incentive Compensation Administration for a Pharmaceutical Company
Issue
A global pharmaceutical company needed to update its incentive administration capabilities to support its new incentive compensation plan design and to comply with Sarbanes-Oxley regulations.
Results
The new administrative system was designed by ZS and its operations were outsourced to ZS as well. During the first production cycle, monthly turnaround time was shortened by approximately 30% and more than 30,000 reports were generated and distributed with high accuracy. Diagnostic reports provided insights into the health of the compensation plans and administrative process. The client received new tools including a web-based research tool to run queries and address questions from the field. The entire project was completed on time and within budget, with seamless transition from the old systems.
Approach
ZS worked closely with client personnel across sales, marketing, human resources, finance, operations, and information technology to develop an incentive compensation system that met each department’s respective needs. ZS designed a detailed project plan and instituted rigorous controls to ensure that the project met all specifications. ZS also drew upon its expertise in compensation plan design and administration to develop reports, tools, and resources that strengthened the client’s overall compensation program.