iPSL Unisys Company
Industry: Banking
Number of Employees: 700
Website : https://www.ipsl.co.uk
iPSL is the market leader in processing domestic cheques across the UK, handling over 500 million cheques per year, worth more than £700 billion. iPSL is joint venture between Unisys, Barclays, HSBC & Lloyds Banking Group (three major banks and an outsourcing and technology services company).
CHALLENGE:
As part of its digital transformation, iPSL was restructuring, significantly reducing its total headcount. At the same time, the business was recruiting new hires for crucial digital positions. The company also planned to streamline from nine sites down to two.
In light of this restructure, we were tasked with a full review of iPSL’s reward strategy and job evaluations, as well as creating a pay and grading structure and bonus scheme.
SOLUTION:
We kicked off the review process with a workshop; this helped us to understand iPSL’s current approach to reward and recognition and define future principles that would support the delivery of the new business strategy and culture change.
We worked closely with the company’s HR team to model various scenarios, defining the purpose of each reward component. We also reviewed iPSL’s current performance management arrangements and aligned them to the new bonus scheme.
OUTCOME:
iPSL has a new bonus scheme, job level framework and pay structure that supports its digital transformation, which requires more flexibility and the ability to recruit and retain an evolving workforce. The employees are able to see the direct link between their career and salary progression.