SEB Aligns Global Compensation Processes Using beqom

NYON, Switzerland--(BUSINESS WIRE)--beqom—a provider of cloud-based total compensation and continuous performance management solutions—today announced the successful deployment of its total compensation solution at Skandinaviska Enskilda Banken AB (SEB), one of Europe’s oldest and most prestigious financial institutions.

The bank selected beqom to replace their partly spreadsheet-based processes and manage total compensation for their 16,000 employees across 20 countries. They sought to align global rewards processes, reduce time spent on administrative tasks, and compile compensation data from many different sources that could be accessed as needed by managers and other stakeholders to support informed decisions on a daily basis.

According to Mattias Bergman, Process Owner Variable Remuneration C&B at SEB, “We have a diverse, growing, and highly regulated business and needed a comp system that could cater to our needs, handling both global and local requirements. Our previous system relied on many exceptions and manual workarounds that were time consuming, introduced risk, and created compliance challenges. We’ve been running our total compensation processes on beqom for over a year now, and it has saved our HR comp team a lot of time, reduced risk, helped standardize and align our processes, and provided a great experience for our users. The feedback from stakeholders—managers, HR partners, CFOs in the businesses—has all been very positive.”

About beqom
beqom is a cloud-based provider of continuous compensation and performance management solutions that deliver personalized total rewards aligned with meaningful behaviors, goals, and skills. The solutions transform how companies reward and recognize their people, attract and retain top talent, and address pay equity and transparency.

Managing all forms of employee compensation, beqom unifies all performance and reward processes to create a meaningful, people-centric experience across employee touchpoints, providing feedback, coaching, and rewards.

beqom’s fully configurable solution integrates seamlessly into core HR suites, providing companies of any size and industry, such as Mercedes Benz, PepsiCo, Golub Capital, and DHL, with the flexibility needed to execute their performance and reward strategies and make the most of their human capital.

About SEB
Founded in 1856, SEB divisions include Large Corporates & Financial Institutions; Corporate & Private Customers; Baltic; Life; and Investment Management. Profits in 2021 totaled SEK 30.9bn (3.17b USD, 2.97b EUR), with assets under management of SEK 2.6 trillion (275b USD, 256b EUR).