About the Customer
The Institute of Chartered Accountants in England and Wales was established by royal charter in 1880. It has over 150,000 members. Over 15,000 of these members live and work outside the UK. In 2015, 8,256 students joined ICAEW – the highest ever figure.
Scope and Challenges
The organization is a financial professional organization which's goal was to improve compensation process efficiencies; motivate sales performance and increase alignment between finance and sales on incentive compensation.
To turn plans into reality, in 2017 the leadership chose Xactly's SPM application - Xactly Incent Enterprise.
Outcome and Implications
“By providing real-time numbers on sales and commissions, the Commercial finance team can improve forecasting and decision making. Additionally, this insight allows managers and the finance functions to gain a better understanding of how variable pay impacts performance.” - said Evan Ellis, President, and COO of Xactly Corporation.
By using Xactly’s SPM software, sales and finance teams get a real-time view into sales incentive compensation and can access data that shows how payouts impact top line performance.
Before adopting Xactly, ICAEW was rewarding staff on a quarterly and annual basis. With Xactly’s advanced automation, ICAEW can quickly and easily award bonuses as frequently as desired, recognizing behaviors in a more timely and accurate fashion.
By rewarding team members promptly, organizations increase the effectiveness of their incentive compensation payments.
“For our own organization, we needed to move beyond spreadsheets to effectively manage our compensation process and align with strategic objectives of the business.” - said Stephen Ibbotson, Director, Commercial & Business, ICAEW.
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