Case Studies
Merrill Lynch and HSBC
When two of the world's leading investment houses agreed a business model for a new joint venture, and committed funds totalling $1 billion to a world-leading online financial services organisation, we were mandated to develop a reward strategy that would enable them to attract, retain and motivate employees in the increasingly competitive e-commerce environment.
Merrill Lynch and HSBC intended to launch their new service from centres in the UK, Australia and Canada, knitting together the expertise of staff from both parents along with new hires. Significantly, both parent companies had distinct cultures and ways of working which was reflected in their approach to people management and, in particular, their approach to reward.
Having assessed the individual commercial, HR and reward frameworks that were already in place, and confirmed the values and people objectives of the new organisation, we investigated the Reward Programme alternatives available globally that would accommodate cultural differences, facilitate performance orientation, wherever possible, and encourage employee involvement and overall transparency.
From here, we collaborated very closely with Watson Wyatt's International, Retirement and Investment practices to develop a competitive, performance-driven rewards package in parallel with a strategic communication plan that would engage existing employees and inspire them to want to sign up to the new company.
Over the next three years, the MLHSBC client service is scheduled to be rolled out in a further 20 countries. Our capabilities mean that we are in a position to advise on the local delivery of reward programmes that meet global principles, but are tailored to the local cultural, business, legal and accounting requirements.
