10 Jul

How a Pharmaceutical was able to balance it's Financial and Personnel Management with IVC's HR Solution

IVC team | solutions based content, HR, success case

 We present a success story about a large pharmaceutical company that chose the IVC’s Human Resources solution to resolve a complicated situation regarding to issues of people management, cost structure, administrative tasks, payroll, etc.

 

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Starting point

In summary, the multinational had more than one source managing the entire compensation system, a situation that presented itself as a problem due to collapse and duplication of information. The imbalances between payroll imputation, cost centers, invoicing of flexible remuneration end suppliers, and accounting were also a major problem. Additionally, another major problem was employee dissatisfaction/discontentment due to the lack of clear and concise information on the social benefits/ flexible remuneration policy offered. On the other hand, there was tension and clashing between the HR department, which provided and controlled the invoicing and imputation of the payroll benefits/compensation, and the financial department, which struggled against the impossible task of direct justification with internal audits of the parent company.

Challenges

Counting on an intermediary between the payroll department and the insurance company provider was necessary. The company had to make a decision sooner or later.

They looked to set up an administrative circuit that would allow all the staff and financial management documentation associated with the insurance products to be submitted in a timely manner, be correctly linked to the payroll, be reflected in the financial reporting on national territory, and facilitate control and planning for the parent company. So, the company came to us.

Implementing and use of our solution

Until then, the multinational had counted on an internal person for this purpose: a freelancer who, additionally, had to leave the company each year due to regulation. With IVC, the objective of unifying all administrative procedures into a single company became possible.

The client entrusted us with their human resources and administrative management, and since then leaving in our hands tasks such as:

  • Act as an intermediary between the insurance company providers, the employees and the company itself.
  • Verify that billing performed by the provider matched the information provided by human resources.
  • Verify correct allocation of each of the charges and payments associated with the employees and resolving incidents with the insurance company.
  • Generate internal reports for the company that would allow it to control and plan the variable compensation of its staff.
  • Monitor and review active employees so that the high and low points of the review are provided for flexible compensation/benefits (health insurance, life, restaurant...) and reflect it in the customer reports required for the implementation of the payroll and correct allocation by cost centers, ensuring the reduction of errors and imbalances.
  • Place product orders corresponding to (time frame/time scale) period.
  • Resolve and monitor customer service or employee incidents if applicable. IVC provided a contact (email/telephone) trained in the pharmaceutical operations to address the policy of social benefits/flexible remuneration offered, guaranteeing employees complete information on the benefits provided by the company and the options for making part of their salary valuable by making it more flexible. Additionally, this contact resolved the incidents regarding benefits/flexible remuneration that arose for the employees, such as loss of health card, lost child-support , change of beneficiaries in life insurance, etc.

In this way the company transferred to our HR solution. Thanks to this solution, the company was able to efficiently operate all management, administration and recruitment tasks.

Impact of the solution

IVC’s solution had a positive impact on day-to-day business and the outcome. Among the benefits that the pharmaceutical company obtained after implementing IVC's solution, it is worth mentioning:

  • Reliable partnerships to manage your administrative processes in relation to the management of employee benefits in Spain.
  • Time and costs savings by outsourcing administrative work to a qualified team.
  • Improved coordination, quality and information flow between the company, employees, insurance company providers and IVC's management and administrative personnel.
  • A sole interlocutor between the company and the of the insurance company providers.
  • Employment law constant that adapts to client's needs, providing a simple, concrete and clear understanding of the current legislation.
  • A focus on the business, without having to worry about administrative tasks.
  • Receiving a customized report for the company based on its needs.
  • Control of allocations/accountancy of benefits/unbalanced and unjustifiable flexible remuneration, from prior detection of possible incidents and differences of invoicing (they were resolved and the invoicing was subsequently put in order).
  • Confident employees that have greater knowledge of the flexible benefits/remuneration that the company is offering them.
  • Saving costs and effort as well as the end of confrontation between the two different departments.

They've already found a solution that suits their needs, have you? At IVC we want to help you manage your company's Human Resources, so that you can focus on what is really important: your business.

Contact us

 

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