Challenges.
TMX Group (TMX) was operating a rigid back-office environment. The company’s multiple HR systems and applications lacked agility and flexibility and were limited in functionality. HR teams were burdened by manual processes with poorly defined workflows and inadequate reporting capabilities that resulted in significant administrative and transactional work.
Why Workday.
TMX was eager to update its back-office systems and processes, and begin an internal technology transformation to replace a fragmented systems landscape with a single ERP technology platform.
Benefits and results.
Systems flexibility.
TMX consolidated four legacy systems and delivered one cloud-native solution with an expansive functionality set and the agility to effectively respond to change. Key improvements include less time required to integrate and onboard acquired employees, implement organisational changes, and execute cost centre changes. HRIS/IT redirected 40 percent of administrative time to the strategic business partnership.
Consolidated 4 HR systems
Reduced number of tickets submitted to HRIS/IT by 50%
Reduced 40% of administration
Human capital management.
TMX redesigned and streamlined business processes and increased efficiency. Key improvements include less time required to fill open positions, onboard new hires, produce employee letters, perform compensation planning, and notify employees of compensation changes, in addition to the organisation-wide adoption of management dashboards and performance management tools. The reduction in administrative work has resulted in a successful reorganisation of the HR team.
Reduced compensation cycles from 5 months to 3 months
Improved HR efficiency by 20%
Payroll management.
TMX automated business processes and optimised payroll efficiency, benefiting from less time needed to reconcile payroll data and process payroll, more efficient data entry, built-in audit and compliance, and new functionalities, such as retroactive processing.
TMX automated the creation of severance letters, improving accuracy and reducing the risk of unwarranted renegotiation.
52%
increase in average hires per recruiters
62%
improved payroll efficiency
Unified data core.
A single system for HR and finance enabled cross-functional insights and efficiency gains in systems management, payroll reconciliation, severance reporting, head-count reporting and regulatory filings.
Reduced payroll reconciliation time from 5 days to 0.5 day
Reduced payroll errors by 95%