With its expanding international business, The Principal needed a global compensation management platform that could meet its complex requirements of a global workforce.
After an extensive search, The Principal selected Oracle Fusion Workforce Compensation as it delivers multi-currency and cross-border compliance, integrated workflow and an industry-leading user experience on a flexible platform to support its ongoing growth.
Collaborating with Oracle in its Early Adopter Program and Oracle Partner Network Platinum Partner PwC US, The Principal deployed Oracle Fusion Workforce Compensation, part of Oracle Fusion Human Capital Management (HCM), in just four months.
Through business process change and adopting Oracle Fusion Workforce Compensation, The Principal reduced its compensation cycle for a pilot group of employees from 10 weeks to a mere three weeks, streamlining the process, and delivering real-time data to its leaders as they made compensation recommendations for a global workforce.
Through 2011 and 2012, The Principal plans to deploy Oracle Fusion Performance Management, Goal Management, Talent Review and Workforce Compensation across its entire workforce.
The Principal is simultaneously implementing Oracle Fusion Procurement to have greater control and insight in its supplier and procurement processes.
Coexistence Strategy Reduces Risk, Increases Value
The Principal implemented Oracle Fusion Applications as part of its forward-looking business applications roadmap, with the new Oracle Fusion Applications integrating seamlessly alongside its current Oracle’s PeopleSoft Enterprise Financials and HCM solutions.
To optimize its ROI, The Principal is performing a phased deployment of Oracle Fusion Applications across its global operations, beginning with Compensation and Procurement.
With the coexistence strategy, The Principal is able to introduce new Oracle Fusion HCM functionality to support continued growth, while maintaining the current PeopleSoft Enterprise environment.
Oracle Fusion Applications are built natively for SaaS, private cloud and on premise deployments, giving organizations flexibility of choice, deployment models and a turnkey solution for critical business processes.
“As the international businesses of The Principal continue to expand, we recognized an opportunity to rapidly deliver business solutions and position ourselves for future growth by updating our essential business technology,” said Brian Ness, CIO – Corporate Services at Principal Financial Group. “Oracle Fusion Applications was a strategic fit for The Principal’s direction in leveraging a next-generation applications and technology standard.”
“To help organizations capture the value of Oracle Fusion Applications while simultaneously leveraging existing technology investments, Oracle promotes a coexistence adoption strategy,” said Steve Miranda, Oracle SVP of Application Development. “By progressively adding Oracle Fusion Applications modules to existing environments, customers can immediately benefit from next-generation applications without conducting an overhaul of their entire enterprise applications platform.”
"The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
About Oracle Applications
Over 65,000 customers worldwide rely on Oracle's complete, open and integrated enterprise applications to achieve superior results. Oracle provides a secure path for customers to benefit from the latest technology advances that improve the customer software experience and drive better business performance. Oracle Applications Unlimited is Oracle's commitment to customer choice through continuous investment and innovation in current applications offerings. Oracle's next-generation Fusion Applications build upon that commitment, and are designed to work with and evolve Oracle's Applications Unlimited offerings. Oracle's lifetime support policy helps ensure customers will continue to have a choice in upgrade paths, based on their enterprise needs. For more information on the latest Oracle Applications releases go to www.oracle.com/applications
About Principal Financial Group
The Principal Financial Group® (The Principal ®) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $318.8 billion in assets under management and serves some 19.1 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG.
About the PwC Network
PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 161,000 people in 154 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice. See www.pwc.com for more information.
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