"This has made a significant difference in helping our employees prepare for retirement," said Adrian. "Our average deferral rate is 8.1%, far beyond the company match, with 85% of employees participating."To address situations where an employee requires assistance from HR, the bank has implemented UltiPro's configurable user platform to create a "My HR Contact" field. In these cases, an appropriate HR person is assigned to the employee, based on the integration of the field with UltiPro's location table. "We have well over 100 reports and notifications in UltiPro that we use for multiple purposes, making sure the data stays clean and the appropriate actions are taken at the appropriate times," said Adrian. "Because audit reports only contain items that require action, we can devote our time to what needs attention, rather than looking through a report with the entire population and hunting for the problem." As a result, added Adrian, the bank's HR team is able to operate efficiently with a lean staff. "UltiPro has allowed us to do more with less. The reports are in a generalist's inbox prior to them arriving for the day, again saving time for the company and reducing our FTE expense." "Today's HR department can benefit greatly by leveraging workforce analytics and BI tools, learning from the data, improving staff efficiency, and reducing overall costs," said Chris Phenicie, chief sales officer at Ultimate. "We are pleased that BBCN Bank is utilizing UltiPro to transform HR into an action-oriented department." About Ultimate Software Ultimate is a leading provider of cloud-based human capital management (HCM) solutions, with more than 25 million people records in the cloud. Ultimate's award-winning UltiPro delivers HR, payroll, talent, and time and labor management solutions that connect people with the information they need to work more effectively. Founded in 1990, the company is headquartered in Weston, Florida, and employs more than 2,880 professionals. In 2016, FORTUNE ranked Ultimate #1 on its list of the 10 Best Large Workplaces in Technology. In 2015, for the fourth consecutive year, Ultimate was ranked in the top 25 on FORTUNE's list of the 100 Best Companies to Work For; recognized by FORTUNE as one of the 100 Fastest-Growing Companies; ranked #7 on Forbes magazine's list of the 100 Most Innovative Growth Companies; named among the InformationWeek Elite 100, honoring innovation in business technology; and recognized as a "Leader" in Nucleus Research's HCM Technology Value Matrix. Ultimate has approximately 3,200 customers with employees in 160 countries, including Bloomin' Brands, Culligan International, Feeding America, Major League Baseball, Pep Boys, SUBWAY, Texas Roadhouse, and Yamaha Corporation of America. More information on Ultimate's products and services for people management can be found at www.ultimatesoftware.com. UltiPro is a registered trademark of The Ultimate Software Group, Inc. All other trademarks referenced are the property of their respective owners.
Ultimate Software (Nasdaq:ULTI), a leading provider of human capital management (HCM) solutions in the cloud, announced today that the HR team at BBCN Bank, the largest Korean-American bank in the United States, has become more action-oriented using Ultimate's comprehensive cloud HCM solution, UltiPro ®, for business intelligence (BI) reporting and features such as automated alerts and audit reports. Los Angeles-based BBCN Bank has grown through a series of acquisitions and mergers, most recently with a planned merger with Wilshire Bancorp scheduled to close in June 2016. The bank focuses on providing services in Korean-American communities, offering commercial banking, loan, and deposit products through 50 full-service branches and six loan-production offices. Prior to UltiPro, the bank's rapid expansion had resulted in significant, time-consuming paper processes and HR administrative tasks. Processing employee benefits was a particular challenge. Many employees, for example, had not taken advantage of the bank's 401(k) retirement plan, requiring HR staff to manually reach out and remind them of the plan's value and options. "We wanted to implement a reporting suite that would allow us to continue serving our employees while making HR an action-oriented department — setting our people up for success, saving time for the company, and reducing our FTE (full-time equivalent) expenses," said Thomas Adrian, BBCN Bank's first vice president and total rewards manager. "UltiPro's BI has allowed us to do just that." UltiPro's reporting, workforce analytics, and BI tools provide visibility and insight into the workforce, empowering leaders to make more informed human capital decisions. The tools pull data from across multiple areas of people management to deliver a holistic view of the workforce, including HR, employee benefits, and payroll data. These workforce insights indicate opportunities to cut costs, increase efficiencies, and reorganize staff for better business results. This was the case at BBCN Bank. With UltiPro, the bank has implemented a series of audit reports and notifications, freeing HR team members to address only the exceptions, as opposed to intervening with every employee. When an employee reaches 90 days of seniority, for instance, the BI tool sends an automated notice encouraging the employee to sign up for BBCN Bank's 401(k) plan, noting its options and reminding the person that the retirement plan has no vesting period.