Bristol-Myers Squibb: Optimas Gold Winner for Benefits
Bristol-Myers Squibb, a global company with 27,000 employees, was able to modernize and streamline its benefits process while also keeping it local.
Simplifying employee benefits is difficult for any company no matter its size. When you consider the same challenge for a massive, global biopharma company with 27,000 employees scattered across 46 countries, a single solution seems impossible.
Bristol-Myers Squibb had many challenges embedded in its paper-based, low-tech benefits process, including language barriers, resource constraints and conflicting priorities. The New York-based company set out to transform its benefits offerings through technology — a task easier said than done. It had to centralize benefits and administration while still keeping a local touch because of local tax laws, language, cultural expectations and employee lifestyles.
Partnering with Thomsons Online Benefits, Bristol-Myers Squibb launched the Mybenefits initiative. It set out to achieve many goals, from streamlining administration without sidelining local teams to creating a portal that would engage both U.S. and international employees. Bristol-Myers Squibb achieved these goals across 25 countries within 12 months between November 2015 and November 2016.
There were several components to the solution. Automated administration allowed for instant access to a single source of data, reduced administration time and eliminated the need for paper. With this centralized data, Bristol-Myers Squibb could gain insights and view costs on benefits at both a country level and a global level. These streamlined, scalable processes freed benefits administrators from time spent on tasks they had to do manually.
As a result of Mybenefits, the company has been able to modernize its benefits process while keeping it local. It’s seen improvement across countries in certain tasks. Germany saw online pension administration time reduce by 33 percent. Belgium saw payroll processing time move from two weeks to five days. Brazil eliminated the need for an on-site broker due to how much simpler benefits enrollment had become.
For its success in streamlining benefits in a large, global organization, Bristol Myers-Squibb is the 2017 Optimas Award Gold winner for Benefits.