beqom, a cloud-based total compensation software provider, announced it has been selected by one of the world’s largest investor-owned electric utility service providers to manage its executive compensation.
The company uses Long Term Incentive (LTI) plans as a key part of its compensation strategy to reward executives for their commitment to the company’s long-term performance. The company was seeking to replace a spreadsheet-based solution to manage LTI plans for thousands of executives located all over the world. beqom was selected to provide a transformative solution to manage these LTI processes end-to-end.
beqom will provide a digital platform for the company to store and maintain LTI data across multiple plan years, calculating the grant and payout amounts, as well as the LTI accruals for both tax and accounting purposes. beqom will be used by HR, Accounting, Finance, and tax advisors as well as by the employees receiving the incentives, providing access to information about LTI plans, grants, simulations, and payouts. The utility will also use beqom to forecast costs for budgeting purposes and to provide reporting and analytics.
“As a global leader known for its innovation and vision in the energy industry, we are proud to be a part of helping the company achieve its vision of sustainable energy solutions by ensuring it can deliver an effective incentive program to drive long term performance and value,” says Stephan Pohl, beqom COO.
The beqom solution is used to manage all forms of compensation across all industries, including by other leading energy and utility companies such as BP, Hera, Total, and Veolia.