CASE STUDY: First Horizon National Corp.
- 24-7 access to HR/payroll details for employees and managers in 800 locations
- Streamlined, expedited process for onboarding new employees
- Range of hard- and soft-cost savings, including an annual reduction of $40,000 in mailing costs alone
NUMBER OF EMPLOYEES
COMPANY PROFILEFirst Horizon National Corporation is a premier financial services company with a long history of success and traditions dating back to 1864. The company, one of the largest bank holding companies in the U.S., is known for exceptional customer service and a deep commitment to its customers and its employees. Its team of more than 5,000 employees, working across the U.S. and abroad, serves more than 460,000 consumer customers and 55,000 businesses. First Horizon has been recognized as one of the best employers in the U.S. by AARP and Working Mother magazines.
THE CHALLENGESBefore UltiPro, First Horizon had been using an in-house system that did not include the Web-based functionality and consistent performance the company needed. The company also wanted a solution that could grow with its organizational expansion. After careful evaluation, First Horizon’s executive and management teams selected Ultimate’s UltiPro delivered through Software-as-a Service (SaaS). This delivery model allows First Horizon the flexibility to pay for the functionality it needs rather than purchase an expensive solution with features that the company wouldn’t need or use.
THE SOLUTIONFirst Horizon went live on UltiPro in 2002, and employees and managers in 800 locations can quickly access and update information—removing the burden of time-taxing data entry from the HR/payroll staff.
With UltiPro’s feature for self-service, First Horizon’s workforce can view individual payroll, HR, and benefits information as well as update personal details or make benefits choices during open enrollment. Managers also can explore employee information, such as leave time, job history, or compensation—without phone calls or emails to HR.
“The UltiPro portal has allowed my staff to move away from tactical activities, such as changing an employee’s direct deposit information or looking for an employee’s review date. Now they spend more time dealing with larger issues. Plus they can simply serve more people because they are not caught up in minutia,” said Karen Sones, senior vice president of operations and systems for First Horizon.
“By serving as our central, online location for employees to view payroll information, UltiPro assisted us in migrating to a paperless payroll, and now we are saving $40,000 annually in mailing costs alone.”
Following changes in HR strategy, First Horizon’s HR department made a series of critical business decisions to improve HCM efficiencies. The HR group was tasked with finding new ways to accomplish its mission with a leaner staff. One fundamental objective was that all new employees become productive quickly and develop rapidly into engaged contributors aligned with corporate values and priorities.
Already using UltiPro to effectively manage talent acquisition and compensation as well as core HR and payroll functions, First Horizon’s HR team chose to leverage UltiPro’s onboarding capabilities in order to address these strategic initiatives.
“With UltiPro, we can begin onboarding even before the new hire begins employment,” said Sones. “We really love how UltiPro automates and simplifies the process of assimilating new employees into our business and our corporate culture.”
When an employee is hired, UltiPro helps manage all of the processes, workflow, and notifications that need to be completed in order to onboard the new hire. New employees follow a step-by-step guide through the orientation process, including completing required government and procedural forms digitally—with a government-compliant electronic signature—to reduce paperwork. Automated task notifications with built-in reminders ensure a seamless, documented process, eliminating the need for HR to ‘chase down’ colleagues or vendors to confirm that new hires will receive the proper provisioning.
By using UltiPro, First Horizon has experienced greater cost savings, increased workforce productivity and consistency in HR operations, as well as instant engagement with new members of the First Horizon team.
“We have expedited the process from hiring new employees to having them contribute to our business on day one,” said Sones. “Because of UltiPro’s easy-to-manage platform, our company has saved money while creating happier, more engaged employees. Every employee coming in the door is hearing consistent messaging and receiving the same materials to reference.”
The business impact to First Horizon has been significant. Onboarding is now paperless and all HCM data is centralized and available in UltiPro. First Horizon has eliminated redundant, manual data entry, and the HR team has cut the need for three full-time positions within its department. Most importantly, First Horizon’s employee retention rates have improved dramatically—with the overall voluntary turnover rates decreasing by almost 10% in a 12-month period.
“Streamlined onboarding is tightening our alignment between workforce actions and company objectives and, as a result, our HR team can now provide a deeper level of service and support to our employees,” said Sones.