How Fonds FTQ turns HR & Finance data into insights

Challenge

Over the years, the Fonds had become reliant on labour-intensive manual accounting processes, paper-based forms and spreadsheets. In addition, its previous accounting solution made critical processes within its finance function—such as financial statement reporting, planning and delegations of authority—significantly more cumbersome, thereby reducing operational efficiency and undermining the employee experience.

In the absence of a centralized system, the organization’s departments were working in silos. This made data integration and analysis more difficult and prevented full collaboration between the Finance, HR and IT teams. The unionized environment also necessitated considerable parameterization of the rules governing working conditions and recruitment. 

Could a modern cloud-based solution make these processes more efficient, enhance the employee experience and meet the Fonds’s specific requirements? And if such a solution existed, could an integrator comprehend the Fonds’s business model, culture and needs?

Approach

To answer these questions, the Fonds engaged PwC Canada, a leader in Canada’s financial services sector. PwC Canada’s expertise in this sector, as well as its business transformation know-how, fluency in French and adaptability were all a perfect match for the unique operating environment of the Fonds. This collaboration laid the foundation for a strong, trust-based relationship, built on respect for the Fonds’s mission and long-term objectives.

As Workday emerged as the ideal solution to improve efficiency, collaboration and the employee experience within the Fonds’s ecosystem, PwC was uniquely positioned, with its human-led, tech-powered approach—supported by a specialized team to design and configure the organization’s unique use cases, as well as deliver the change-management program that would support employees for optimal adoption of the solution. 

The first step was to foster the adoption of Workday HCM, Payroll, Finance, Procurement, Inventory and Adaptive Planning. This approach led to an innovative workforce planning model, moving from a centralized financial approach to a more collaborative one. Next actions included the creation of a data model aligned with the Fonds’s reporting and planning requirements, along with streamlining the chart of accounts. This phase had the advantage of harmonizing and simplifying the tasks of the employees affected.

Following implementation of the Workday platform, the change-management program deployed training activities aimed at empowering end users to help them acclimatize to their new business environment and the Workday platform.

Impact

The Fonds and PwC Canada collaboration engendered an entirely unique market solution for the capital development industry. Not only has Workday replaced five obsolete systems, collaboration has been facilitated and the employee experience enhanced through the Workday platform’s unified model of HCM, Finance and Adaptive Planning functionalities—particularly between the Finance, HR and IT teams. Today, the Fonds’s system functions as a dedicated, integrated workforce and financial planning engine.

Besides implementing organizational changes, the Fonds also modernized essential business functions and adopted more effective practices. By analyzing day-to-day activities, the team was able to project and prioritize the potential benefits for upcoming projects. Moreover, using a comprehensive Workday solution helped the Fonds encourage collaboration among experienced professionals to create a solid governance model for their new enterprise resource planning (ERP) system.

Thanks to user-friendly experiences and smart automation, previously tedious manual tasks became quicker:

• end-to-end planning and reporting processes improved dramatically

• staff planning reviews, which used to take weeks, are now completed in a matter of days

• swift access to better data is generating more impactful strategic insights

• reports are created faster, furnishing real-time, relevant information to support decisions

• the time and strain of financial planning and financial analyses are reduced—and accountability increased—by automating consolidation of the budget across cost centres and segments

• a streamlined approach to recruitment, HR onboarding and archiving lets the Fonds better adhere to processes, more efficiently and with better traceability.

Conclusion

The Fonds’ track record in Québec is a testament to the power of a transformation designed by and for people, propelled by technology. With this renewed flexibility and growth potential, the Fonds is better prepared to meet future human capital and business challenges.

Today, the Fonds’ systems landscape demonstrates a deep commitment to using technology to achieve a tangible impact for both the business and its employees. Through PwC's grasp of the Workday technology and connected, enterprise-minded teams, the Fonds is paving its own way to continued success—while inspiring others to envision a future where autonomy and transformation go hand in hand.