Through understanding Absa’s unique challenges and delivering a tailored, all-in-one solution, ShareForce has become an integral partner in the bank’s journey toward modernised share plan management.
Before implementing ShareForce, Absa managed its share schemes using a global legacy platform. While functional, the system didn’t cater for all the specific requirements for schemes in South Africa and across the African continent. As a result of Absa’s separation from Barclays PLC, it had to implement its own share scheme solution. Before implementing the new system, a number of processes were manual, and time-consuming.
ShareForce implemented a comprehensive solution flexible enough to cater to Absa’s specific needs, delivering transformative improvements across all aspects of its share plan administration. This included elimating manual processes, streamlining vestings and annual awards, enhanced employee experience, improved reporting and audits, innovative accounting solutions and custom development for BBBEE schemes.
This partnership not only improved efficiency but also enhanced the overall experience for employees and administrators alike, reinforcing Absa’s commitment to empowering its workforce. Absa’s partnership with ShareForce has strengthened the way the company manages its employee share plans across the board, supported by the reliable service delivered by the ShareForce platform and its specialist team.
By automating manual processes, improving employee communication, and simplifying reporting for auditors and stakeholders, ShareForce has helped the Absa Share Plans team achieve greater efficiency and accuracy. This collaboration has also streamlined key processes like accounting, budgeting, and forecasting.
