Client Spotlight

Boston Scientific: Meaningful Stock Plan Innovation

Discover how Boston Scientific leveraged the Morgan Stanley at Work Developer Platform to create an application programming interface (API) that automates data transfers between its equity administration platform and its human resources and payroll management system.

In keeping with its commitment to continuous improvement, Boston Scientific aims to transform lives through innovative medical solutions, while supporting a staff of over 47,000 employees operating in over 50 countries.

 

To reward its employees, Boston Scientific offers an Employee Stock Purchase Plan (ESPP) in which roughly 23,000 employees hold accounts with Morgan Stanley at Work, the company’s global equity administration platform. The challenge? To better integrate Morgan Stanley at Work with the company’s SAP SuccessFactors human resources (HR) and payroll management system to curate a seamless experience for employees.

In Search of Operational Efficiency

The primary challenge centered around the need to transfer data and files between Morgan Stanley at Work and SAP SuccessFactors. Although Morgan Stanley at Work’s platform was seamlessly receiving files that Boston Scientific sent manually or through its data warehouse, the company wanted to improve accuracy and efficiency by transferring data in real time.

 

Without real-time data transfers, Boston Scientific’s equity plan managers and employees were running into functional difficulties. For instance, terminated employees had to wait up to two weeks before getting access to their stock. Similarly, new hires often had to enter a considerable amount of personal data when setting up their Morgan Stanley at Work stock plan  accounts.

“At Boston Scientific, we believe that quality data translates into streamlined processes,” explains Dan Bird, Senior Director, Executive Compensation. “That belief, combined with an improvement mindset, means our HR Operations, HR Total Rewards and HR Technology groups are always looking for ways to make our lives easier, more effective and more efficient.”
Dan Bird
Senior Director, Executive Compensation at Boston Scientific

In search of that greater efficiency, Boston Scientific turned to Morgan Stanley at Work for help. And here’s what it discovered: thanks to the flexibility of the Morgan Stanley at Work Developer Platform, Boston Scientific could create its own application programming interface (API) specifically designed to automate data and file transfers between Morgan Stanley at Work and SAP SuccessFactors.

A First of its Kind Technology Solution

“The API we developed creates a data integration between the two systems so there are no external file transfers,” explains Doug MacLeod, Digital Project Manager at Boston Scientific. “That means data transfers are less error prone and more real time, supporting improved risk management and operational efficiency.”

 

So far, the company has deployed this solution across three categories: hires, rehires and terminations. Going forward, it hopes to cover additional use cases, such as tax rates, stock purchases and open enrollment.

By using the developer platform to build this custom API, Boston Scientific can now:

  1. 1

    Automatically transfer information about key equity-related events between the two platforms every 15 to 30 minutes.

  2. 2

    Receive alerts if data is incomplete or incorrect, positioning it to proactively fix potential errors before they are shared across the 60 global payrolls it manages.

  3. 3

    Leverage the real time nature of the integration to test new use cases in a matter of hours versus days, accelerating innovation and application development across the board.

Innovation Through Collaboration

By using the embedded functionality within the developer platform to create this custom API, Boston Scientific has provided its equity plan participants with a noticeably improved experience characterized by improved access to awards, faster account setups and terminations and access to current equity-related data.

 

For their part, Boston Scientific’s equity plan managers have seen enhanced operational efficiency, improved data integrity and measurable time savings. In fact, Boston Scientific estimates it has saved 500 hours per year on administration alone.

 

Boston Scientific credits its close relationship with Morgan Stanley at Work, whose product leadership team actively worked with Boston Scientific’s technology team to map out the entire program of connectivity required to power the API.

"A key part of this project’s success came down to a strong relationship with Morgan Stanley at Work,” says Bird. “By working closely together, we were able to understand the data like they understand it, and they were able to understand the API the way we do. This allowed us to build an extremely flexible technology solution."
Dan Bird
Senior Director, Executive Compensation at Boston Scientific

Shared Success

As Boston Scientific continues to socialize the success of this API both among its team and externally, it hopes to set the stage for greater operational efficiency among the thousands of companies that rely on manual processes to manage their equity compensation programs. At the same time, it has created a new API that other innovative companies can build on—a foundation that drives efficiency and innovation in the stock plan industry. 

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NOT ALL PRODUCTS AND SERVICES ARE AVAILABLE IN ALL JURISDICTIONS OR COUNTRIES.

Boston Scientific and SAP are not affiliated with Morgan Stanley Smith Barney LLC.

Opinions expressed by the featured individual are solely his or her own and do not necessarily reflect those of Morgan Stanley Smith Barney LLC.

Content and services available to non-US participants may be different than those available to US participants. Employee stock plan solutions are offered by E*TRADE Financial Corporate Services, Inc., Solium Capital LLC, Solium Plan Managers LLC and Morgan Stanley Smith Barney LLC (“MSSB”), which are part of Morgan Stanley at Work. 

Morgan Stanley at Work services and stock plan accounts are provided by wholly owned subsidiaries of Morgan Stanley.  Morgan Stanley at Work stock plan accounts were previously referred to as Shareworks, StockPlan Connect or E*TRADE stock plan accounts, as applicable. 

In connection with stock plan solutions offered by Morgan Stanley at Work, securities products and services are offered by MSSB, Member SIPC. 

All entities are separate but affiliated subsidiaries of Morgan Stanley. The laws, regulations, and rulings addressed by the products, services, and publications offered by Morgan Stanley and its affiliates are subject to various interpretations and frequent change. Morgan Stanley and its affiliates do not warrant these products, services, and publications against different interpretations or subsequent changes of laws, regulations, and rulings. Morgan Stanley and its affiliates do not provide legal, accounting, or tax advice. Always consult your own legal, accounting, and tax advisors.

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