This tool is a single platform that integrated various aspects of compensation at one place to make benchmarking assessments more robust and real-time.
Indegene Pvt Ltd. won the TA League award for being the best in the recruitment reengineering category. Indegene won the award by building a powerful predictive decision-making tool called “Fair Pay” which has been helping them to solve complex recruitment problems.
Indegene, a healthcare solutions company with a robust growth phase needed to increase the headcount to support its growth trajectories. The challenge for the Talent Acquisition team was to gear up to meet their targets in a highly competitive industry that was facing an acute shortage of desired skills. Achieving operational efficiency in recruitment process was a crucial challenge with offer pricing becoming the last mile where the company would lose out on prospective candidates. Another big challenge was to move away from a manual system of analysis and interpretation and build an automated system that was scalable, robust, accurate and flexible. Due to such challenges with the recruitment process, the company faced increased declines in offers, low human capital return on investment and faced incurring recruitment expenses.
Toying with multiple ideas about solving the complex recruitment process, the company decided to build a tool that would assist them in finalizing offers. The solution was not to just improve hiring, but also recruitment process, in a systematic manner that would have minimum turnaround time and would incorporate the right components with the relevant salary grid for a particular pay structure. This led to the development of a powerful predictive decision making tool called the “Fair Pay” application. By factoring in the candidate's experience, domain knowledge, current CTC, expectations, internal benchmarking of employees, external benchmarking while making decisions on remuneration to the prospective candidates, helped Indegene improve recruitment efforts. The tool helped in finalizing the various components of salary break-up, computed and predicted the CTC to be offered and created a repository of all documentation related to offers made. The aim was to integrate the various aspects of compensation at one place to make benchmarking assessments more robust and real-time, all on one platform. It helped recruiters enhance their understanding of the offer break-up which helped them give their candidates a realistic estimate of their offer price. The application acts as a mechanism to help a hiring manager take constructive & predictive decisions on a candidates’ complete remuneration package.
The “Fair Pay” tool, having been implemented for almost a year, has impacted business metrics in a big way. The tool helped automate the entire offer computation process by use of comprehensive formulae configurator and inbuilt checks to prevent errors caused by manual processes. Using predictive analytics to confirm final offer salaries to candidates has helped in reducing turnaround time and to establish a fair and structured means of devising compensations for the talent coming in the company. The company has seen a reduction in turnaround time for offer generation by 44 percent. There has been an increase in offer acceptance rate by 3.5 percent, and the tool has helped in reducing the offer drop rate by 2.1 percent. As the tool has exhaustive data sets to compute and a clear work-flow process programmed, the possibility of missing relevant information has gone down significantly. The tool has also been enabled to comply with all mandatory norms pertaining to Provident Fund, Gratuity, Medical Insurance, Professional tax and ESI as per the statutory mandates while computing compensation. With the awareness that the tool is extremely potent in delivering the best results, Indegene plans to roll it out globally.
(The TA League Awards 2016 saw more than 200 applications, out of which 5 won across five different categories. A four-month process, it consisted a total 15 applications from companies across industries being shortlisted, out of which 3 in each of the 5 categories were shortlisted by a 6-member Jury. The shortlisted 15 finalists in the five categories presented their company’s Best Practices as a case for selection to the jury on the eve of the Awards ceremony, followed by the Q&A session. After intense deliberation and debate, the jury members finally decided on the winners within each category. Here we present a brief snapshot of Indegene Pvt Ltd, the company which won TA League Award for having the best recruitment model in reaching out to a diverse talent pipeline.)