Article: Rewards Special: Measurability of Effectiveness

Compensation & Benefits

Rewards Special: Measurability of Effectiveness

Mohit Saxena, Founder and CEO, BenefitsPLUS

The R&R space is a very old space and has always been there, but not focused enough. The smallest of organizations have always incentivized their sales people. Compensation and benefits were more medical and related to tax savings, but now there is an increasing need for a professional intervention in the R&R background, which engages the entire organization. It becomes impossible for HR to do it alone and companies need a dedicated resource. They might tie up with few shops or do coupons, but then the entire process is limited to just that. One of the value propositions that we offer is the complete turnkey – a strategic construct with an end-to-end implementation. The challenge is how do we integrate the challenge of multi-location, non-Internet friendly people on one platform? That is where the real innovation happens. We designed a very strong catalog that offers a wide range of choices to the receiver. We have the ability to technologically map all this along with the fulfillment part and provide complete turnkey solutions.

There is a seamless need and understanding that R&R as a function has to bring the benefits up. It is not only limited to BPOs and people-centric young companies.

One of the barriers of outsourcing is that in order to run a complete program for R&R, one of the key requirements would be to map the entire database on the engine. There are various skeptical data compliances in organizations and that could be one reason for inertia. R&R has grown considerably in the past 7 years, offering products and services, which are very difficult to replicate.

The price model would vary between cost per employee or monthly management fee – depending on the nature of engagement within the organization. For example, a manufacturing firm would have factories and sales teams in the interiors of India, so that would mean intervention beyond the intranet and internet. It could be per employee model or a retainer model. These are the basic tenets of pricing.

Organizations need to have a R&R program, as it is an expectation of the employees now. This is an engaged generation and the ‘me too’ domino effect is impelling organizations to adapt such programs. The absence could become a problem. What the buyer needs to know is that an organization like ours – BenefitsPLUS - is an organization where we understand the challenges that the HR department in any organization faces in implementing a R&R program successfully. We have the ability to transcend from the internet, to mobile apps and we can track effectiveness. The HR department in any company understands perfectly well what the objective of the R&R is. We help HR reach that objective and give them the power of knowledge and measurability of effectiveness. Since the medium is so measureable, that is the benefit they have.

 

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Topics: Compensation & Benefits, Strategic HR, #Trends, #HRIndustry, #TotalRewards

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