PayReview: Carving out a Niche in Compensation Management Segment
In today’s organizations, compensation management has emerged to play a crucial role as the dynamics of salaries and pay packages have changed significantly. Compensation has become more complex with a lot more elements than before;it should now ensure satisfaction and security with adequate salaries along with maintaining effective distribution of wealth across all departments. Now organizations have to judiciously decide on attracting and retaining talent, and delivering proper and optimized compensation is one of the most important tools for doing so.
To attain these objectives, businesses need to streamline and automate their compensation planning process in alignment with overall organizational strategy. Being one of the most complex processes, compensation planning requires a consulting approach, data crunching and numerous modelling exercises which call for calculation intensive platform. PayReview solves this problem for organizations by leveraging its technological and functional inputs for an easy to use, end-to-end compensation management solution.
Providing a Niche Solution
PayReview’s solution goes beyond providing basic features of calculating attendance, and provides a calculation based intensive platform. Having acquired a niche in this particular segment, the company is catering to all the major HR technology players in India. Anurag Srivastav, Founder of the company says, “HR technology companies themselves are using PayReview as a compensation partner because we bring the kind of in -depth knowledge which is required to solve compensation problem.” Anurag himself hails from the HR background,where he has gained diverse experience working with multinationals like Capgemini and Reliance group. Owing to this he had the advantage of extensive knowledge and fair idea of industry standards, which helped him devise unmatched and robust solution for compensation management.
Addressing End-to-End Needs
Elaborating further on the end-to-end compensation services provided by the solution, Anurag highlights its key points of pay parity, automation, and analytics. The solution automates all the procedures of salary increment cycle like setting of budget, creating annexure, running simulation exercises to know the cost impact, till
sending letters to employees; all the processes are automated in the PayReview solution. While hiring the candidate an organization has to decide the salary; PayReview’s compensation management solution ensures that there is no pay parity issue. The solution also provides compensation analytics where the organization can pin point a set of employees who are most likely to contribute to attrition. Thereby the organization can keep track of performance and adjust variable pay. Apart from providing instant diagnosis, the solution also adheres to the best practices world-wide, eliminating any manual error occurring due to excel sheets.
The Road Ahead
For the future ahead, Anurag envisions PayReview to be the default option for everyone looking for a solution in the compensation management segment. PayReview offers its solution to clients directly and also to partners – who pitch the PayReview solution along with their offerings. He says that the partners are confident in PayReview’s capabilities and that is why they are successfully pitching the solution together. As a further addition to its portfolio of offerings, the company is soon planning to bring in sales incentive and manpower planning module. Work on the new modules is nearly complete and the company intends to launch these new offerings in the coming financial year.
Elaborating further on the end-to-end compensation services provided by the solution, Anurag highlights its key points of pay parity, automation, and analytics. The solution automates all the procedures of salary increment cycle like setting of budget, creating annexure, running simulation exercises to know the cost impact, till
sending letters to employees; all the processes are automated in the PayReview solution. While hiring the candidate an organization has to decide the salary; PayReview’s compensation management solution ensures that there is no pay parity issue. The solution also provides compensation analytics where the organization can pin point a set of employees who are most likely to contribute to attrition. Thereby the organization can keep track of performance and adjust variable pay. Apart from providing instant diagnosis, the solution also adheres to the best practices world-wide, eliminating any manual error occurring due to excel sheets.
The Road Ahead
For the future ahead, Anurag envisions PayReview to be the default option for everyone looking for a solution in the compensation management segment. PayReview offers its solution to clients directly and also to partners – who pitch the PayReview solution along with their offerings. He says that the partners are confident in PayReview’s capabilities and that is why they are successfully pitching the solution together. As a further addition to its portfolio of offerings, the company is soon planning to bring in sales incentive and manpower planning module. Work on the new modules is nearly complete and the company intends to launch these new offerings in the coming financial year.
