Here’s how PayReview is improving employees’ financial wellness — People Matters
For many years, both small and large businesses on Excel spreadsheets have struggled to make critical compensation and performance decisions. Not only was it a burdensome process, but it was also an ineffective method as many critical aspects were ignored. These decisions then had a profound impact on costs and bottom line.
Anuraag Srivastav, founder of PayReview, has personally experienced the problems in the processes in his decades-long career in the HR function and so began his new journey. He quit his full-time job to develop a solution that would make the whole process more efficient and effective.
Solve the complex compensation problem with a small but passionate team
“After having been part of the HR function for a long time, I personally experienced the battle for Excel tables and how companies often miss critical strategic insights,” said Anuraag. He saw the challenge as an opportunity and focused his efforts on developing a solution that would enable HR leaders to create a better experience for employees.
But he was not alone on this trip. Anuraag had a small but passionate team to support him.
Recalling the early days of PayReview’s development, Anuraag said, “Initially, Dinesh, our technical assistant, preferred to program in the late night schedules from 8pm to 2am as he was busy with other work during the day. Since we were short of resources, I can still remember visiting the developers in their homes in the early hours of Delhi’s cold winters! “
Anuraag recalled that the iteration was taking a long time because compensation as a category didn’t exist in India and most people mistook it for payroll. You had to solve the complexities of compensation. It wasn’t going to be easy, but they kept working on the solution.
“Compensation is a complex issue that needs to be resolved because lower wages create churn risks and higher wages create affordability concerns for businesses. Mind you, 81% of the employees do not feel comfortable with their salary! ”Shared Anuraag.
Using multiple scenarios in the form of algorithms, the PayReviews solution has helped people develop the most relevant strategies for their business and budget. PayReview also enables HR managers and supervisors to collaborate on these salary decisions.
Regarding the platform, Anuraag said, “HR managers can create a project on any platform where managers can also reassign the increase or review their allocated budget and adjust the increases at the employee level accordingly.”
The platform also improves the experience for employees as the entire compensation decision process becomes more transparent for them with PayReview. Via the platform, they can see the full pay slips and also see how salaries have changed over a period of years. They can even look at the promotion history and be aware of their own performance and how they may need to work on it to achieve their goal.
“The PayReview Analytics module is probably the best I’ve seen in terms of compensation. The conclusions drawn from various dashboards are really a great aid to strategic business decisions and HR strategy, ”said Shibu Unnithan, Senior AVP – PMS, Comp & Ben, People Strategies – Cholamandalam Investment and Finance Company Limited.
While PayReview has worked with over 75 corporate clients, it continues to be on the journey of experimentation and iteration as talent priorities and work trends keep changing.
The great creation of PayReview
The expectations of the HR function have increased. For the past year and a half, everyone has been talking about compensation and benefits strategies. Initially, companies considered making them more cost effective and reducing layoffs. Today, the entire strategy is being overhauled to ensure it meets the changing needs of the scarce talent pool, addresses the challenges of hybrid work, and enables better performance as well. In short, it has become more complex.
Organizations now expect a defined ROI from initiatives, not just a better employee experience.
“With social awareness, employees demand fairness in their dealings. You can no longer benefit from cost advantages due to an oversupply of talent. You can’t end up saying that fair gains were denied because of the bell curve, ”added Anuraag.
Based on the demand and feedback PayReview has received from its enterprise customers, they have developed features and solutions that can appeal to a wider audience.
They started with salary increases and recently added several strategic value-added products like HireReview, BenchmarkAssist, IncentiveNow, WorkforcePlans and SmartBudgets. They will also be looking at Long Term Incentives (ESOPs) shortly.
Focus on sales enablement & positive influence on productivity
“Because of a logistical and administrative nightmare, companies used to have one cycle per year, now they are experimenting with multiple cycles that offer specific solutions to each particular problem rather than one size fits all,” said Anuraag.
Quarterly bonus payments are becoming almost the norm. Operational efficiency is increased to 86% as incrementation cycles can be completed in two days instead of a week by providing real-time scenario analysis and skipping multiple iterations to stay on budget.
“Employee plans help companies avoid layoffs, while incentives drive productivity in the right direction. Organizations make informed decisions when recruiting candidates because they are more aware of internal and external parity and are therefore better supported with PayReview, ”said Anuraag.
Regarding the growth PayReview has seen over the years, Anuraag added, “We are grateful to a broad distribution network of channel partners who trusted us to expand the reach of HR B2B SaaS products across all regions . ”
For the past three quarters, PayReview has continuously won at least 1 customer per week and at the same time has brought fairness to 2.2 lakh employees.
“We have expanded our reach to Southeast Asia in Singapore, the Philippines and Indonesia. Partnering with People Matters at events like TecHR has helped us create good brand memories, ”said Anuraag.
Way forward: Strengthening the financial wellness agenda
R&D has been at the heart of PayReview, which is 40% of our development effort. “We don’t mind putting a solution on hold if it doesn’t meet the expected requirements,” said Anuraag.
Currently, PayReview makes heavy use of Analytics to trick users into taking the right action. Induced machine learning in humans – job matching is planned as a competitive landscape.
PayReview expects to reach 1 million employees in the next 3 years. Among its diverse customer pool, PayReview has seen a lot of demand from the SMB / SMB players as they are also increasingly investing in technology to improve the employee experience. Small organization employers can access solutions and best practices that were only limited to large corporations and multinational corporations. The pandemic has further fueled this growth as concern for the financial well-being of employees becomes a top priority for companies.
Although an emerging market for HR technology offers great opportunities for PayReview, they must also face increasing competition.
“We operate in a niche market. Our competition is the sheer inefficiency of your favorite Excel tool. On a global level, Beqom does well in compensation technology by serving a global audience. We would incorporate the best consulting practices into our products and complement them with data analytics, ”said Anuraag.
To fight competition directly, PayReview remains focused on the target market segment; Understand their weaknesses and prepare for appropriate solutions. Anuraag added that PayReview has a very systematic and structured approach that makes their solutions very reliable, affordable and sustainable.
While PayReview is constantly renewing its solution package and expanding its reach, Anuraag is looking towards a better future. “We have come a long way. It’s like we already have wings and all we have to do now is fly!”
Meet the PayReview team and experience their solution at People Matters TechHR India 2021.