R III Consultants offers professional consulting in the field of Human Resource Management – specifically in the area of Rewards & Recognition. We use both top-down and bottom-up approaches. In the top-down approach, we start with a specific a budget & performance targets and design the most optimum reward structure to meet these objectives. In the bottom-up approach we identify median productivity and design a rewards program that improves upon the same. We ensure that our rewards programs take into account, the client organization’s structure/culture/values, industry dynamics, data availability, seasonality, regulatory constraints and financial goals. Our preferred partners provide, on a separately payable-basis, the full range of downstream activities such as rewards calculations & MIS, communications, rewards procurement & helpdesk.
R III Consultants is founded by Mr Ranjeet Deshpande who has over 12 years on experience in the Corporate sector; having worked at middle and senior management positions with respected names like Citibank, HSBC, ICICI and Asian Paints. Ranjeet is responsible for having redesigned and developed the rewards strategy for over 100 job roles using the most contemporary rewards and recognition tools. R III program designs are fully aligned to all major automation tools viz. Callidus TrueComp, Xactly Corp, Varicent etc R III harnesses the expertise of other industry professionals that offer domain & industry - specific expertise
Resonance Special Purpose Schemes & Contests Training Recognition & Career & AwardsProgression Incentives & Bonus Salary & Increments Financial Rewards
R III believes that the Rewards and Recognition elements must drive different but non- contrasting agendas. Our programs are designed in such a way that the Reward elements drive short-to-medium term Financial goals while Recognition elements drive long-term loyalty and organizational citizenship. The Reward elements are designed to fit-in with the Total Rewards strategy and hence overlay the fixed salary component. The Recognition elements, on the other hand, are designed to fit-in with the Corporate Communications strategy and hence are usually designed to be concurrent with major corporate events such as Company Anniversaries, Annual Sales Conferences, Sr. Management Townhalls etc The resonance of Rewards & Recognition, aided by well-timed tactical schemes & contests significantly contributes towards the organization’s long terms vision and values.
Economic Cycle – Firms tend to overpay during high growth periods and underpay during recessions for identical revenue productivity. This is a serious mistake. We design your Rewards program based on absolute and incremental revenue within a strong macro- economic context. True Benchmarking – First we moderate Management expectations with median productivity track-records to arrive at gross productivity targets. Weights are duly assigned to productivity impacting factors such as new product launch, changes in channel strategy, sales automation etc. Rewards are then designed to enable target productivities. Degree of Relevance – Often firms incentivize staff for outcomes that they have no control over. Our programs end this roulette by ensuring that only factors over which staff have a clear line-of-sight get incentivized. Engagement – A Rewards program is only as good as it’s communication. We have evolved a powerful communications strategy that creates an atmosphere of healthy competition and creates compelling desire amongst employees to over-achieve and win.
R III provides the following services Analysis – We analyze the efficacy of your existing Rewards programs and help you understand if you are paying the right people, paying the right amount and paying for true performance. Design – We design from ground-up a complete R III program using contemporary methodologies and in alignment with leading incentive automation packages. The design includes all elements – creative, technical, financial, legal, communications & sustenance. Transition – We help large firms or those with legacy practices to transition gradually to the merit and performance based R III system through a series of transitory phases. We ensure complete participant buy-in and minimal process changes. Out-sourcing – Aspects of Rewards Mgmt that take up time and face challenges may be outsourced to us. Calculation of Rewards, Tax treatment, Gift procurement & logistics management, MIS and Helpdesk Management.
The following benefits are expected to flow–in with a well designed R III program Productivity – The R III program deliver higher staff productivity by virtue of setting clearer expectations, creating more ways to earn incentive and getting timely and encouraging communication. Cost Saving – R III ensures that under-performers cross-subsidize out performers. The design also enforces minimum performance thresholds across revenue streams. Staff also needs to maintain higher standards of discipline and quality to qualify for payouts. Alignment – Ultimately, every Rewards program must align individual efforts to company’s goals. R III creates and/or modifies performance parameters in such a way that it aligns the actions of individual, team and department to company goals. Loyalty – Talented and motivated individuals are a company’s true long term assets. R III programs identify & encourage such individuals and inspires loyalty in them though the use of compounding and thematic Recognition programs.
Fitness Care Pvt Ltd is a fast growing chain of Beauty & Wellness services in Mumbai. In 2011, they had 350+ employees in 4 retail outlets. About 40% of the employees were in client facing roles, 40% in service delivery and 20% in support and supervisory. The company had 12 individual roles, over 20 incentive schemes and had a incentive payout of 15% of revenue that the Finance Dept. was not clear about. Staff satisfaction was 23% in Top Box and average customer satisfaction rating was 3.15 on a 5 point scale. After a 2 weeks observation window and post conducting FGD and in-depth interviews with employees, R III completely overhauled the incentive structure. The job roles were pruned down to 5, a single points-based scheme was introduced, a league-table based recognition structure was overlaid on the Rewards scheme and quality and discipline parameters introduced. The design was made consistent across roles with an overall cap on budget. The result – Employee Satisfaction score up to 77% Top Box, Customer Satisfaction 4.56 on 5, average incentive budget down to 8.5% of revenue and compensation-related attrition rate down by 50%. And all this over 2 performance cycles.
To energize your employees and turn your Incentives program into a Performance & Productivity driver, write to us at firstname.lastname@example.org. Share as many details as possible about your organization plus your existing incentive/bonus programs if any. Hate sending heavy attachments? Share this PPT using the following Slideshare link Feel free to respond with feedback/suggestions/concern at email@example.com