Integrated performance management system and strategic compensation framework illustration

Overview

Multiversity, a renowned eLearning and content management company wanted to implement an effective and scalable performance management system and variable pay as a part of the compensation structure. The company has been founded by Padma Bhushan Dr. Vijay Bhutkar and has developed eLearning solutions for more than 15 million learners and 150 clients across the globe

Challenges

The company has gradually built up its capacity to serve millions of users globally. As expected, the team had also expanded. The company did not have any formal performance management system or compensation structure. This created problems concerning the standardization of processes and setting benchmarks while hiring

The key challenges for the leadership team were,

  • Evaluate and reward high-performance employees as a motivator
  • Integrate existing PMS system with Goal Setting Framework
  • Design an effective performance matrix to review all employees
  • Designing Variable Pay components in compensation across the company leve

Solution

We can broadly categorize the project into three phases.

1. Requirement gathering and planning

The first step was to understand the expectations of the business owners. For this, we had multiple discussions with the leadership team and recognized that their focus was on implementing new practices for compensation and benefits across the organization.

Based on our discussions, we proposed a 4-step solution
  • Define why – What is the intent of the compensation or benefit
  • Eligibility – What are the eligibility criteria based on which employees will be selected for hiring/rewards/benefits
  • Measurement Parameters – Establishing a set of measurable parameters for standardized evaluation of employees
  • Payout schedule – Creating a schedule for the payout of compensation and benefits to ensure that employees receive the payouts on time
2. Training and KPI Matrix

We conducted learning and training sessions with line managers, HR leaders, and the management team. This was a two-way activity where we made them aware of the importance of well-established compensation and reward structures. On the other hand, we gathered information from the teams and studied the existing PMS processes. Based on this we suggested an appropriate matrix for individual performance KPIs. KPIs enable goal-based, scalable and measurable performance evaluations.

3. Designing Performance Matrix

A structured performance matrix was designed for the evaluation of individual employees. This matrix was aligned with company goals. We also set rules to enable the calculation of variable pay based on performance. Understanding the company’s practical challenges, we ensured that the designed matrix allowed for flexibility to track the real-time progress of an individual employee. We also designed a performance review schedule that would enable HR and management teams to keep the evaluation process on track.

Outcomes

With our intervention, the company could hire senior HR for operations, which was one of the key concerns for the client. This helped in standardizing HR operations and building scalable people practices. Enhanced employee experience boosted overall productivity and also improved employee engagement. This, in turn, had a positive impact on organizational development.

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