BusinessOne consists of intellectually curious problem solvers and technology experts who collaboratively design and execute successful strategies for life sciences and healthcare companies. The company delivers value-added market perspectives, custom reporting, and integrated data. They have a proprietary source of payer and pharmacy benefit manager (PBM) information, including payer-affiliate relationships, PBMs, and specialty pharmacies.
Vijayalakshmi Mahesh Kumar leads the Human Resources team at BusinessOne Technologies. She builds employer branding for BusinessOne Technologies by identifying gaps in their existing HR and employee processes and improving them.
Retaining employees in a unique industry
BusinessOne has a unique business niche of technology and pharma. Their technologists have expertise in legacy and modern pharma software, so finding the right skill fit was challenging. This challenge increased the cost of replacing an employee, so employee retention is a critical priority for BusinessOne.
The widening gap in R&R
The R&R program at BusinessOne Technologies was used intermittently and consisted of cash, certificates, cheques, and a few awards. Their HR Team also conducted focus group discussions and one-on-one meetings with employees to understand the areas of improvement in HR and employee processes. These discussions brought out R&R as a substantial gap in HR processes.
Smooth, uninterrupted, and user-friendly Empuls R&R
The Empuls solution was seamless to the employees with easy integration into their existing business processes and systems. It provided the capability for the rewards processes to be smooth and uninterrupted for the employees. The platform's ease of usability, high-quality redemption options, and prompt customer service made Empuls the perfect solution for their needs.
The R&R process needed to be frequent and timely, accommodate spot awards, and include a 'pat on the back option. Empuls provided this flexibility along with dynamic rewards.
"We wanted a quality solution that improved our employer branding. Today, there is a lot of peer pressure that affects attrition. Thus, the general outlook of the company as an agile, modern organization is important in employee retention - and having a robust R&R program is a significant part of that endeavor. Empuls enabled us to do that re-branding." - Vijayalakshmi Mahesh Kumar, HR Lead, BusinessOne Technologies
Achieving zero attrition
Within a year of using Empuls, employee attrition reduced from ten to zero percent. This reduction is attributed to spot awards and the culture of "pat-on-the-backs" that improved employee morale. There was also a widespread emotion of employees starting to believe that "it is good to reward" and the empathy of "people deserve to be rewarded."
Improvement in employer branding
An organization's focus on employee well-being and R&R gives the impression that they are progressive and modern. This change improved internal employer branding - employees felt that they were "doing the right thing at the right time." Employee-employer communication improved around the advent of rewards, and this also contributed to the decreased attrition. The perceptions of transparency and equity improved throughout the year after Empuls R&R was implemented.
To increase agility, BusinessOne used Empuls to motivate employees to learn quickly, adapt, and apply that new knowledge on the job. Internal company dashboards indicate that employees continue to be engaged and are continuously improving their performance. Between March 2018 to March 2019, BusinessOne observed a twenty percent increase in productivity.
Improved the reward process efficiency
Employees at BusinessOne were delighted by the variety of rewards available in Empuls. BusinessOne has a multi-generational workforce, and the varied choice of redemption options is essential to cater to all of them inclusively. The experiential reward options could be extended to employees' families, like family dining and vacation experiences.The HR leaders saw the multi-fold effects of experiential rewards on employees and their families. Empuls rewards, when used for team outings, helped improve team bonding and cohesiveness.
The way forward
BusinessOne's Vijayalakshmi and the HR team continue to leverage Empuls to increase employee engagement by promoting a culture of appreciation across their organization. They are constantly evaluating their R&R initiatives to make improvements over time, leading to a far-reaching impact.