mjunction focuses on meritocracy with new compensation structure
Posted OnMay 4, 2017 by Geeta Priya
At a time when e-commerce startups are bleeding because of unrealistic compensation policies to mid and senior level employees, mjunction, India’s largest B2B e-commerce company has recalibrated its compensation structure to align itself with the company’s high growth trajectory. The new compensation structure has been designed keeping in mind the competitive market positions as well as employee preferences and has become operational from 1st April, 2017.
An organization is what its employees are made up of. Motivation for performance is one of the key factors which push employees to improve their performance thereby aiding in the company’s growth. Aggressive and higher reward components have been planned by mjunction to reward outstanding performers and create an agile workforce. mjunction’s salary model is a perfect balance between pro-growth and pro-employees in a high performance environment.
mjunction CEO Mr.Vinaya Varma said, “ With our company on the path of growth, the idea of such a restructuring is to reward meritocracy. The renewed mechanism will help in talent recognition, retention and create a high performance organization”.
The change in compensation structure at mjunction signals a shift from the policy of ‘one size fits all’. With a judicious mix of fixed and performance pay, the compensation structure will go a long way in fulfilling the aspirations of mjunction’s young workforce by enabling more cash in hand.
For the last few years, major IT companies have been moving out of the ‘Bell curve’ appraisal system and focusing on categorization of performance on monthly and quarterly basis rather than annual performance evaluation.
Till FY17, mjunction has recorded e-transactions worth Rs 5, 56, 858 crores.
About the company: mjunction services limited, India’s largest B2B e-commerce industry and a joint venture between TATA Steel and SAIL was founded in February 2001. It offers a wide range of e-selling, e-sourcing, e-finance, e-retail and knowledge services across diverse industry verticals that empower businesses with greater process efficiencies. mjunction is an ISO 9001:2008, ISO 27001:2005 and a CMMI Level 5 certified company.