Company Overview
A leading fintech company, revolutionizing investment and wealth management in India, faced increasing complexities in managing compensation and benefits as it scaled. To attract, retain, and reward top talent effectively, they needed a unified system that could enhance efficiency, ensure compliance, and optimize costs.
Challenges
- Fragmented & Inefficient Compensation & Benefits Management
• The fintech company relied on a combination of multiple platforms and manual processes to manage payroll, compensation planning, market benchmarking, benefits, ESOPs, etc., resulting in:
o Data silos and leakages
o Time-consuming workflows
o High error rates
o Cost leakages and budget tracking challenges
• The lack of a unified system made real-time reporting and decision-making nearly impossible. - Lack of Structure in Compensation Planning & ESOP Management
• The company had no well-defined compensation philosophy to ensure fair and competitive pay.
• Market benchmarking was inconsistent, making salary structures non-uniform across roles.
• Budget planning for salary increases, bonuses, and ESOPs was unclear, leading to financial inefficiencies.
• The ESOP program lacked a structured allocation framework, making it challenging to manage employee equity distribution. - Regulatory Compliance & Risk Management
• Lack of automated governance reporting and checks made it challenging to enforce compliance with India’s evolving compensation and tax regulations.
• Manual tracking processes increased the risk of errors in salary payouts, tax deductions, and benefits administration, exposing the company to compliance risks.
Solution: How Tallect Helped Simplify Compensation & Benefits
- Unified Compensation & Benefits Management on One Platform
Before: The fintech company’s HR team juggled multiple tools for payroll, salary benchmarking, ESOPs, and benefits, leading to inefficiencies.
After: Tallect replaced 9-11 separate systems and manual processes with a single unified platform, allowing HR to manage all aspects of compensation in one place.
What Changed?
• All compensation, benefits, and ESOP data centralized, making it easier to access and update.
• Automated calculations for salary increments, bonuses, and stock allocations based on pre-set rules.
• HR teams could generate real-time reports instead of spending days collecting data from multiple sources. - Automated & Structured Compensation Planning
Before: Market benchmarking and salary reviews were done manually, leading to delays and inconsistencies.
After: Tallect’s system automated compensation planning, ensuring that every salary and bonus decision was backed by real-time market data.
What Changed?
• HR could compare salaries against Mercer data instantly, ensuring competitive pay.
• Salary and bonus adjustments were pre-programmed, reducing human error.
• Performance-based pay structures were built-in, allowing managers to link pay directly to performance metrics. - ESOP Structuring & Management for Long-Term Retention
Before: ESOPs were distributed without a structured approach, leading to disparities in allocations and confusion among employees.
After: Tallect helped the fintech company redesign its ESOP framework, ensuring fair distribution, transparent vesting schedules, and better communication with employees.
What Changed?
• HR could allocate ESOPs in a structured way based on role, tenure, and performance.
• Employees received clear visibility into their stock options and its fair market value via a self-service ESOP portal. - Streamlined Benefits Administration & Employee Flexibility
Before: Employees had limited options to customize their benefits, and HR manually processed enrollments, leading to errors and delays.
After: Tallect introduced a flexible benefits system, where employees could choose benefits based on their personal needs.
What Changed?
• Automated benefits enrollment and tracking, eliminating manual work.
• Employees could pick and change benefits online, reducing HR involvement.
• Real-time tracking of benefits costs, ensuring better budget management. - Seamless Compliance & Risk Mitigation
Before: Compliance tracking was manual, making it difficult to stay updated with tax laws, salary structures, and reporting requirements.
After: Tallect automated compliance reporting, reducing legal risks and ensuring that payroll and benefits adhered to all local regulations.
What Changed?
Audit-ready reports generated instantly, saving HR weeks of effort during audits. - Real-Time Insights & Decision-Making with Advanced Analytics
Before: HR and finance teams spent days compiling compensation data for budget planning.
After: Tallect’s built-in real-time analytics dashboard provided instant insights into salary trends, benefit utilization, budget spend, and market benchmarks.
What Changed?
• Leadership could make data-backed decisions quickly, improving agility.
• HR could forecast compensation budgets accurately, preventing over- or under-spending.
• Automated reports allowed better tracking of HR metrics & budgets.
Impact & Measurable Outcomes
• Replaced 6-11 Disparate Systems → One platform for payroll, compensation planning, benefits, and ESOPs.
• 40% Reduction in HR Effort → Automated workflows saved time and reduced staffing needs.
• 27% Cost Optimization → Lower operational costs due to reduced HR overhead and streamlined processes.
• Improved Efficiency → Eliminated data silos, making compensation planning faster and error-free.
• Reduced Errors & Budget Leakages → Automation prevented costly mistakes in payroll and benefits.
• Stronger Compliance & Risk Management → Up-to-date regulatory tracking ensured adherence to local laws.
• Real-Time Analytics & Insights → Faster decision-making for optimizing total rewards strategy.
Conclusion
By implementing Tallect’s Compensation Planning & Benefits System, the fintech company successfully:
• Unified its compensation, benefits, and ESOP processes under one platform.
• Reduced HR workload and optimized costs, allowing better focus on strategic initiatives.
• Ensured compliance and transparency, strengthening employee trust and retention.
With automation, structure, and real-time analytics, the company now scales seamlessly while maintaining a competitive edge in fintech.
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