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mjunction focuses on meritocracy with new compensation structure

mjunction focuses on meritocracy with new compensation structure

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.

Vinaya Varma is Chief Executive Officer of mjunction services limited.

Vinaya is a passionate believer in the power of e-commerce, technology and innovation in building effective, efficient and transparent supply chains to power B2B commerce. He is committed to ensure that all platforms, applications and services of mjunction continue to provide superior experience and business benefits to all its users. He actively encourages entrepreneurship and innovation within the company to build value creating solutions for the clients of mjunction and its selected supply chains.
Vinaya’s approach with clients and partners is focused on collaboration to create mutually beneficial long-term value. He takes special interest in driving ejunction, the CSR initiative of mjunction, which provides computer literacy to a large number of persons belonging to the disadvantaged sections of the society which helps them in finding suitable job opportunities.
Vinaya has been with mjunction since the inception of the organization in the year 2001, as a member of the founding team and has been instrumental in conceptualization, launch and ramp up of some of mjunction’s largest businesses.

Prior to joining mjunction, Vinaya was at Tata Steel, where he had worked in several functional areas encompassing Production, Planning, Sales and Marketing. He was also part of several big transformational projects at Tata Steel such as Business Process Reengineering, SAP R/3 and launch of Tata Steel's e-commerce portal.

He is a B. Tech from IIT Kanpur and has completed his Advanced Management Program from IIM Kolkata. In the year 2012, he was nominated for Tata Strategic Leadership Management Workshop (Harvard Program), which is designed for select senior executives of Tata group and its subsidiary companies. He is a Certified Professional in Supply Management (CPSM), from Institute for Supply Management (ISM), USA. He is a practitioner of Theory of Constraints and has attended several sessions of ToC at Goldratt House, Tel Aviv.

Beyond work, Vinaya likes to play with his dog and spends Sunday mornings tending to his collection of orchids, adeniums and bougainvillea on his terrace garden.
Vinaya lives in Kolkata with his wife and two sons.