Employee retention is probably one of the biggest tasks and challenges a company has to deal with. Moreover if you have top performing employees one needs to be extra cautious in making sure they are happy and content with the organization. Despite HR’s best efforts many times you see companies lose out on good/talented employees because they have not been adequately recognized, awarded or heard.
Recognizing this as a pertinent pain point in companies across sectors, Mr Aneel Kumar Bonu started Talent Spotify, an AI powered employee review, reward and recognition platform. With over two decades of experience in HR Tech Aneel saw this as a huge opportunity and ventured out.
‘Why should an employee get appraised just once a year when his performance is continuous. One bad project or missed deadline shouldn’t affect his overall performance which he has tirelessly met through the year’ opined Mr Aneel.
Talent Spotify thus gives employers and employees options to set goals at the time of on boarding and then rewards them through a points system once those goals get accomplished.
Employees can in turn redeem these accumulated points either through monetary or non-monetary ways such as taking offs, flexible work hours etc.
The software also helps employers evaluate their employee’s performance not just through goals and objective methods but also through non subjective means such as his/her behavioural pattern etc.
‘We believe an employee should be evaluated holistically and not solely through his technical know-how or his/her performance. And by the way all these analyses are done by our unique software using data and behavioural science’ claimed Mr Aneel. As of now Talent Spotify is in its beta phase and is working with 2 clients one in Bengaluru and the other a voluntary organization in the US.
Going forward in a few months the start-up aims to introduce a subscription model i.e. per employee per month.
Below is a brief snapshot of the Startup:
Founders: Aneel Kumar Bonu & Prashanth Reddy
Incubated/Started (Year): 2022
Industry/Space: HR Tech
Number of Team Members: 10
Funding Received: Yes, from STPI
Looking For: New clients
Claim to Fame: Having got selected by IIMV Bangalore – NSCRCEL launchpad 21 program & also funding received by STPI
Market of Operation: Currently in Beta phase
Revenues: Pre-Revenue phase
Aggressive Methodical Easy Going
PTIM (Person that inspires me): Mr Ratan Tata. It is his unique combination of being a risk taker, maintaining high standards of values/ethics yet being modest and humble despite having taken Tata group to great heights of success.