Creating a healthy work environment has almost become a necessity in today’s competitive work environment. A healthy work environment not only improves the quality of work, but it also contributes to employee wellness and retention.
Noticing that people work much better when recognized and rewarded for the work they do, Partha Neog and Anjan Pathak started Vantage Circle.
Vantage Circle is a one-stop reward and recognition platform that helps organizations create a productive workforce. Promoting the people-first culture, the company focuses on employee engagement and appreciation.
The Delhi-based startup provides a cloud-based, automated and AI-powered platform. The company starts off by processing employee data and then creates badges and offers that act as awards.
According to the preferred budget given by the client, the company assigns some points to the client’s manager. The manager has complete control of the reward and recognition system from there on. They are given the responsibility of giving out rewards according to the work done by the employees under them.
These rewards are given mainly through four core products that the company offers – Vantage Rewards, Vantage Fit, Vantage Perks, and Vantage Pulse. The points collected from these could be redeemed to give the employee a certain amount of discount or perk from different companies and brands.
Talking about the company’s revenue system Pathak, co-founder and CTO of Vantage Circle, told Entrackr, “When a gift card is redeemed in our platform, we get 5% from that transaction.” The company covered permanent employees as well as the workforce that is outsourced or hired on a monthly basis. Depending on the integration with some companies, the employee database is updated on a daily basis.
Vantage Circle is in a market that is still untapped on many fronts and plans to work its way into the sector. The emergence of virtual employee engagement has given the company a new light to look at things.
Initially, the company’s focus was on its Indian client, later on, the company started to get traction, mainly due to its marketing practices, from clients from the US.
The company has local competition from the likes of BI Worldwide and Advantage Club; some of its international competitors include companies like Achievers, Workhuman, O.C. Tanner, Culture AMP, Bonusly, and Kudos.
In the month of September, the company had over 13 lakh visitors on their website while October saw over 14 lakh visitors. The company plans on expanding its market presence in the near future.
One of the company’s future plans includes improving its existing system using AI and machine learning. Focusing on providing a platform that is user-friendly, Vantage Circle is looking to leverage the technology.
Source @Entrackr
