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| Kotak Mahindra Bank & i-mint partner to launch employee rewards program |
| Announcement / Corporate Aug 11, 2009, 14:09 IST |
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B2E (Business-to-Employee): the new way to employ, engage and manage talent
Kotak Mahindra Bank and i-mint, India’s first and the largest multi brand consumer rewards program have partnered to launch an employee rewards program for employees of Kotak Mahindra Bank. The program is called “The STARS” and will be launched with a co-branded card. Kotak’s 9000+ employees will be eligible to receive i-mint (STARS) points as a part of the “Appreciation and Recognition” program. They can earn points across the i-mint network of brands and merchant partners such as HPCL, Bookmyshow.com, Enrich, Monginis, Makemytrip.com, Zoomin.com, Ferns and Petals, Planet Fashion etc. Employees will be able to redeem their points from a large array of products/ services listed on the catalogue on the Kotak customized micro-site.
Speaking at the launch Mr.Subhro Bhaduri, Head Human Resources, Kotak Mahindra Bank said, “At Kotak Mahindra Bank, one of the fastest growing private sector banks in India, we wish to provide our employees an organization-wide platform showcasing superlative employee performance and also build a culture of consistent and timely recognition of excellence. Kotak STARS (Systematic and Transparent Appreciation and Rewards Scheme), in association with i-mint, will serve as a powerful integrated platform for the galaxy of reward and recognition programs across our multiple businesses and hierarchy.
Mr. Neeraj Kapoor, Chief Marketing Officer, Loyalty Solutions and Research Limited (LSRL) said, “Developing new partnerships is the key to our success. We constantly look to provide value to our customers and our partners. Employee recognition with rewards is evolving into a very important tool for organizations. The Business to Employee (B2E) solutions offering from i-mint will help in motivating employees to achieve the corporate goals while rewarding the best performers along the way. Over the last 3 years, i-mint has built a large ecosystem of reward partners, which is customized for such programs and I am happy to share that we have achieved leadership and consumer preference in a very short period.”
“B2E solutions from i-mint help organizations in driving employees towards common organizational goals. Managers no longer have to ponder over what gifts and rewards will excite employees. i-mint, through its experience of handling India’s largest rewards program, has gained excellent insight into needs of the Indian consumer who by and large is an employee of a company”, added Mr. Neeraj Kapoor.
Key Features of the i-mint Kotak B2E program
The program is powered by i-mint and hence Kotak employees get an opportunity to continuously earn the points as part of the appreciation and recognition program. They can also earn points through their day to day purchases. This continuous earning facilitates sustaniable employee engagement
The challenges in any reward and recognition mechanism are balancing volumes with the monetary value of gifts and goodies as well as inventory management. With the i-mint program “Points” therefore become the new currency - a tool for managing reward and recognition while continuing to be a desirable proposition for employees by providing the freedom to choose their own reward as also recognition
About Loyalty Solutions and Research Limited (LSRL)
i-mint is India’s first multiple partner consumer rewards program, which is pioneered by Loyalty Solutions & Research Limited (LSRL), a company funded by ICICI Ventures. Launched on 1st August 2006, i-mint brings together several brands namely HPCL, Air India, Makemytrip.com, Bookmyshow.com, ICICI Bank etc as well as hundreds of i-mint affiliated merchants on a single rewards platform. i-mint has partnered with more than 3000 merchant outlets and has a customer base of over 9 million members across India with the numbers growing at a rapid pace. Please visit www.imint.in
About Kotak Mahindra Bank Limited
http://www.kotak.com
Established in 1985, the Kotak Mahindra group has been one of India's reputed financial organizations. In February 2003, Kotak Mahindra Finance Ltd, the group's flagship company was given the license to carry on banking business by the Reserve Bank of India (RBI). This approval creates banking history since Kotak Mahindra Finance Ltd. is the first non-banking finance company in India to convert itself in to a bank as Kotak Mahindra Bank Ltd. The bank has a strong strength of 9, 800 people working with them.
The Bank offers comprehensive business solutions that include Trade Services, Cash Management Service and Credit facilities, keeping in mind the needs of the business community. Kotak Mahindra Bank has over 217 branches spread across 126 locations in the country offering both traditional banking products and investment advisory services. The Bank has the products, the experience, the infrastructure and most importantly the commitment to deliver pragmatic, end-to-end solutions that really work.
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