Technology is changing reward strategies for the better

What will reward strategies look like as technology improves?

  1. The trend looks set to continue for employees to check and use their rewards on-the-go through smart devices. It is up to employers to use the data collected from their employees’ information to create specific rewards and benefits that are relevant and won’t go unclaimed.
  2. A reward and recognition system that is cloud-based gives instant recognition to employees. This should convert to employee retention and reduce absenteeism.
  3. Transparency through a HR platform will be paramount when reward strategies are drawn up. Company culture goes hand-in-hand with how information is shared with employees, and therefore it wouldn’t be surprising for companies to start sharing more detailed information about pensions, insurances, payroll, and time management with their workforce.
  4. Following on from point 3 are recognition programs that focus on employee performance, such as KPIs and milestones. This information can then be used to find out what’s working for the business and each individual employee.
  5. Surveying employees to keep up with how employees are feeling will help companies to scrutinize their total rewards and come up with improved or different rewards for employees that, for example, are showing signs of burnout.
  6. It could be the case that reward strategies will become simplified and won’t always rely on monetary rewards. For example, good behaviors such as volunteer work or getting vaccines could be incentivized.
  7. Healthcare and well-being will continue to be a critical area for companies to focus on. A healthy workforce = a healthy workplace, and rewards in this area will continue to include bookable doctor appointments, gym membership contributions, spa treatments, and many more.One of the least convenient things for employees to do is to book times with health professionals, and if they can do this through a cloud-based SaaS HR total rewards and benefits platform, then this means they won’t have to wait on the phone to book a time.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Benify

Benify

Benify offers the market’s leading global benefits and total rewards platform. Engage your employees, anywhere, anytime. www.benify.com