Personalised rewards make better benefits. Here's why

Personalisation technology such as digital employee benefit platforms are on the rise and it’s now possible to define and tailor rewards to individual employee expectations. These platforms allow businesses to track uptake and engagement to provide information about the perfect blend of employee benefits required for their workforce. These developments allow businesses to create compelling benefit strategies that reward, engage and protect employees in a more efficient way than ever before. So, in answer to the question of whether personalised rewards make better benefits, the answer is yes. Here’s why:

Times have changed 
In the past, working environments consisted of employees going into the office from 9am to 5pm and receiving payment to say thank you. Now, technological advancements such as cloud systems and remote desktops have allowed for the working environment to become flexible, as employees can work from anywhere and around individual commitments. 

As their working environments have developed, employees have become accustomed to the emphasis on individual needs within the workplace. This has made employees expect greater autonomy in all areas at work, including employee benefits. 

Businesses now show their employees that they appreciate them by providing more than just money. They deliver a multitude of benefits that reward, engage and protect their employees with a focus on work-life balance. This attracts top talent, who will exchange loyalty and determination for flexible working and individualised benefits. This cultural shift means that the rewards of yesterday do not have the same appeal today. 

People are different 
No two workforces are the same, and neither are your employees. In order to provide benefits that actively protect, engage and reward employees, personalised rewards are important. This is because what might motivate one employee might not necessarily motivate them all. 

For example, a business providing their employees with tickets to the football as a way of saying thank you may engage with those who love sport, however employees who are not interested in football are likely to feel frustrated with the reward, which is likely to negatively affect their perception of the business. 

As well as this, certain benefits may not be necessary for your entire workforce, and as we get older, our priorities may change. For example, Neyber’s DNA of Financial Wellbeing 2018 research found that 18 to 24 year olds were most concerned with mental health and 55 to 64 year olds were most concerned with physical health. Through personalisation technology, different generations can have access to the schemes that they are likely to benefit from. Older generations who are more interested in health and protection receive the same appreciation as the younger workforce who focus on retail discounts. This reward individualisation shows employees that their business supports multi-generational workforces and their priorities. 

Business benefits
Reward personalisation can massively benefit business too. Helping employees feel like a valuable part of the business can increase staff morale and performance as employees strive to frequently achieve the level of work that saw them rewarded in a way that meant something to them. This can have a positive effect on the team dynamics and the efficiency and performance of employees across a business. 

Of course, there are many companies that do not personalise their reward schemes, who still seem to actively engage their workforce. However, as the move towards technology continues to develop, more businesses are offering personalised rewards. If other businesses offer personalised benefits that really matter to their employees, it’s likely that businesses who don’t will lose attraction and employee retention. In fact, according to Global Employee Benefits Watch 2018/19, 82 per cent of global benefits professional’s state that attracting and retaining talent is their top benefits objective. 

As more bespoke reward schemes are developed under technological advancements, employee expectations are rising. Employers must interact more and show not only appreciation, but personal recognition of the individual. Personalisation shows employees that their business understands that times have changed and that their workforce are all different. It can increase employee satisfaction, attraction and retention throughout multi-generational workforces as employees feel protected, engaged and rewarded as an individual. 

This article is provided by Busy Bees Benefits.