Reward masterclass: four ways that technology can change benefits practices
Jo Fairweather, reward manager at Ovo Energy, identifies four ways in which technology is benefitting the company’s reward strategy.
Technology is helping reward practice to evolve, just as it is changing everything else around us. At Ovo Energy, we’ve seen technology shape our approach in four key ways:
1. Cost efficiency. We have been able to streamline the way in which we carry out reward work, including a reduction in the amount of administration time we need. That, in turn, has freed up space for more strategic and creative work. Cost efficiency, coupled with the sophistication of what our HR system can offer, has been the most significant advantage that technology has delivered for us, enabling the other three points in this list to happen.
2. Digitalisation. Increased digitalisation has helped us to give employees better access to their reward and benefits offering. Reward systems are now expected to be available 24/7, and people want to interact with their benefits whenever and wherever they are. This accessibility makes a big difference to our workforce. Being able to interact with your benefits in the same way that you might shop, or do anything else online, means it becomes part of your lifestyle. It’s a much more consumer-led experience
3. Transparency. In the last year, we have had a big focus on feedback about career and pay progression as the company has grown. We were able to use our HR system to roll out a competencies framework that everyone could see, making our approach much more transparent. Technology has also been a game-changer when it comes to being able to communicate total reward more transparently.
4. Measuring success. Being able to get good quality analytics that help us to understand how our employees are using reward, and how successful our strategy has ben is essential and technology is a massive enabler for that.
The author is Maggie Williams, content director at REBA.
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