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09 May 2019

The 3 ways technology will enhance personalised reward strategies of the future

For decades, reward strategies were relatively straightforward and involved finding the right mix of compensation and traditional benefits such as pensions and annual leave. 

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Now, rewards are amid a transition. As people live and work for longer, reward strategies have had to become more personalised so that businesses can fulfil the needs of a multi-generational workforce with different priorities. 

With four out of five employees preferring additional benefits or perks to a pay increase, it’s been vital that businesses personalise their rewards and offer employees the benefits they desire in order to attract, engage and retain top talent. 

The rapid growth of new technologies has made it easier for businesses to do just that. 

As the transition into personalised rewards continues and technology advances, what can we expect for the future of employee benefits? There is likely to be a shift towards the use of online platforms. Some benefit providers already make use of these, but the quantity of platforms available is likely to increase. 

Here’s how the use of online platforms will shape the future of personalised reward strategies: 

Managing Personalised Rewards Will Become Easier
The rapid growth of new technologies means that it is likely that online platforms will streamline the process of managing multiple rewards. This will allow businesses to run numerous benefit schemes that can be managed quickly and efficiently, making it easier for them to offer their employees various rewards simultaneously. 

As well as this, employees will also be able to easily access information about the savings they have made and can find out which other benefits their employers offer. This will allow them to choose which rewards they are interested in and personalise their benefits around their own interests and priorities. 

More Control 
Through online platforms, employers will also be able to provide employees with information about other benefits the company doesn’t currently offer. With personalised rewards, it can be difficult for a company to achieve tailored benefits packages to suit as many employees as possible. However, online platforms will allow employees to register interest for specific schemes. The employer would then receive this information and be able to make informed decisions about the future of their reward strategy.

Working alongside this, developments with artificial intelligence mean that AI will be able to suggest and recommend certain schemes employees may be interested in based on personal information they have supplied to the online platform. This allows employees to stay up to date with current benefits offered and select personalised benefits that are recommended just for them. 

Providing The ‘Right’ Benefits Will Be Easier 
Using technology, it becomes easier for employers to offer personalised rewards that successfully engage with their employees. Data about what benefits employees are searching for and selecting through the online platforms can be gathered in order to determine and test what rewards work best within an organisation. It will allow employers to get the best value for their budget and drives higher productivity through offering benefits employees desire.

If you haven’t already, it may be time to review your approach to rewards. One size does not fit all, but that doesn’t mean that offering diverse and personalised rewards must be complicated. Using technology to understand what your employees value and to deliver rewards that maximise engagement is vital.  

This article is provided by Busy Bees Benefits.