REBA Innovation Day: Why businesses must keep up with the rate of technological change in reward
"If the speed of change on the outside [of a company] exceeds the speed of change on the inside, then the end is near." Rasmus Ankersen, author of Hunger in Paradise and keynote speaker at REBA's Innovation Day on 22nd November, had a stark warning for delegates.
The day showed that reward practitioners and providers have their work cut out ‘on the inside’ to stay ahead of the speed and diversity of change in technology, employee expectations and shifting legislation happening 'on the outside'.
Debi O'Donovan, director of REBA, highlighted three key areas of innovation that are having enormous impact both for employers and for reward providers. Fintech, and in particular blockchain; artificial intelligence (AI); and the changing face of employee performance and feedback are all key future trends.
"Financial services are facing their 'Napster moment', cautioned O'Donovan, referring to the seismic entertainment industry changes forced by the upstart music sharing system. "When that happens, pension charges can no longer be controlled in black boxes - there will be more transparency than ever."
But while the speed of technological change is delivering more data and ways of using it than ever before, that doesn't eliminate the need for the human touch. "Technology is an enabler - it gives you insight and makes the conversation with an individual more meaningful, but it doesn't eliminate the need to have that conversation," said Sam Kirk, reward director of TalkTalk, speaking as part of a panel on what employers want from truly innovative technology.
The good news is that there is no shortage of innovation on the inside of the reward industry. Employers such as Samsung and Scottish Power who gave case studies on their technology responses to changing employee needs, show a creative and fast-paced future ahead.
Videos of the event sessions will be online soon so keep an eye on the site for more news from REBA's Innovation Day.
