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In the past, reward strategies were quite straightforward and were mainly built up of compensation and traditional benefits such as annual leave.
Now, rewards and benefits are developing. As people live longer, they’re also working longer. With five generations of workers in the workplace, reward strategies have had to become more personalised in order to fulfil the needs of a multi-generational workforce.
4 out of 5 employees prefer additional benefits to a pay increase, and so it has never been more important that businesses personalise their rewards and offer employees the rewards they want in order to attract and engage top talent.
New technologies allow businesses to do just that.
There has been a shift towards the use of online platforms, and it is likely that these will continue to shape the future of personalised reward strategies. How?
Online platforms will streamline the process of managing multiple rewards. They allow businesses to run many benefit schemes that can be managed quickly and efficiently, which makes it easier for them to offer their employees various rewards simultaneously.
Employees will also be able to access information and data about the savings they have received and can also find out which other schemes their employer offers. This allows them to choose rewards they may be interested in and personalise their benefits schemes around their own interests.
With online platforms, employers can provide employees with information about other benefits the company doesn’t currently offer. Employees can then register their interest in specific schemes, and the employer will receive this information. When employers know what benefits their employees want, they can use this information to make informed decisions about the future of their reward strategy.
As well as this, developments in artificial intelligence allow AI to suggest certain schemes employees may be interested in based on the personal information they have provided. Employees are then able to stay up to date with the benefits their employer offers.
Providing The ‘Right’ Benefits
With technology, it becomes easier to offer employee benefits that engage with employees. Data about what benefits employees are searching for on online platforms can be gathered for the business to determine what rewards work best within an organisation. It will allow employers to get the best value for their budget and drives higher productivity within the business.
Offering diverse and personalised rewards does not need to be complicated. Using technology to understand what your employees value allows you to offer the ‘right’ benefits with increased control and better management processes.
At Busy Bees Benefits, our Smart Hive platform is an accessible and easy-to-use online platform. By providing your employees with access to Smart Hive, you fulfil your responsibilities to communicate benefits equally to all staff, which is a requirement of many schemes under HMRC rules. Smart Hive includes access to salary sacrifice schemes for cycle to work, car leasing, retail discounts and many more.
To find out more about how Busy Bees Benefits can help you with your reward strategies, call us on 0330 333 9100.