Although most people go to work in order to earn money, they can be surprisingly passive when it comes to performance-based compensation. Of course, the companies they work for are partially to blame for this. Unless objectives and progress are visible and transparent, the journey toward betterment can be vague for all the parties involved. Fortunately, digital platforms are here to bridge the gap.
Why Digital Platforms Work
Digital platforms provide users with an instant and reliable means of tracking information, whether it be related to their compensation, benefits or bonuses. Live feeds and integration to other applications allow for information to be updated daily, hourly or in real-time.
Many industries have implemented digital platforms to more effectively engage their consumer base, its now time for HR departments to utilize that same technology for their customers, the employees.
When employees have access to their real-time progress, they’ll have more incentive to perform on a level that will earn them compensation bonuses based on merit and performance. People like to feel appreciated for their work and providing them with a digital record of their success will give them tangible proof of that appreciation.
It can be difficult for large organizations—say, operations that employ ten thousand or more people—to keep track of employee positions and movements, let alone how well they’ve performed. Through a digital Total Rewards experience, supervisors and managers can connect more efficiently with employees and provide important information in a fast and timely manner. Instead of acting as a barrier to communication, technology provides a base for an exciting new Total Rewards experience.
Benefits of Digital Platform Analytics
How else can employers use technology to engage their workers? Through data analytics designed to provide feedback from employees without distracting them from their usual work. By gathering this information on a regular basis, management can spot any potential problems in advance and make the necessary adjustments as they go along, instead of waiting until the quarterly meeting or annual assessment period. Continuous improvement can take on a whole new meaning when combined with enhanced data analytics.
While it might be possible for small retail organizations to recognize and correct ongoing issues without the aid of a computer, in larger corporations, things tend to get lost in the shuffle. Employees are aware of this, and it can lead to disengagement and a lack of interest.
When workers are more confident that their voices will be heard, they’ll be more invested in the company’s progress, which will in turn encourage them to do their best work. Managers and supervisors can use a digital platform to keep employees up to speed on the compensation results of their hard work.
Improved Decision-Making
On a related note, data analytics can help employers determine how to best package information for their employees. User groups, real-time feedback and A/B testing are all made possible with a configurable digital platform. Changes can be made quickly and efficiently when potential problems are identified. Data analytics takes the guesswork out of the process and saves organizations valuable time.
This process can also be instrumental in pinpointing the compensation plans and programs most successful in terms of impacting company growth. These results allow employers to reassess their business strategy and compensation plans.
Scalability of Digital Platforms
Of course, a digital total rewards platform is only as successful as it is scalable. Scalability is defined as the ability of a digital platform or software program to grow and adapt as demand increases. If you’re hoping to attract more workers to your organization, it’s in your best interest to ensure that the program can easily adapt to this growth. Digital Total Rewards platforms should be able to handle multiple languages and currencies, different employee groups and hierarchies without much effort.
When deciding on a Total Rewards experience its important to understand the requirements for expanding the platform to not only new users, but new information and data as your compensation and benefits programs evolve. For further information on how to communicate total rewards effectively, we invite you to refer to our blog post.
Click here for your Complete Guide to Total Rewards Statements
Is the Digital Platform User-Friendly?
A digital total rewards experience should also be easy to use, even for the most tech-challenged employees. If the program is too difficult to follow, employees will be disinclined to participate. There’s a reason why online retail giants such as Amazon have been so successful—they keep track of customer’s buying habits, and make it easier for them to find what they’re looking for.
By providing frequent updates on specific employee achievements, you can inject a sense of good-natured competition into the process. Be sure to include more basic information as well, such as weather notifications or a mention of an upcoming company party. The platform is meant to represent the brand and to immerse the employees in company culture.
A total rewards platform represents a significant investment for any business. Companies who are hoping to get a good return on that investment should try to make the process as user-friendly as possible. It’s not enough simply to have the information available online—employees should be encouraged to track their progress frequently, and this will only happen if the platform is fun and engaging. If the employees aren’t invested in tracking their progress, they aren’t invested in their rewards-based compensation, which could contribute to a lacklustre performance.
The Bottom Line
If you’re worried that all of this sounds too impersonal, remember that the digital revolution is real—and it isn’t going away. The majority of the modern workforce is used to technology as a means of communication. Many of them even prefer it that way, particularly the younger generation. Smaller organizations can still supplement these programs with old-fashioned face-to-face interaction, but employers and supervisors will have much more time for that if they let the system take care of the details.
No matter how far technology progresses, the retail industry will always require real people in order to get the job done. Companies can boost the morale of their employees and show their appreciation through the use of data analytics and digital platforms.
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