A well-acknowledged employee is not only a motivated one but is also a loyalist to the organization. With the ever-increasing competition in the job market, it is becoming imperative for organizations to keep their workforce content and one of the ways to achieve that is by implementing an effective rewards and recognition program. Modern-day companies are replacing the traditional rewards and recognition process, earlier marked with infrequencies and biases, with tech-enabled programs that are tailored, precise and have adequate efficacy.
Modern-day companies are replacing the traditional rewards and recognition process, earlier marked with infrequencies and biases, with tech-enabled programs that are tailored, precise and have adequate efficacy
Technology has revolutionized the rewards and recognition approach to make it more dynamic, enabling organizations to be very impartial and scientific in rewarding employees. The success of any Employee Rewards and Recognition (R&R) program depends on two important factors – timeliness and personalization. When employees receive a timely and personalized acknowledgement, they get motivated to perform better at the work front and also have significantly higher job satisfaction.
Personalization is extremely critical for today’s workforce, where one size does not fit all and different individuals have different needs. Tech-enabled R&R programs are helping companies achieve far more efficacy on both timeliness as well as personalization fronts. According to a Gartner Report, organizations that use tech-enabled R&R processes have up to 60% higher levels of engagement.
Digital Methodology
The tech-assisted R&R programs make use of digital methodologies that are data-driven. This improves the process of identifying and praising employees for their efforts, output and accomplishments. The new-age R&R processes that are driven by technology are able to streamline the entire task of identifying the good performers and also cater to their individual preferences and choices while rewarding them. The process is not only more enriching for the employees but also weeds out biases that may creep into manual or traditional R&R programs. As per a Deloitte report, 87% of the organizations that have introduced tech-driven R&R have experienced a favorable impact on workforce performance.
The tech-driven R&R programs involve digital platforms that gamify rewards and recognition processes. The gamification aspect of modern R&R programs opens new avenues for companies by offering several choices and solutions. They are truly versatile and can be integrated in various ways like Leaderboards, Badges and Points, Team-Based Appreciation, Quests and Challenges, Contests, Competitions, Raffles, Social Appreciation and Progress Monitoring.
Higher Engagement & Inclusivity
The tech-enabled R&R approach also involves using mechanisms like audio/video recordings while giving our citations to create a more engaged and inclusive environment. Open sharing on social media platforms makes it even more engaging and drives higher visibility across platforms which are used daily by people. This can be integrated in various innovative ways like Apps for rewards and recognition, Personalized Thank-you Notes, Online Award Ceremonies and even Public Compliments.
The automation involved in the technology-led R&R initiatives has been able to reduce the number of processes, improve personalization and also help develop a rich and efficient culture that recognizes the efforts and accomplishments of the staff members. Many organizations are introducing automation through a variety of means like Automated Nomination and Voting, Automated Incentives and Rewarding and Automated Tracking and Reporting.
Positive Behavioural Impact
The technological intervention in the conventional R&R efforts of the HR departments is paving the way for reinforcing excellent behaviors and encouraging employees to perform at their best by enabling quick and real-time recognition and making instant appreciation possible. The modern tech-driven approach consists of the collection of data on individual employees, enabling individualized and personalized experiences through which organizations develop a more meaningful connection with their staff. The new approach is more inclusive and is even accessible to all employees. It encourages peer-to-peer recognition as well, creating a more fulfilling work environment.
The rewards process becomes a continual practice in tech-enabled R&R systems which also promote a culture of growth. It lets employees earn digital badges, points and other awards to felicitate various milestones of the staff members. Technology also helps in effectively identifying areas that require additional resources or attention with the help of insightful data on performance trends. In addition to enhancing performance, the R&R programs are also quite appealing to the employees as technology has included a number of engaging and interesting components like gamification.
Technology is bringing about a transformative change in the rewards program of organizations, making the whole process more effective. Tech-driven R&R systems are being increasingly adopted by companies to have better employee retention. This new approach is proving to be a lot more interactive, seamless and dynamic. They are being implemented by various companies to drive more contentment among employees while making them a lot more exciting for them than the traditional processes. There is genuine appreciation for the employees with a higher level of personalization and the outcomes are also more meaningful for them.
Guest contributor Smiti Bhatt Deorah is the Co-founder & COO of Advantage Club, a platform for employee engagement and financial wellness including perks, rewards and early wage access. Any opinions expressed in this article are strictly those of the author.
