5 Features That Will Boost Your Rewards Strategy In 2019
Core ERPs and HRMs have been around in the corporate arena for long and while they continue to play an important role in the strategy of organizations, including compensation and benefits (C&B), the millennial workforce continues to ask for more. New HR approaches and technologies in the rewards space seem to have got the answer – adding unique features to the C&B systems in order to improve and make them more relevant.
Here’s the list of Big Fives that can enhance the effectiveness of your organization’s C&B systems:
- Rewards with an emotional connect: C&B systems need not be just automated and number driven as the job doesn’t end with the disbursal of salaries - organizations need to recognize employee performance and milestones. They need to reward employees with gifts carrying a human touch. Rewards should be such that they create an emotional connect between the employees and the organization. This can go a long way in building employee engagement and improving productivity throughout the organization.
- Reward systems with a modern UI/UX: It’s imperative that reward systems have an attractive user interface and a delightful user experience so that employees feel inclined to use them. Such systems should allow employees to express themselves and interact with each other in a manner similar to how they converse over social media.
- Responsive reward systems: Companies need to start using new age employee recognition tools that gauge the daily moods of employees and also allow HR managers to take corrective actions based on them. Traditional ERPs may not have the in-built tools or functions to gauge the sentiments of employees on a frequent basis.
- Customizable reward systems: New products in the rewards space have the ability to dig deep; they can find out the innate preferences of employees located across geographies and recommend rewards of relevance for them. The products are also easier to customize and localize as compared to traditional HR systems.
- Integrated reward systems: Modern software in the rewards space can be easily integrated with the existing HRMs / IT systems and can include new reward scenarios. For example, a health and fitness section can be integrated with the HRMs in the form of a health app. Traditional HRMs / C&B softwares are not as easy to integrate. In fact, it can be quite cumbersome to add a new module and not all reward scenarios might be incorporated.
Bringing the Big Fives under one roof
Xoxoday has discovered and created experiences as rewards, and brought them to the forefront for people to explore and enjoy, thus bringing the Big Fives under one roof. Through Xoxoday’s SaaS-based rewards and recognition portal, organizations and employees can collect reward points and redeem them against experiences. Organizations can also gift these experiences to their employees for occasions such as anniversaries, birthdays, festivals, individual performances, business milestones, etc. The platform is highly scalable and customizable as per the requirements of an enterprise.
Every day, our 650+ enterprise customers witness employees interact socially and appreciate each other’s gestures and efforts. Companies are able to showcase their top performers upon a live leaderboard and employees get to enjoy unique experiences and activities. Organizations get to monitor their reward spends and deploy people analytics to ensure their employees stay happy and productive.
Last but not the least, enterprises save taxes with the innovatively designed rewards programs, and are able to integrate the platform with their existing HR systems, including C&B aspects such as employee fitness modules and wellness programs.
Are you looking for experiences for your team? Live Your Now!
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