The rise of digital employee benefit platforms and other forms personalisation technology is a boon. It’s now possible for individuals to customize rewards. These platforms enable businesses to track employee engagement and provide information about the best mix of employee benefits for their workforce. This technology allows businesses to develop benefit strategies that engage, reward and protect employees more efficiently than ever before. Personalised benefits are better than traditional rewards.
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Changes in the Norms
In the past, work was defined as 9am-5pm and getting paid to say thank-you. Technology such as remote desktops and cloud systems has made it possible for employees to work anywhere, and within their own schedules. Employees have grown to expect individual attention in work environments. Employees expect more autonomy at work, which has led to increased employee benefits.
Employers now offer more than money to show appreciation. Employers now offer benefits that engage, reward and protect employees while focusing on work-life balance. These businesses attract top talent who are willing to give up loyalty and determination in exchange for flexible working hours and personalized benefits. These cultural changes mean that today’s rewards are no longer as appealing as they were yesterday.
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Differential treatment of employees
There are no two employees the same. Personalized benefits are essential in order to offer rewards that engage, protect and reward employees. Because what motivates one employee may not be motivating for others.
A business may offer tickets to the cinema to employees as a thank you gesture. However, employees who don’t love movies are likely to be frustrated by the reward. This could negatively impact their perception of the company.
Some benefits might not be required for all employees. As we age, our priorities can change. Neyber’s 2018 DNA of Financial Wellbeing research showed that people aged 18-24 are more concerned about their mental health than those between 55 and 64. Multi-generational workforces can access the programs that are most likely to benefit them through personalisation technology. The older generations who are interested in health insurance will be treated the same as those who focus on discounts and retail. This individualization shows employees that the business supports multiple workers and their personal needs.
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Business Benefits
Employees who feel valued by the company can improve their morale and performance. They will be more motivated to do the same work as those they have been rewarded for in the past. This can improve the performance and team dynamics of all employees.
Many companies don’t personalize their reward programs, but they still engage with their employees. As technology advances, businesses are increasingly offering personalized rewards. Businesses that offer personalized benefits that matter to employees are more likely to attract and retain staff.
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Employee expectations are increasing as more customized schemes are created. Employers need to be more responsive and recognize their employees. Personalization shows employees that the employer is aware of how times have changed and that employees are different. Personalisation can improve employee satisfaction, retention, and attraction in multi-generational workforces. Employees feel safe, valued, and rewarded for their individuality.
