Human resources are probably the most valuable asset that an organization has in its arsenal. With a well motivated, talented and driven team at the helm, organizations can see themselves growing, one task at a time. Hence, it is no surprise that organizations spend large amounts of time, money and effort to keep their employees happy.
In this seemingly technology connected world that we work in, technology has seeped into every part of our lives, be it personal or professional. Organizations are also working towards staying relevant not just in their field of operations, but also in terms of the practices they use. In this regard, HR can’t stay far behind, especially when it comes to rewards and recognition.
According to a 2018 Gartner report titled “Use Recognition and Reward Programs to Boost HR and Talent Effectiveness”, by 2022, 70% of large and midsize enterprises will use some form of technology for recognition and reward. But less than 25% will leverage its full potential across the different use cases.
Organizations are trying hard not to fall into the 75% category. Gone are the days when a simple pay hike and a pat on the back would suffice. HR departments are now coming up with innovative and inventive ways to dole out rewards and recognition. Here are a few:
1. Tech rewards: The rewards employees receive have gotten a tech overhaul. The organizations also realize that technology is now a part of our daily chores, hence they strive to provide incentives that are practical and relevant. Rewards these days include, smart fitness trackers, tablets, wearable tech and so much more.
2. Tech AI enabled recognition platforms: There are various platforms like Kudos, iAppreciate and many others that provide instant recognition to the employees. A Few platforms are also AI enabled with machine learning capabilities, offering a customized recognition to the employee, that lets them know that their managers appreciate their effort.
3. Augmented/real time monitoring systems: Employee monitoring systems operate on real-time, giving a well rounded perspective of the employees efforts. The lag in performance and delivery is a thing of the past. Organizations now have the capacity to course correct employees growth.
4. Social media recognition: Organizations are also social media aware, going to great lengths to maintain a healthy online reputation. Social media recognition goes a long way in this regard. Not only does it tell the employee that the organization is relevant in his/her life, it also markets the recognition scheme of the organization the employees online friends, thereby upping the organizations online presence.
5. Unified working platforms: Organizations now employ unified working platforms, wherein by using a single login credential, employees cannot just work but also access the internet/intranet for their social and personal needs. The appraisal and feedback mechanism is also integrated into the same platform.
These are the technologies that are already available and in use. Soon, newer technologies will change the way we look at rewarding the employees. It is safe to say that the future of rewards and recognition is surely looking tech savvy.