uFlexReward recently sponsored the Dialling up Digital Reward conference organised by Neovation.
Neovation is a movement to rethink Reward today and into the future. Founded in 2020, Neovation is a cross-industry movement of people creating collaborative solutions to make the world of work a better place.
Working in partnership with the world’s most forward-thinking companies and Senior Reward professionals, Neovation aims to disrupt thinking, foster innovation and improve knowledge.
The world of work has evolved faster than anyone imagined. Yet Reward practices have barely changed. With businesses constantly embracing new, agile ways of working, Neovation is rethinking how to best recognise and reward performance.
At the recent Dialling up Digital Reward event in London on March 19 leading reward professionals and key speakers* from across the world gathered to address the following subjects:
Reflecting on Neovation: Innovations and Insights in Total Rewards
For Total Rewards Leaders, attending Neovation offered a comprehensive look into the evolving landscape of employee rewards, the integration of behavioral economics, the pivotal role of digital transformation, and the strategic importance of leveraging data and technology within HR practices. The conference served as a rich confluence of research, innovative ideas, and practical strategies, addressing the challenges and opportunities within the total rewards realm.
Behavioral Economics: Steering Employee Behavior
Dr. Ovul Sezer’s deep dive into behavioral economics was a powerful reminder of our ultimate goal in rewards management: to influence and steer behavior. Her insights into loss aversion and the psychological impact of choice architecture were particularly enlightening. The concept of opt-out strategies for 401k contributions, for instance, showcases how understanding human behavior can lead to more effective incentive designs. Additionally, Dr. Sezer’s advice on managing communication—bundling bad news and separating good news—offered tactical approaches to enhance organizational communication effectiveness.
The Reward Cube: The Digital Transformation Opportunity
Peter’s enlightening session on integrating digital technologies into rewards strategies underscored the importance of simplicity, interactivity, and user-centric design in our digital offerings. His introduction of the ‘digital reward cube’ provided a strategic framework for implementing digital rewards. It is so important to keep our stakeholders happy, and digital tools give us tons of ways to do just that. Breaking it down into “cubes” is such a smart way to prioritize and tackle things effectively.
The Power and Simplicity of Recognition
Dr. Meisha-Ann Martin’s focus on recognition reinforced the impactful role of non-monetary rewards. Her alignment with Peter’s digital strategy cube highlighted the synergy between recognition and digital platforms, suggesting innovative ways to amplify the impact of acknowledgment in today’s digital age.
The Critical Role of Data and Technology
Martha Cook’s argument stating even though we might feel tied to market benchmarks, there are still plenty of opportunities to use data and analysis to our advantage. It’s all about finding those low-hanging fruits! Gaurav Kehra’s insights into the integration of AI in automating routine tasks spotlighted technology’s crucial role in modern HR practices. Emphasizing evidence-based decision-making, these conversations aligned with the need for HR to adopt a more analytical and strategic approach, particularly in leveraging AI to enhance employee experiences and satisfaction.
Strategic and Cultural Considerations
Ian Leslie’s insights on thought diversity and organizational culture, alongside Howard Gallagher’s emphasis on empathy and user-aligned technology, underscored the broader strategic and cultural dimensions of implementing HR technologies. Their perspectives reminded us that the success of technological initiatives hinges on their alignment with organizational culture and the human elements of employee engagement.
Reflections and Key Observations
Neovation wasn’t merely a conference; it was a clarion call for HR professionals navigating the intricacies of modern employee rewards and engagement. From the power of a simple “thank you” to the groundbreaking potential of AI in redefining workplace experiences, the event underscored the multifaceted roles of psychology, technology, and data in crafting effective reward strategies.
Our personal observations further emphasized the significance of these themes:
- Behavioral Economics: The session was a vivid reminder of our role in shaping behaviors through strategic reward choices, highlighting the necessity of embracing these concepts to refine our strategies.
- Digital Transformation: Peter’s presentation showcased the transformative power of digital tools in stakeholder engagement, offering structured ways to enhance our digital reward strategies.
- Data-Driven Decision Making: The importance of robust, actionable data in steering informed decisions was undeniable, urging us to move beyond intuition towards data-informed strategies.
- The AI-Enhanced Future: Envisioning the future role of AI in HR was both exhilarating and daunting, challenging us to integrate AI in ways that augment the employee experience while maintaining a human touch.
- The Evolving Role of HR: Discussions on the future of HR, including radical ideas like democratizing HR functions, highlighted the dynamic nature of our field and the ongoing need for innovation and adaptation.
As we look forward, the insights from Neovation inspire us to embrace these innovations and challenges, crafting human-centered strategies that drive engagement, performance, and satisfaction. The road ahead is complex yet exciting, with innovation and transformation as our guiding stars.
Want to learn more, please get in contact.
*Key Speakers:
Dr. Ovul Sezer:
Ovul Sezer is a behavioral scientist and a stand-up comedian. During the day, she is an Assistant Professor of Management & Organizations at Cornell University, where she teaches Managerial Decision Making, Diversity and Organizational Behavior. Late at night, she performs stand-up routines in comedy clubs.
She applies the same observational tools to both jobs, identifying a particular human behavior that seems interesting or confusing, either by studying it in-depth using experiments or describing it with humor. Her research focuses on Impression (Mis)Management – the mistakes we make when we try to impress others. She received her bachelor’s degree in Applied Mathematics from Harvard University, and her Ph.D. in Organizational Behavior from Harvard University.
Peter Newhouse:
Peter Newhouse is a well-known expert on pay. Currently focused on the Future of Reward, he is a frequent speaker at international conferences, has had articles published in newspapers and specialist publications and has featured on television and radio.
Peter was Unilever’s Global Head of Reward from 2010 to 2021. He was previously a senior executive at Ford in North America and Group Head of Remuneration at Standard Chartered Bank in London.
After graduating with a Law degree, Peter started his career in Reward in 1980 when he joined the American consulting company Organization Resources Counselors Inc (ORC). As well as developing the Reward consultancy services of MM&K, specialists in executive and incentive compensation, Peter also ran his own Reward consulting business, Peter Newhouse & Co from 2000 until he joined Unilever in 2010.
Dr. Meisha-Ann Martin:
Dr. Meisha-ann Martin is the Senior Director of People Analytics and Research at Workhuman, the company revolutionizing the way employees celebrate, connect with, and appreciate each other in the workplace.
Meisha-ann has a personal passion for diversity, equity and inclusion and loves using data and analytics to identify and remedy inclusion gaps in the employee experience. She is considered a people analytics/employee experience expert as she has led these efforts in companies like Flex, JetBlue and Raymond James Financial and is the former head of talent experience at ServiceMaster.
Meisha-ann has a Ph.D. in industrial/organizational psychology based on her research on diversity attitudes in the workplace and has fifteen years of experience working in people analytics and employee engagement across a variety of different industries.
Meisha-ann regularly speaks at conferences, on webinars and on podcasts; her thought leadership has been featured in Forbes, HR Dive, and Benefits Pro.
Martha Cook:
Martha is the EY Global and EMEIA Total Rewards leader and leads EY’s Total Reward Center of Excellence. Martha advises global company Boards, C-suites and HR leaders on emerging global trends, leading TR framework designs and practical strategies to enhance their EVPs, employer brands, WF experience and retention while harmonizing across people, performance & rewards agendas.
She has a proven track record of helping implement strategic solutions that integrate cost efficiency, market leading design, & employee engagement with digital insights that promote performance, wellbeing and long term value stakeholder outcomes.
She a frequent contributor to the global total reward discourse through her participation in EY thought leadership, external webcasts, publications, and speaking events (most recently Davos in 2023).
Ian Leslie:
Ian Leslie is the author of acclaimed books on human psychology and behaviour, translated into over a dozen languages. Malcolm Gladwell describes him as “one of my favourite writers”.
Ian has a background in business; before launching a writing career he worked as a strategist for some of the world’s biggest brands at ad agencies in London and New York. He is a contributor to the Financial Times, the Economist, and the New York Times and a keynote speaker at companies and conferences around the world, on curiosity, innovation, and productive disagreement.
In his popular Substack newsletter, The Ruffian, he writes about culture, politics, and creativity in the age of AI. Ian is a fellow of the Royal Society of Arts. He lives in London with his wife and two young children.
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