Flexibility and choice within reward packages is becoming more and more essential for organizations.
Employees expect a certain level of personalisation and autonomy over how they receive their reward. By underpinning the Reward function with a global reward database, an ‘agile flex experience’ is then based on consistent and complete reward data across the enterprise, and crucially allows individual territories to easily experiment with flexibility and choice.
Here are the key approaches:
- Gather a digital inventory of all reward plans
- Index the plans in categories in order to publish Total Reward Statements
- Request feedback from employees within the same user experience to align employee sentiment towards individual reward plans, and the cost of you providing it. This provides opportunities to identify waste or opportunities within the spend
- Pivot and experiment with reward offerings based on optimizing the spend rooted in what employees might, or do, want instead