Giving the right rewards is key to employee engagement and retention, and plays a crucial part in delivering a unique employee experience. With millennials becoming the largest demographic in today’s workforce, companies find it necessary to update their rewarding practices. Digital rewarding is the right fit for this need.
Digital rewarding is also the most preferred mode of receiving rewards. Digital rewarding platforms like that of Xoxoday’s, makes it easier for employers to roll out gifting, and also provide lucrative choices to the employees. Online gift vouchers which can be availed on demand, provides ‘instant gratification’ and ‘hyper-personalisation’. This flexibility in choosing and redeeming a reward, ensures that everyone in the workforce get to choose their rewards according to their preferences.
Thoughtful and personalised packaging of digital rewards is another important aspect of the way employees experience the rewards. Customising a reward for every employee may seem like a mammoth task, but a rewarding software can help achieve this effortlessly. For instance, Xoxoday enables employers to quickly personalise reward message templates for their employees at scale.
Rewarding softwares can even be used to automatically trigger rewards at a prescribed date to a target group of employees using reward campaigns. Each of these campaigns can be assigned custom redemption catalogues based on the unique aspirations and interests of the target group. For example, if an HR manager needs to run a ‘health campaign’ for her employees, she could configure a campaign with a personalised message and a custom catalogue with a range of digital gift vouchers of sports club and gym memberships. Not only is the lion’s share of the campaign execution automated, but these campaigns also generate rich usage and redemption data enabling accurate tracking of ROI of the current and future engagement programs.
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For instance, one of India’s largest multiplex companies replaced their manual rewarding process with Xoxoday’s digital rewards and achieved impressive results. Ninety percent of the company’s workforce worked in multiplexes spread across 50 locations which made manual distribution of rewards challenging. Employee experience in manual rewards was poor as adoption and rolling out of the rewards program by the team managers was uneven. Digital rewards ensured uniform adoption and delivery of the program across locations. Rewards were automatically triggered using campaigns set by the corporate HR team. The employees received their rewards instantly and were able to redeem it across a wide range of brand vouchers and experiences.
The adoption of the rewarding process soared, and the campaign turnaround time reduced from weeks to a few days.
This way, personalised and scalable digital rewards provide massive options and instant gratification making it a favourite for the reward receivers. This burgeoning interest in digital rewarding is making traditional rewards obsolete.