Bringing automation and simplicity to awarding your valuable employees while helping them perform in line with company goals.
Issuing new awards has traditionally consisted of spending hours on mind-numbing admin. Any Rewards team member at a listed company would see the below scenario as familiar…
You spend hours inputting excessive employee data into spreadsheets, emailing hundreds of grant letters to each unique participant and following up to remind them of the respective upcoming vesting and expiry dates. It’s a long, hard and admin-intensive trudge.
In this rapidly changing world of new opportunities and A.I driven SaaS products, there is no need to trudge. However, it is up to the share plan management team to take advantage of all the benefits this digital era has to offer in retaining and rewarding the right talent.
Already, forward-thinking share plan managers are embracing a digital approach to simplifying these methods. The question is, are you?
What is holding your rewards team back?
Just face it, manual legacy approaches are lowering your staff efficiency and productivity. Yes, they may still work for your organisation, but they’re fundamentally insecure, unstable and boring to use.
Now more than ever, businesses are aiming to incentivize, motivate and keep key employees closely aligned to long-term growth goals post COVID-19.
However, if you’re involved with the share plan management team, you’ll be familiar with the time-consuming nightmare of digging through multiple data sources consisting of countless files, documents and Excel spreadsheets with the dreaded “N/A” value appearing everywhere. Not to mention the ongoing back-and-forth communication across other departments who are working remotely from the standard office.
Using an outdated system when issuing awards is no fun. It means wasted valuable time spent on mundane tasks that are prone to human error and disconnecting your rewarded staff from the end goal.
Fortunately, technology allows you to have a solid track record of all data at your fingertips, without the possibility of making a mistake that could jeopardize your career.
Empowering through connecting
Share plan management teams who keep an open mind to new platforms and ways of working will be likely to have a competitive influence on business targets and employee experience.
Revolutionising the way employers engage with their employees reinforces company work culture and reminds them of the end goal that they’re striving towards. The below are some of the ways in which technology can achieve this.
Before the prioritisation of employee engagement comes the initial designing and setting up of awards which involves loading all types of schemes and their respective vesting conditions, terms and dates. Digitilisation of this process makes the transfer of information seamless and eliminates all unnecessary paper-based forms and signoffs from various employees at different levels within the organization that accompany this task.
Online employee portal
Providing your rewarded staff with their own login enables them to not only avoid manually emailing personal information, but also assists them in understanding their schemes and potential wealth that may be achieved through fulfilling performance or service conditions and having full display of live market data.
Personalised grant letters & other communication
Just because technology is able to send all relevant details that come with issuing a new scheme on a mass scale doesn’t mean your grant letters and emails need to be generic. Automating this process will still have your Reward Manager’s personal touch, just without the risk and time spent on finding and writing employees’ emails.
Central master database
Using one single-source, data-driven system will unlock data opportunities you never knew existed. Merging of employee data will require less precision in all aspects of storing, tracking and regulating share award activity. Besides for the obvious solution of mitigating the potential security threat that comes with managing your data across different systems, every employee across different departments will be empowered with data that is current, clear and correct.
It doesn’t matter if you’re a private or listed company in financial services, retail or logistics, employee recognition is critical to the success of your business. By streamlining the process of issuing new awards, the risk, stress and time that come with administrative tasks and bulk communication are removed. By embracing an easy-to-use integrated system, incentive management teams are able to engage with their employees, and help them see what rewards and company goals they are working towards. Ultimately, this allows incentive schemes to do what they do best – incentivize.
ShareForce works with Finance and share plan management teams in digitizing the process of incentive plan management. Our cloud-based platform automates and simplifies the administration and reporting processes of issuing and managing new awards on a single-source data system, thereby saving time and reducing human error.
If you’re interested in comparing your current processes to ShareForce, book a demo with us on our website.