How Tech Companies can Opt for Employee Benefits at their Fingertips
The giant strides being made in technology and digitisation have transformed workplaces from the traditionally closed, physically occupied spaces, to the open, interactive, connected and collaborative spaces which are the norm currently. The ubiquitous, all pervasive, influence of technology has impacted every aspect of our work and lives, leaving no business/industry untouched. Employee engagement and benefits are no exceptions. The fact that the list of "best companies to work for' is dominated by tech companies and/or companies which use technology extensively is indicative of how technology can make the workplace exciting and engaging.
That tech companies are innovative workplaces is a given ,hence it's not a surprise then that they adopt the same approach towards employee benefits. A lot of innovative employee benefits have been pioneered by tech companies. Integration of technology into HR applications promotes efficiency, productivity and growth. Instant/remote access, simplified procedures, information at fingertips – digitisation has eased the way for many of the routine employee-related functions such as attendance, payrolls, recruitment, performance reviews etc.
Technology can help bring benefits to your fingertips, literally!
For tech companies, opting for employee benefits at fingertips should be intrinsic. In the current age, when smart-phones and innovations in technology have enabled power and convenience at fingertips, why should employee benefits be left behind? Technological advances and innovations can now facilitate administration and deliveries of tailored benefit programs to employees, provide on-demand information, and promote healthier lifestyle and work-life balance. The challenge lies in ensuring not only its relevance to the intended recipient, but also in not losing it in the blitz of information pouring in. For tech companies, where employees are "hi-tech', employee benefits at fingertips are imperative.
Employee benefits often involve expense accounts, filling forms, producing bills/vouchers and claiming reimbursements. This involves paper-work and often a physical presence. Technology driven mobile apps can remove the tedium of the paperwork involved, simplifying the process, making it faster and smoother. Not only does the employee experience improve, the availability of all relevant information at the touch of a button can make the entire process instantaneous, anytime and anywhere. For recurring benefits like Meal, while app-based payments are complementing physical cards, employers need a user-friendly dashboard to manage their administration; something that requires a lot of expertise & focus from a service provider to build & sustain.
Another aspect that is often overlooked is data security. In most payment systems/ employee benefit plans, employee data travels through multiple providers making a lot of HR professionals concerned about its potential usage. Service providers with closed-loop solutions promise great UX for the HR team while ensuring strict data privacy, since they are the sole custodians of data. With the aid of tech such as AI and machine learning, tech companies can not only ensure the security of employee information stored on cloud, data analytics can be used to design and deliver employee benefits of greater relevance.
It's heartening to see both large companies as well as newer tech start-ups leveraging technology to deliver employee delight. Not only do they enable a faster delivery of services, saving time and manpower, increasing efficiency and productivity; management and administration of benefits become simpler, transparent and streamlined.
The roadmap for the not-too-distant future is quite clear – employee benefits will be delivered digitally & HR professionals will need one-touch access to deliver them with ease & convenience – anytime, anywhere.