Flexibility extends to salaries: more and more companies are digitizing results management
The health crisis has accelerated the digitization of the workplace. And it has changed the demands of workers, who prioritize economic and in-kind rewards tailored to their current needs. In fact, 76% of workers at the executive level would choose to have a lower annual salary if, in return, they had a good package of benefits.
This emerges from a recent study by Cobee, which reveals the rise of teleworking, but also the digitization of Human Resources (HR) functions: hiring, training, development … And, above all, remuneration systems. One in four businesses have digitized their profit management through mobile apps and credit cards.
“The pandemic has made people management an even higher priority for businesses,” says Borja Aranguren, CEO and co-founder of Cobee. “And that has led to the adoption of automated tools that provide the flexibility needed in today’s constantly changing situation to meet the unique needs of workers without involving additional work for HR departments.”
Meet the employee
Leading consulting firms with a proven track record in HR innovation joined Cobee to discuss this development. EY, Deloitte, KPMG, PwC and Capgemini highlighted, in a recent webinar hosted by Foro Human Resources, the need for HR departments to update and put aside more traditional techniques.
The debate has shown that flexibility affects not only teleworking (managing your time), but also your remuneration (managing your remuneration). Each employee has their particular needs, and in order to apply flexible measures it is necessary to know the worker: his interests, his demands and his motivations. And facilitate the capacity for self-management.
“Digitally managed compensation in kind is essential because it allows compensation to be tailored to needs. Thanks to a mobile application and a credit card, every employee benefits from all the advantages that their company offers them, ”continues Ignacio Traves, vice president of sales at Cobee.
The “emotional pay” is particularly important in this on-demand compensation. Companies are increasingly taking care of the physical and mental health of workers, promoting activities such as informal chats, virtual yoga or the online psychologist. In fact, health insurance which includes virtual consultations is currently the most popular service for Spanish workers.
63% of companies consulted by Cobee increased use of video conferencing while in prison, four in ten used more online training, and 23% relied on digital tools to manage business benefits such as restaurant tickets. Systems for digital performance assessment and expense management have also developed.
The short-term outlook is to continue betting on digitization. According to the study, only 27% of companies have returned to a face-to-face working model. The rest combines teleworking with employee rotations or freedom of choice. Additionally, 51% intend to increase online training, 25% to digitally manage profits and 24% to implement project management tools.
Corporate profits are a powerful tool for improving job satisfaction. Eight in ten respondents indicate a high (47%) or very high (30%) impact on their level of well-being.
“The current situation around work has led many companies to have to digitize in a hurry. Business leaders are aware of the changing needs of their employees and the fact that more and more people are calling for this migration to digital advantages, ”said Borja Aranguren, CEO and co-founder of Cobee. “The time has come to join the technological wave, especially in a context where companies need tools allowing them to resume their activity”, he adds.
We will talk about flexibility and digitization of benefits at the 4th Congress on Compensation and Compensation organized by RRHHDigital on December 15th and which we have Cobee as a sponsor.