How big data is transforming benefits and rewards?
Big data has transformed the way in which businesses perform on a day-to-basis. Vast troves of information have allowed businesses to personalize their product offerings to the market’s satisfaction.
The applications of big data, however, are endless. Companies are even making the most of big data to change the way they approach their benefit and reward programs and employee recognition strategies.
Before big data provided such powerful insights into what satisfies employees, B&R programs and recognition tactics were often fell within the jurisdiction of HR who, involved on a micro and macro level in the people operations of the company, would be best equipped to intuitively design such programs. Today, with massive amounts of data available to them at the click of a button, companies are abandoning the one-size-fits-all benefits model and embracing bespoke programs adapted to each employee.