During our Think Tank meeting in Boston on the 26th -27th September we will be building on a groundbreaking technology workstream. This initiative is exploring the evolving role of emerging technologies in reshaping total rewards management.
In collaboration with the TR2050 community, we will investigate the current applications and developments of innovative technologies to enhance reward strategies. We’ll also look ahead to the future, examining the technologies that could transform how the profession supports and implements reward practices. As this workstream unfolds, we’ll analyse how technological advancements are reshaping the workplace and consider how total rewards must evolve to meet the demands of the future workforce.
Embracing technological advancements in rewards
Despite the growing technological wave, many areas within Total Rewards remain untouched by innovation, consuming valuable time and resources. This is a key opportunity for increased efficiency. One promising trend has been the rise of venture-backed “Comp-Tech” solutions in areas like pay equity, survey management, and merit planning.
We are now in the most technologically innovative era in compensation management, and it’s likely that these technologies will soon challenge or replace traditional providers in certain sectors. Yet, current Comp-Tech tools mainly act as more efficient data management platforms, helping reward teams move away from spreadsheets rather than leading innovation.
These tools have not yet integrated cutting-edge advancements like artificial intelligence (AI) or large language models (LLMs). As a result, most companies continue to rely on traditional methods of pay management, such as annual budgeting and pay cycles.
Comparing technological advancements across other functions
Looking forward, the future of Reward will likely feature faster, real-time compensation cycles, supported by a stronger data foundation. Both companies and employees will benefit from better data, leading to higher expectations for compensation management practices.
When we compare HR and Reward to other functions like Marketing, Design, Supply Chain, and Engineering, the gap becomes apparent. AI tools are already transforming these fields, taking on tasks previously handled by junior and even mid-level staff. For HR and Reward to remain relevant and influential, we must embrace similar technological advancements and keep pace with the rapid changes driving other areas of business.
Stay tuned for TR2050 insights on the future of Reward Technology!
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