TR2050 Global Panel Discussions:
TR2050 have initiated a series of global panel discussions on the future of reward that have seen us in London, New York, Dubai, Stockholm and Boston. We were recently in Cambridge, Massachusetts, in the USA, at the headquarters of Moderna.
Our panel in Cambridge is: Asha Nataraja – head of total rewards at Shopify, Manjit Gill – senior vice president of global total rewards at Otis Worldwide, Billy Schultz – global vice president of total rewards at Mars, Stacey Rapacki – vice president and head of compensation at Northwell Health, and finally, Hem Patel – vice president of total awards at Moderna. The panel is expertly moderated by Dr. Ben Shenoy, a visiting professor at the London School of Economics and a TR2050 academic in residence.
We are exploring:
- Skill-based pay and its implications
- Balancing technology and human interaction in rewards
- Generational differences and their impact on rewards
Technology
TR2050 Technology’s rapid evolution continues to reshape our world, and its impact on the realm of rewards is no exception. From analytics and AI to blockchain and gamification, the potential for innovation in managing and delivering rewards is immense. However, with this potential come significant challenges, particularly around ethical considerations, data privacy, and transparency. In our panel discussion, we will explore how organisations can leverage these powerful technologies while responsibly navigating these crucial issues. Join us as we discuss balancing innovation with integrity in the digital age.
When discussing AI and emerging technologies, it’s crucial to clarify what we mean – whether it’s generative AI, predictive analytics, or other innovations. Different technologies come with varying risk profiles, and not all carry the same inherent risks. Companies looking to embrace new tech should first assess the specific risks and benefits to ensure alignment with their goals. Ultimately, it’s all about ROI: How does this technology improve efficiency, enhance employee experience, or add value to the organisation? Clear purpose and thoughtful risk management are key to maximising the impact of any tech investment.
Adopting new technology isn’t just about following industry trends; it’s about choosing solutions that fit your organisation’s needs and goals. At Moderna, we use GPTs to simplify our benefits and equity programs, which improves efficiency and frees up time for deeper, personalised conversations on topics that matter most, like healthcare plans. It’s all about balancing automation with human touch and carefully evaluating risks. While evolving tech may bring new challenges, fear of risks shouldn’t prevent companies from exploring possibilities. The key is to understand what’s feasible, align it with your tech maturity, and prioritise what makes sense for your organisation’s unique journey.
TR2050 Advocating for a nuanced view on risk means leveraging tools like GPTs to provide responses with confidence levels, allowing users to make more informed decisions rather than accepting answers at face value. This approach encourages a more critical, data-informed judgment.
As we adopt AI, it’s essential to balance innovation with careful risk evaluation. Quick wins, like using bots to answer simple questions or streamline basic tasks, bring immediate efficiency with minimal risk. For more complex areas, such as performance management or compensation, there’s greater potential but also more need for a human touch. AI can serve as a foundational tool, with humans involved to mitigate biases and ensure nuanced judgment. At Shopify, we’re exploring these possibilities, iteratively testing AI in supportive roles while maintaining human oversight. Embracing a thoughtful risk appetite allows us to leverage future-facing technology effectively, without letting legal concerns stifle progress.
While there’s a lot of excitement around new technology, it’s essential to evaluate use cases thoughtfully and choose what aligns with your organisation’s needs. Technology can make us more efficient, but it’s about finding what truly adds value without replacing the critical human element. Each organisation should identify its unique applications and approach risks, like data privacy and transparency, openly and proactively. With the right balance, you can leverage these tools effectively while managing risks based on your organisation’s specific profile.
As technology reshapes workplaces, finding the balance between innovation and the human touch is key. From self-service tools for understanding benefits to AI-driven insights on market salaries, tech empowers employees. But as we integrate these solutions, we must navigate sensitive boundaries, especially in areas like healthcare where privacy concerns arise. For example, while reminders for preventive check-ups may be welcome, more personal health prompts might erode trust.
Different roles require tailored approaches. While office workers may benefit from self-service solutions, frontline roles, like veterinary technicians or supply site staff, might value direct human support more. This balance between tech and human interaction is essential, like at the airport where automated systems are backed by human assistance during moments of stress.
The final challenge lies in how we leverage technology’s impact on the workforce itself. Are we reskilling, redeploying, or leaving people behind? Addressing this thoughtfully is crucial as we advance. Let’s continue exploring how to responsibly blend tech with human-centric strategies for a more supportive work environment.
TR2050 Addressing specifics, not just generalities, is key in today’s evolving workplace. One important topic we discussed is how organisations can navigate the stress and uncertainty that technological change brings to employees. How do these shifts impact roles and responsibilities? More importantly, what is the true value in the employee value proposition (EVP)?
Is the reward simply in making processes seamless and frictionless, or is there a deeper, more meaningful aspect? As we integrate new technology, understanding and enhancing the EVP – beyond efficiency to include genuine support and growth – will be essential. Let’s redefine what ‘value’ truly means for employees in this era of transformation.
A key takeaway from today’s discussions is the purpose behind using technology, enabling employees to focus on what they love and excel at. At Northwell Health, this means leveraging tech to keep our teams at the bedside with patients, minimising distractions, and simplifying access to essential information. It’s about empowering them to perform their roles more efficiently and effectively.
Applying technology in manageable, strategic steps is crucial. Creating a clear, digestible technology roadmap helps ease the transition for both employees and teams adapting to these changes. Ultimately, while we may all be at different points on our tech journey, our goal remains the same – keeping employees engaged and enhancing their ability to do what they do best.
Embracing technology is a journey, not a destination, and aligning it with an organisation’s value proposition is essential. We, as total rewards professionals, often consider the value for the company but must equally prioritise the value for employees. A great example of tech-driven value is Shopify’s ‘Sidekick’ tool, which automates key tasks for small business owners, freeing them to focus on what truly matters.
In the total rewards space, we can take a similar approach. Imagine managers spending just a few minutes on performance reviews with AI-powered tools that handle the heavy lifting, allowing them to focus on impactful work. At Moderna, for instance, this means enabling teams to dedicate more time to saving lives and less on administrative tasks. Leveraging technology to streamline processes and empower employees is how we create a meaningful, balanced value proposition.