Why an uncertain future requires a new generation of flexible digital solutions.

The Covid pandemic has forced the business world to perform a massive global experiment. If you are in the business of managing incentive schemes, you should pay close attention to the results.

Technology support for widespread remote working

In 2020 two hypotheses were tested: whether current technology is robust enough to support widespread remote work, and whether employees can adapt to working from home, effectively.

To the surprise of many managers, remote working has proved unexpectedly successful. Digital technologies make it possible to coordinate even complex tasks in a decentralised work setting.  And many employees have enjoyed the chance to avoid the commute and more easily balance work and home life.

A New Way of Working

As noted in the Financial Times, lockdown has shown firms that a new way of working is possible: “The pandemic has made a different future possible. The experience of lockdown proved to many employers what they had not quite believed (and would never otherwise have tried): large-scale remote working is effective.”

Is your business future-proof?

Lockdown has demonstrated that digital technologies can make remote working more effective than many of us had anticipated. However, when it comes to decentralised operations, not all remote technologies are equal. More to the point, not all technology is equally suited to every application.

By now, the frustrations of working from home will be familiar. Amongst these are the challenges of coordinating tasks over remote chat; the stress of accessing vital information precisely when it is needed and transferring sensitive information securely; and the difficulty in communicating with employees on pressing issues. These problems are especially acute for specialised processes, such as incentives scheme management.

For specialised processes, you need specialised technology.

Fortunately, the next generation of SaaS technologies have been purpose-built to optimise incentive scheme workflows to provide flexibility fora wide range of conditions, rather than just one particular set of circumstances. That includes optimising workflows for remote users.

So how do you make your business future-proof? By finding solutions that are not simply temporary, short-term fixes to alleviate existing problems, but rather by finding flexible, water-tight solutions that are robust enough to cater for a variety of workflow scenarios.

Software as a value-adding service

Managing share incentive schemes has traditionally consisted of largely admin-intensive processes managed using clunky spreadsheets that are shared frivolously between multiple users and across departments. Routine tasks, such as checking grant letters, tracking acceptances and collating election results from participants becomes tedious, punishingly time-consuming, and detracts from the real value-add that share scheme managers offer.

Keeping track of changes to data and version control for reporting purposes adds to the level of administrative risk within these processes, which rely heavily on the accuracy and knowledge of the people who are responsible for these tasks.

With so much manual intervention and coordination between teams required, how can you reasonably expect this process to be error-free?  The answer is you can’t, without using secure, next generation, incentive management software.

Share incentive Scheme Management: The dawn of Automation

Using automated software with cutting-edge digital tools is a game-changer. It provides businesses with peace of mind that data and processes are managed in a controlled way across multiple divisions, and removes the reliance on key individuals’ knowledge and accuracy. The systems automate many of the administrative processes, automatically create an audit trail and make coordination between employees absolutely seamless.

Conclusion

The upshot is simple. Whether your employees are working at the office or in their own homes – on a beach in the Maldives or in a cabin in the woods – the next generation of powerful SaaS solutions have been designed to enhance workflow under all conditions (assuming you have an internet connection).

If you’re in the business of managing incentive schemes, you need to ensure your company has the powerful and flexible tools it needs, whatever the future brings.

About Shareforce

ShareForce designs digital tools that make managing employee share incentive schemes faster, safer and so much more dynamic. Call ShareForce to learn more about how our next generation SaaS solution is the cost-effective way to future-proof your business.

To view a demo of the ShareForce Incentive Plan management tool, fill in the form below or visit www.shareforce.net/contact