Ultimately employees who feel valued are more motivated. So, it’s no surprise that the power of employee ownership is key to attracting and retaining the right staff and driving engagement!
Giving your staff the opportunity to participate in your company through employee share incentive plans is a great way to show them they’re appreciated and reward them for their dedication and hard work. It not only encourages retention, but when it comes to attracting new talent, a solid employee equity plan could be what makes all the difference.
But what good is a world-class equity incentive if your employees don’t understand what equity compensation is, what’s expected of them, or how they can benefit from it?
It makes sense, then, that keeping your employees informed about their equity compensation is vital for your business. For an equity compensation plan to be really effective, it needs to be communicated successfully to ensure employees understand their targets and the value of their awards. And what better way to do this than by providing employees with their own personal portal to easily access information and view the performance of their awards?
An enhanced participant experience is crucial to fostering employee engagement, offering concrete reasons for employees to stay with your company and be passionate about your business’s future.
There are several ways an employee portal can successfully boost engagement:
1. Making equity compensation easy to understand
The most challenging aspect of equity compensation is making its advantages known to employees. Simple communication and education of equity plans are essential to ensuring that employees understand what’s expected of them, and the potential wealth they can achieve. Incentive management tools of the past that relied on manual, paper-based communication, human call-centres and processes are simply outdated.
With clear, user-friendly technology, there is no excuse for plan participants to not have access to the information that directly drives their behaviour towards reaching company goals via consistent, brand-conscious communications.
Simply put, simplicity is key!
2. Giving employees the tools they need to succeed
Many organisations forget that today’s modern workforce wants office technology to mirror their personal technology. Empowering employees with their own portal gives them control over their equity. That includes giving them the knowledge, resources, and tools they need to make the most of their incentive plans.
Once they have these, they can be more productive and confidently contribute to your organisation. Having a central source of information empowers employees to check whether they are meeting their performance goals, understand the value of their awards based on a variety of performance scenarios, and exercise when the time is right.
If your employees see the value of their awards, they are more likely to achieve company goals.
3. Keeping global employees in the loop
With the rise of remote working, your company’s incentive plan information needs to be accessible to all participating employees, equally, across different time zones, languages, and currencies.
Whether your company is based in a single location or has a global reach, your participating employees need access to instant information, using your company branding, logos, and images, so employees can immediately trust the experience and feel included.
4. Digitising the admin
Administration is a headache, even for the best of us. Largely because of the need to figure out what to do next.
The right technology knows how to automate administration by providing a gamified approach to tell you what tasks you need to perform.
The same is true if you’re thinking about getting your employees an employee compensation portal that tells them everything they need to know to accept awards, update information, make elections or perform any transaction.
It’s clear that the benefit of having good technology to communicate incentive plan information, speaks for itself. By providing access to meaningful compensation information to your key employees, wherever they are in the world, you are opening the potential for heightened engagement and job satisfaction.
An easy-to-use, global employee portal will boost engagement and influence productivity and retention.
ShareForce combines industry-leading, robust incentive technology with specialist, hands-on service to give your teams the flexibility and simplicity to administrate your incentive plans, all in one place.
ShareForce is ideal for any business that recognises the importance of keeping its employees in the loop, regardless of their location or local currency. ShareForce provides an easy-to-use online employee tool that allows them to check the value of their awards based on different possible outcomes and make transactions whenever it’s convenient for them.
Get in touch if you’d like to learn more about ShareForce’s enhanced participant experience by filling in the form below or visit www.shareforce.net/contact