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In our AI Series, we've been exploring how artificial intelligence is shaping employee rewards programs across various sectors, and today we are hyper-focused on the Banking and Finance Industry.
Numerous finance companies have already adjusted their employee rewards programs to harness the potential of AI, extracting valuable data on employee performance and productivity. This data helps in tailoring personalized rewards.
But how can your finance company effectively utilize AI to shape rewards programs? And which technology should you adopt to optimize employee rewards?
In this latest AI Series post, we have worked to uncover the latest insights on AI and its impact on employee engagement in the realm of finance, and some aspects are quite surprising.
How will AI shape rewards programs in the finance industry?
Employee recognition is a vital component of any happy, engaged workforce. Employees need to feel valued within a workplace and know that their performance is being monitored. Otherwise, they may not see the point in putting effort into their jobs or going above and beyond for the company's greater good.
While employee rewards programs have long been a preferred method of recognizing hard-working employees, AI has allowed financial institutions to up their games in terms of recognition and rewards — when used correctly. AI has already shaped employee rewards in the following ways.
Better understanding of employee wants and needs
Your employees don't want to feel like cogs in the machine. According to Gartner, as many as 82% of employees say it's important to them that their organization sees them as a person, not just a worker (while only 45% say their employers actually see them this way). But with AI, your finance company will be able to glean valuable data about employee wants and needs that can shape your rewards programs.
You'll gain access to information about performance metrics, demographics, job roles, and employee trends through the latest AI software. Predictive AI can also help you anticipate the values, personalities, and goals of certain sectors of employees based on acquired data.
With this data, you will have the tools to create rewards programs that actually hit home with employees. You won't need to waste your AI budget on cookie-cutter rewards that only some employees want or appreciate. As a result, employee satisfaction, retention, and engagement will improve.
You'll gain access to information about performance metrics, demographics, job roles, and employee trends through the latest AI software. Predictive AI can also help you anticipate the values, personalities, and goals of certain sectors of employees based on acquired data.
With this data, you will have the tools to create rewards programs that actually hit home with employees. You won't need to waste your AI budget on cookie-cutter rewards that only some employees want or appreciate. As a result, employee satisfaction, retention, and engagement will improve.
Individualize and personalize rewarding
Integrating AI in financial services doesn't only improve the types of rewards you send to employees; it also enhances the mechanics of sending. Rather than batch-sending generic gift cards to every worker, you can send personalized incentives based on the data gleaned from your AI software.
Platforms like Giftbit offer seamless distribution and enable you to send unique gift card short links to each employee. Employees have the power to choose from a list of hundreds of gift cards, choosing what they want. Or, your company can send them a few specific options for gift cards based on what you know about their interests and values from your AI technology, showcasing your commitment to their satisfaction.
Increase need for data privacy and risk management
New AI technology isn't all sunshine and roses; it poses a level of risk for your company's data privacy. Misusing AI programs could lead you to misunderstand the types of rewards your employees desire. You'll also be gaining a lot of data about employees, some of which shouldn't be shared outside of a small group of HR professionals.
Make sure your finance company understands how to keep employee data safe and maintain its accuracy as you introduce new AI programs. Implement fraud detection and other security measures to lower the risk of utilizing AI within your company. And if you are collecting private data about employees to shape your rewards programs, keep employees informed.
AI tools to optimize employee recognition
How can finance companies capitalize on AI?
As previously mentioned, artificial intelligence (AI) has already started to revolutionize the financial services industry, offering a wide range of benefits to employees and companies alike.
In order to fully tap into the potential of AI, finance companies can seamlessly integrate advanced programs such as staff monitoring and employee engagement tools. Imagine a future where state-of-the-art technologies seamlessly converge with rewards platforms like Giftbit, creating new and innovative rewards programs that not only optimize but also amplify employee engagement.
This integration would pave the way for a dynamic and flourishing workforce, enhancing productivity and driving success in the ever-evolving financial landscape.
