Digital payment systems allow an organisation to pay for goods or services electronically, using a mobile phone, the internet, retail point of sales, and other broadly available access points instead of using cash or cheques.
Deploying the right digital payment system can help HR leaders and employers successfully take on the timely payment of employees’ allowances, bonuses and salary challenge. Also, the right tech can help HR leaders design fair changes to compensation, in light of the COVID-19 pandemic.
Effectively deploying a fair, equality-driven compensation plan has been an ongoing challenge for HR executives. Factor in the COVID-19 pandemic, and things get even more mind-bending.
For starters, it’s clear that accurate total reward data and a strong strategy are especially critical in the current unsettled economic climate. With some employers restructuring their workforces in response to the coronavirus’ impact, many lack a clear grasp of employee costs. Bottom line, according to experts, is that it remains surprising how few global companies have an accurate view of their true people costs.
And that’s where deploying the right technology can help HR leaders and employers successfully take on the compensation challenge.
For instance, to take on the compensation challenge, Unilever, the multinational giant, developed and rolled out an HR data consolidation platform, uFlexReward. According to Peter Newhouse, Unilever’s global head of reward, the system collates all costs related to employees (salary, pension, bonus, shares, etc.) into a single real- time platform.
“With that, Unilever benefits from a consolidated, accurate, real-time picture of our employees’ total rewards,” Newhouse says, adding that the uFlexReward solution has been so successful internally that Unilever spun it off as a company in its own right.
Working with Ken Charman, CEO of uFlexReward, to develop the solution, the company has been able to personalize reward, facilitate regulatory reporting and use analysis to identify and correct anomalies within the organization around areas like pay equality and diversity, Newhouse says.