It’s time for retailers to ask what’s in store for the future of their employee experience. The American labor market as it is today—with its consistently low unemployment rate and millions of unfilled jobs—has not translated as impressively to wage growth. With sweeping pay and bonus increases not economically viable, retailers should consider alternative pay and compensation options to motivate and retain their top talent.
Tanya Jansen, beqom CMO, shared her thoughts on how technology can help the retail industry to build an incredible employee experience, with Retail Info Systems.
Incentivization for increased performance
Artificial intelligence (AI) and predictive analytics can and should play a leading role when it comes to motivating your retail associates and virtual sales teams. By offering a clear and transparent window into how performance impacts compensation and aligns with overall business goals, employees will be able to measure their productivity against their income, resulting in a more financially empowered and motivated workforce.
Aligning compensation plans with employee expectations
Improving your employee experience means meeting and anticipating expectations for your current and future workforce. While this appears more challenging than ever before—given the fact that today’s workforce comprises five generations, all bearing vastly different compensation wants and needs—AI can help retailers create and implement compensation packages that satisfy workers across age ranges.
Recognizing and rewarding talent with equity
In 2018, pay equity shouldn’t be a question for business leaders to ponder. And yet, it is a problem that has perpetuated the American workforce for centuries, with women and minorities continuing to face discrimination in the form of pay gaps, being overlooked for leadership opportunities, slow to stagnated career growth and more.
In the same way that AI-based Sales Performance Management software can offer employees transparency into how their productivity impacts their compensation, retailers can take advantage of AI to measure performance against a variety of factors that actually contribute to performance—like experience, education, skill sets and more—while removing the arbitrary and discriminatory factors like age, race and gender from the compensation equation.