Sign up to save your podcasts
Or
Share Episode 16 - Managing Rewards in The Digital Age
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
Episode 16 - Managing Rewards in The Digital Age
Episode 16 - Managing Rewards in The Digital Age
In today’s workplace, compensation and rewards are key to retaining workers. Pay systems of the past do not live up to the demands of the younger generations. If you want to keep your best employees, you need to update your rewards. Based on Chapter 12 of our book, The New World of Work: People Leadership in The Digital Age, we discuss Managing Rewards in The Digital Age.
“Do you want to pay for the job or do you want to pay for the person? Rewards in The Digital Age, The Knowledge Age, with employees not staying in their organizations, in The Gig Economy, there no more jobs anymore, there are only roles, there are gigs. In this era no jobs, Job-Based compensation systems are a thing of the past. A new phenomenon has been introduced called Person-Based Pay. The job is not important, the person is important. What sounds like a very difficult thing to do, can be done with these Human Cloud platforms that can match us up much faster than any HR Department can do. Secret Pay Systems do not work. Pay is a psychological transaction. Workers have to think in their mind that this is sufficient pay for the effort they put forth and that is fairly distributed. If they feel that they have not been paid fairly, they are demotivated. In The Digital Age, reward systems has to be based on the individual, not the job. Imagine if your workforce was full of people that felt appreciated in the way that make sense to them. They would be emotional invested in the mission of the company.”
Listen, Like, Comment, & Subscribe on
Watch on YouTube: https://youtu.be/iNeoRTHvmuc
Listen on Spotify: https://open.spotify.com/show/5lZDdxMxLi0kE9rDBqJiX5
Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-new-world-of-work-podcast/id1631444248
#EmployeeRewards, #GigWork, #Pay, #Rewards, #Compensation, #PeopleLeadersy, #TheNewWorldOfWork, #TheDigitalAge, #TheFourForces, #PeopleSpecialists, #PeopleLeadership,
Website – www.NewWorldPeopleSpecialists.com
YouTube Channel - https://www.youtube.com/@emergingleadershipbrand
Audio Library Credits
Summer of 1984 (Audio) ∙ “grateful kings” by RKVC ∙ YouTube Audio Library
The New World of Work: People Leadership in The Digital Age Routledge Publishing in London, England is available to purchase from Amazon and other book sellers
https://www.amazon.com/New-World-Work-Bashker-Biswas/dp/0367641283
Authors: Bashker “Bob” Biswas, William Garrison, Dr. Robert (Bob) Ramirez
Special Thanks to those at Routledge for their support!
Meredith Norwich and Routledge Business & Economics
View all episodes
By William GarrisonEpisode 16 - Managing Rewards in The Digital Age
In today’s workplace, compensation and rewards are key to retaining workers. Pay systems of the past do not live up to the demands of the younger generations. If you want to keep your best employees, you need to update your rewards. Based on Chapter 12 of our book, The New World of Work: People Leadership in The Digital Age, we discuss Managing Rewards in The Digital Age.
“Do you want to pay for the job or do you want to pay for the person? Rewards in The Digital Age, The Knowledge Age, with employees not staying in their organizations, in The Gig Economy, there no more jobs anymore, there are only roles, there are gigs. In this era no jobs, Job-Based compensation systems are a thing of the past. A new phenomenon has been introduced called Person-Based Pay. The job is not important, the person is important. What sounds like a very difficult thing to do, can be done with these Human Cloud platforms that can match us up much faster than any HR Department can do. Secret Pay Systems do not work. Pay is a psychological transaction. Workers have to think in their mind that this is sufficient pay for the effort they put forth and that is fairly distributed. If they feel that they have not been paid fairly, they are demotivated. In The Digital Age, reward systems has to be based on the individual, not the job. Imagine if your workforce was full of people that felt appreciated in the way that make sense to them. They would be emotional invested in the mission of the company.”
Listen, Like, Comment, & Subscribe on
Watch on YouTube: https://youtu.be/iNeoRTHvmuc
Listen on Spotify: https://open.spotify.com/show/5lZDdxMxLi0kE9rDBqJiX5
Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-new-world-of-work-podcast/id1631444248
#EmployeeRewards, #GigWork, #Pay, #Rewards, #Compensation, #PeopleLeadersy, #TheNewWorldOfWork, #TheDigitalAge, #TheFourForces, #PeopleSpecialists, #PeopleLeadership,
Website – www.NewWorldPeopleSpecialists.com
YouTube Channel - https://www.youtube.com/@emergingleadershipbrand
Audio Library Credits
Summer of 1984 (Audio) ∙ “grateful kings” by RKVC ∙ YouTube Audio Library
The New World of Work: People Leadership in The Digital Age Routledge Publishing in London, England is available to purchase from Amazon and other book sellers
https://www.amazon.com/New-World-Work-Bashker-Biswas/dp/0367641283
Authors: Bashker “Bob” Biswas, William Garrison, Dr. Robert (Bob) Ramirez
Special Thanks to those at Routledge for their support!
Meredith Norwich and Routledge Business & Economics