Many companies across the globe understand the broad range of benefits that can result from implementing an employee share plan (ESP) but understanding how to demonstrate value, increase engagement and drive participation is often more difficult.
The recent digital acceleration taking place across the globe presents a unique opportunity for companies to utilise intuitive technology to increase employee engagement. For those offering contributory plans, smart technology is also helping to create informative content to increase the likelihood of employees joining a share scheme. For companies offering award schemes, technology remains key to ensuring your employees are reminded of the value and engaged with their share plan.
Read on to understand the role technology can play in increasing employee engagement and driving participation in your company’s employee share plan.
Understanding the employee ownership mindset
The companies that achieve successful employee share plan outcomes are those that manage to create an ownership mindset within their workforce. Meaning, employees feel invested in and part of the future of the company. When your employees own a stake in your organisation via a share plan, they are more engaged, experience a greater sense of ownership and are less likely to leave. But these benefits are often overshadowed by the perception that joining an employee share plan can be complex and confusing with employees not fully understanding the value participating in a share plan can provide.
There are many moving parts to consider when aiming to implement an effective employee share plan, and digital technology should play a key role in your overarching strategy.
Digital acceleration is transforming employee expectations
Over the last two years, many factors have fundamentally changed the way we operate. We have spent more time than ever on our personal devices, and technology novices have had little choice but to embrace digital channels to complete even the most mundane tasks. Remote working is also now a centrepiece of the corporate landscape, with many employees quickly adapting to new ways of working with new technologies.
But when it comes to employee share plan technology, many companies don’t undertake regular reviews. Just because it was suitable for your employees two years ago, doesn’t mean it’s still providing an optimal experience today. Your employees now expect a share plan experience that measures up to their technology experiences in other areas, such as offerings from emerging neo banks.
It’s integral for companies to understand the opportunities and challenges presented by the digital transformation that’s unfolding. Is your employee share plan technology up to scratch? Do you understand how it might impact employee engagement and perception of your company’s employee share plan?
Regardless of which technology solution you choose for your share plan, it must be intuitive and user friendly to enable even the least tech savvy participant to view and interact with their employee share plan. If your least tech-savvy employees are unable to complete even the most basic of tasks using your platform, ask yourself — is it time for an upgrade?
‘Mobile’ as a platform stands to play a key role in equity plan systems moving forward, especially as digital native generations begin to enter the workforce, bringing with them a greater demand for a more engaging, interactive, and intuitive experience. It also provides the opportunity for remotely dispersed workforces to engage with their employee share plan more easily.
Computershare’s EquatePlus platform services more than 3 million users and facilitates over 2 million logins per month. This shows that when provided with intuitive technology that offers ease of access, users are more engaged with their portfolio. To further our point, recent data shows our EquateMobile app users are three times more active than PC/web-based users, highlighting that today’s modern user will be more engaged with their portfolio when offered flexible access, via a simple, easy to use platform.
When was the last time you reviewed your share plan technology?
Ensure your employees can engage anytime, anywhere with EquatePlus.
Become a technology enabler and remove the barriers to participation
With consumer expectations for an omni-channel experience rising quickly, it begs the question: what can you do to simplify your employee share plan and make it accessible to your employees?
Empower your employees with a leading digital experience
If we’ve learned nothing else over the last two years, it is that technology can really improve the way we operate. The same goes for your employee share plan experience. Using technology-enabled, easy to use software, like an app, that makes it simple, means your employees will be more engaged with their portfolio.
Use technology to help your employees make informed decisions
One of the biggest barriers to share plan participation is lack of understanding. When communicating the rules and structure of your employee share plan, use rich media such as videos or digital slideshows, in conjunction with email or other online communications, and help make what might otherwise be overwhelming for your employees, much easier to comprehend.
Utilising employee share plan technology can equip your company and employees with the tools and confidence they need to engage anytime, anywhere. Making your employee share plan accessible and easy to understand is the key to driving engagement and increasing participation.
Whether you’re thinking of implementing an employee share plan, or if you already have a well-established program, Computershare’s EquatePlus platform powers the secure, effective management of employee share plans throughout the entire plan life cycle. With powerful capabilities and a modern and intuitive platform, managing your employee share plans is straightforward.