- Technology has shaped new and innovative ways of doing business, and many organisations have a significant opportunity in the digitally driven business environment
- REFFIND’s unique offering of employee engagement, WooBoard, has increased relevance to businesses of all size, with global surge in employees working remotely
- WooBoard is expertly placed to capture commercial opportunities arising from fast-growing industries
The world is currently witnessing significant epidemiological as well as economic developments where fresh combinations of talent and technology are offering crucial innovations in customer experience, operational efficiency, employee recognition and competitive edge.
Business practices across many industries are witnessing the most drastic changes amid the current scenario that have ever been implemented, especially digital transformation. Other key aspects of this transformation include streamlining processes, using data, or developing completely new ways of doing business, and bringing together every part of the organisation towards a common objective.
Technology has seen a significant boom in recent times and has been at the forefront in bridging the gap for various business aspects that looked not so easy to cope with, given the shutdowns across economies.
During these times of transition, the support from technological innovations has been crucial in minimising the impact on businesses in the fast-growing industries like technology, law, healthcare, and government.
WooBoard Filling the Need for Effective Employee Engagement Tool
One of the technology companies, REFFIND Limited (ASX:RFN) provides a breakthrough solution to create a positive culture of recognition in workplaces through its core offering, WooBoard, an employee engagement and recognition platform.
Employee engagement and recognition is an integral element for employee motivation. As fundamental to being human, recognition is required by employees when they perform good and feel valued about themselves and their contribution to the team.
A large number of managers or organisations do not practice employee recognition when employees bring something great to the table. This; however, may not be due to the unwillingness of the managers to recognise their employees but may be due to the lack of appropriate recognition tools.
WooBoard helps to eliminate this limitation of an ineffective tool for employee engagement by offering a friendly way to keep employees happy while being engaged.
Changing Characteristics of Workforce
More importantly, the landscape of employee recognition is evolving with the changing characteristics of workforce across organisations as well as industries, especially the millennials, aged between 18 – 35 years, who now form a large part of the workforce. Also, this dominating class of employees is less likely to engage in traditional employee recognition programs.
REFFIND believes that WooBoard is an innovative solution designed for the modern-day workforce, delivering an exciting, easy and lightweight solution that provides significant recognition and improves engagement. Moreover, RFN is optimistic that through WooBoard, the Company is expertly placed to provide critical employee engagement solutions, as there is increased workforce transition towards digitally driven work environments.
WooBoard Benefitting from Increasing Need for Employee Engagement
Although technology is keeping the businesses connected as never before, yet there is a lot for businesses to cope with, especially employee engagement and recognition. At a time when face-to-face physical meetings and recognition looks less possible, organisations might look for solutions that match with contemporary requirements of employee engagement and recognition.
Currently, when several organisations are considering laying off employees and cutting on costs through salary cuts, recognising and engaging employees becomes significantly important. Also, making the employees feel valued for the organisation shall keep them happier and more engaged that is likely to improve financial indicators for businesses like revenue growth, operating margin, and total shareholder return.
Several organisations that acknowledge the need for employee engagement and have effective recognition programs experience lower voluntary turnover as engaged employees are less likely to leave their jobs and search for other organisations to work with.
The changing landscape in several fast-growing industries is providing information technology company like REFFIND with significant opportunities to deploy the employee engagement platform. RFN is also optimistic that its WooBoard platform has the potential to be deployed as an essential service across these industries.
Moreover, the Company is focused on developing both existing as well as fresh distribution channels for the commercial delivery of its platform, as the operational outlook for so many businesses in Australia as well as across the globe has now transformed.
RFN stock closed the day’s trade at a price of A$0.001 on 08 July 2020.