Unfurling Employee Recognition and Reward Space: REFFIND’s WooBoard Lucrative Stance

Summary

• Employee recognition and rewards are amongst the most pivotal yet ignored organisational aspects even in the modern-day work scenario.
• Changing characteristics of the workforce have led to challenging situations for employers to keep employees engaged.
• Technology-enabled business, REFFIND Limited has developed a breakthrough platform, WooBoard for employee engagement and recognition.
• WooBoard is a fun, easy-to-use, intelligent and contemporary employee engagement platform that gets along with the requirements of the modern-day workforce.

As per the often­-mentioned fact, employee recognition and rewards are amongst the most pivotal organisational aspects that drive employees’ satisfaction at work and willingness to contribute towards organisational goals.

Undoubtedly, being recognised for something adds to the confidence of an individual while boosting the morale and motivation to perform better. More aptly, recognition at workplace fuels employee satisfaction and accelerates the zeal to make a better contribution.

Escalating Emphasis on Employee Recognition

Along with improving organisational values and enhancing team efforts, employee recognition has a lot to offer towards the success of an organisation. When individuals are recognised, their self-esteem is nurtured.

Due to this, the emphasis on employee recognition has escalated in contemporary workplaces.

However, till today, employee recognition is one of the least regarded HR processes in several organisations across the corporate world.

Interesting Read: REFFIND Positioning WooBoard for Opportunities with Changing Work Practices

An aspect worth noticing is the changing characteristics of the modern-day workforce, which is less likely to engage with traditional recognition programs.

It comes from researchers as well as experts that one needs to know about proper ways to offer recognition to people at the workplace. More importantly, there are instances where personal appreciation does the work while at some instances, financial benefits and gifts are brought in to seal the deal.

There are various methods of rewarding and recognition like cash, trophies or symbols, experiences or even a pat on the back that play a specific role in a specific type of situation.

Related: REFFIND’s WooBoard to Gain from Deployment as Essential Service in Fast-Growing Industries

Now that times are changing at an uncertain pace with changing workplace structures, it is equally important for organisations to not only start recognising and rewarding their employees but also to up their game with latest and enhanced solutions for the employee recognition and rewards space.

Of late, we have been witnessing a transition in work habits towards working from home and remote locations, and businesses are struggling to keep up with the pace of change.

However, several tech-fuelled businesses are aiding to keep businesses well ahead in the game with their unique, intelligent, modern-day solutions. Technologies like software as a service and blockchain have helped to build solutions that aid the businesses to stay ahead of the curve in such uncertain times.

Did you Read: Understanding SaaS and REFFIND’s Employee Experience Technology Platform, WooBoard

Intelligent Employee Recognition Solution from REFFIND

REFFIND Limited (ASX:RFN) offers one of a kind, unique and intelligent employee recognition platform that matches the requirements of contemporary dynamic work cultures.

The WooBoard platform is a simple peer recognition platform for employee engagement that helps organisations to develop a positive culture of recognition in the workplace and stay ahead of the increasingly competitive market for talent.

Interesting Read: Looking to Stay Ahead of Increasingly Competitive Market for Talent? Check REFFINND's WooBoard

Significantly, a large part of the workforce in present times is dominated by millennials, who show less willingness to engage in old-fashioned recognition programs. On the other hand, WooBoard, being an innovative solution developed for the modern-day workforce, offers enjoyable, easy-to-use, and light-weight solution that steers insightful recognition and boosts engagement.

The platform’s intuitive design makes it easy to offer instant, open, and meaningful recognition. WooBoard is loaded with various features that distinctively positions it to empower people at organisations to tap into the pulse of organisational culture and begin a conversation of recognition.

Distinctive Features of WooBoard

Kalkine Image (Data Source: RFN Website)

• WooBoard offers peer to peer recognition that simulates real life
• Social & fun element of WooBoard allows employees to like and comment on recognition posts, and add emojis as well as hashtags
• WooBoard allows inculcation of company values across the organisation and to tag, promote and track these values
• It is white labelled so that users are free to add colours and branding to make it feel like their own software
• WooBoard includes points system, badges and leader board to help drive daily recognition
• Access through mobile apps and ensures employees are motivated, engaged and recognised, wherever they are
• Offers optional rewards system where employees can redeem gift cards within the platform
• WooBoard encompasses activity reports, search functionality and custom reports for its users
• TV Mode to view the latest recognition posts in large screen mode on a TV in the workplace
• Allows administrators to create special announcements that are pinned to the top of the feed for maximum visibility
• Easily set up and manage teams based on department, location, activity or interests, as teams deserve recognition too

Potential Clients Implementing Trial for WooBoard

REFFIND had implemented targeted measures, following the completion of a strategic review in April, and as a result of this, WooBoard continued to gain traction during the quarter ended 30 June 2020. Notably, WooBoard’s custom trial programme has been initiated at the Tax Division of the Sydney office of BDO, which is one of the largest accounting firms in the world and a leading accounting firm in Australia.

If the trial proves to be a success, RFN looks forward to sending a proposal to the National Head of Tax to consider implementing WooBoard throughout the broader BDO organisation across various jurisdictions.

Quarterly Update: REFFIND Releases June Quarter Report, A Productive Period for Flagship WooBoard

Escalating Need for Employee Recognition

It is highly likely that employees await recognition to feel valued at work, and their attitude in future might also be shaped on the basis of what recognition is offered to them. Seeking recognition for executing a good job is quite natural and fundamental for human nature.

An employer can choose not to go with any recognition plans for its employees just for a minor cost saving on the bottom line by choosing to sidestep the implementation cost of an employee engagement program. However, an employer might end up on the contrary side, where it could incur high costs due to high employee turnover rates.

With the changing game of employee recognition, it is believed that keeping employees engaged shall be one of the most challenging aspects for a business in the upcoming years as well as the cornerstone for shaping the competition in talent acquisition.

RFN last quoted at AU$0.002 on 12 August 2020.