Would you trade your data for better benefits?

How much is your employee data worth?

Would you trade your data for better benefits?

Two-thirds of workers around the world said they are willing to exchange their work-related data for more customised benefits, rewards, and compensation, according to a new report from Accenture.

The management consulting firm surveyed 1,400 corporate executives and 10,000 workers from 13 different industries across the globe to find out what they think about companies collecting and using workforce data.

The study showed that more than six in 10 (62%) respondents are open to giving up their work-related data if they could receive more benefits and rewards in return.

Meanwhile, almost all (92%) workers said they were OK with their employers collecting data on them and their work as long as it helped improve their performance or wellbeing, or if it provided other personal benefits.

In Canada, respondents had a slightly different take on the matter, with only 88% of workers agreeing to let their employers collect work-related data on them and 50% believing it’s OK to swap data for more customised development and learning opportunities.

Canadians were also wary of the risks of using new sources of workforce data:

  • 57% said it could damage trust between companies and their employees.
  • Recent scandals related to the misuse of data also left 68% of respondents concerned about how their employee data would be used.
  • About 70% of Canadian workers believed their companies had been using new technologies to collect work-related data to gain more actionable insights on different aspects, such as the quality of work, collaborations between employees, workers safety and their well-being.
  • However, only 24% claimed they were confident that their employers were using work-related data responsibly.

“At a time when companies are using newly available workforce data to drive greater value, responsible leadership is the key to building employee trust,” said Ellyn Shook, chief leadership and HR officer at Accenture.

“Trust is the ultimate currency – it’s the path to innovation and fuels growth by unlocking people’s potential.”

 

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