The most important asset for all employers should be the people that work in the business, their skills, and the experience they bring to the tasks that they engaged with.
Long term business success is achieved through how a company connects with its people and their skills, ensuring operations are efficient and the business can innovate and interact with its customers and suppliers.
As people spend more than half of their lives at work, it is important to ensure workplaces are inspiring and supportive – having a motivated and energised workforce is crucial for business success. Employers can ensure satisfaction at work if their employee benefits schemes engage the workforce, if they do not then the company risks apathy, low engagement, and reduced efficiency.
For the phrase “people are our most valuable asset” to become a reality, we must understand that Human Capital is both a risk and an asset and businesses need to act accordingly to manage the resource and cultivate a flourishing business culture.
In recent years work patterns have become more diverse with greater variability in where people work (on-site, remote, virtual), a trend supercharged by the COVID-19 pandemic. This means that there has never been a more important time for business owners, HR professionals and managers to review and transform how they hire, reward, and engage employees.
Employee benefit schemes should incentivise employees not only in terms of reward and recognition but they should also promote good health and wellbeing to ensure a fit and resilient workforce. Achieving good health means taking care of both our mental and physical health, which is what makes monitoring employee wellbeing so crucial.
Wellbeing programmes are now becoming drivers of business goals and strategy, with mental health support becoming a high-level priority in comprehensive benefits programmes. This enriched employee benefits scheme will enable a business to be an ‘employer of choice’ by offering employees a better employment experience.
Bravo Benefits is a leading provider of cloud-based software that powers our range of benefit platforms – digital ecosystems where companies can run their benefit programmes. These digital support systems are transformational and have proven impact – they help businesses unlock skills, boost employee engagement, and future-proof their workforce by ensuring they are an employer of choice.
Technology is another factor transforming the benefits sector. It offers convenience and speed and provides staff with the opportunity to see and use their benefits 24/7. For employers and managers, it offers excellent employee engagement. New technology also means that new players like Bravo Benefits can offer solutions that are more cost effective, offering more affordable running costs for employers whatever their size.
Reward and Recognition
The hard task for businesses is to ensure that teams, whether they are in a workplace or working remotely, are engaged with one another. Creativity and successful growth delivery depend on spontaneity and teamwork, working together to achieve the greater business goals. Gaining staff loyalty and dedication to the greater business goal requires that people go through good and bad times together and it is the business’ responsibility to recognise and reward the right behaviours from the contributors.
Reward and Recognition Platform
Delivering employee recognition programmes through an online portal allows employees to recommend another employee for a job well done and can also be aligned with business values, which is a good solution for many businesses. The adopted reward and recognition platform should include a range of options to reward employees including peer to peer, manager to employee and employee to manager.
An online portal should allow businesses to incentivise outstanding efforts with monetary rewards through a retail discount scheme, where employees can choose from a wide variety of brands, or other perks. The platform should be optimised with business branding, so company brand and values are reinforced to all employees.
Business owners should remember that a reward and recognition solution is separate from the pay package, although it can also be monetary in nature. Reward and recognition programmes aim to provide a psychological benefit to employees.
We help companies across the UK to attract, engage and retain their best staff with an employee engagement platform that brings employee benefits, discounts and perks, reward and recognition, employee wellbeing and employee communications into one Smarthive hub solution.
Managing Director, Bravo Benefits
Provider of the SmartHive Platform
Smart Hive is an integrated, cost effective employee benefits platform that provides your employees with access to all their health and wellbeing benefits in one place. Talk to a member of our team today or book your very own demonstration.