Why do some companies soar while others stagnate? The answer often lies in a resource that's as human as it gets: motivation.

In the pursuit of long-term success, investing in employee motivation isn't just good practice. It's a strategic imperative.

Methods for Motivating Your Employees

An inspired team is the linchpin of innovation and productivity. But fuelling that fire requires more than just a pay cheque. It demands a multifaceted approach, tailored to the unique tapestry of human needs and aspirations within your organisation.

So, before we look at why investing in employee motivation is so vital, let’s first look at some of the best motivation methods.

Forge Connections with Regular Feedback

Consistent and constructive communication builds trust and direction. Regular feedback sessions ensure employees feel seen, heard, and on track for personal growth alongside company goals.

Cultivate Growth Opportunities

Invest in your staff's future by providing opportunities for learning and advancement. A culture of development motivates individuals to grow their careers within your company rather than looking elsewhere.

Empower Through Flexibility

Flexibility in work arrangements acknowledges the diverse lives of employees, fostering loyalty through autonomy and work-life harmony.

Celebrate Achievements

Nothing spells appreciation quite like recognizing efforts with certificates, trophies or awards. So, consider getting custom awards online to capture the significance of individual contributions at award ceremonies.

Offer Financial Incentives with Purpose

While bonuses are standard fare, tying them to clear objectives makes the reward both motivating and meaningful.

Retention: The Bedrock of Longevity

Now, let’s turn our attention to why investing in employee motivation pays off in the long term. The cost of recruitment can cast a long shadow on the balance sheet. But when motivation takes centre stage, employee retention becomes your economic ally.

Motivated employees tend to stay longer, reducing turnover rates substantially. This stability not only saves recruitment costs but also preserves invaluable institutional knowledge within your team. A motivated workforce is likely to become more proficient over time, their growing expertise translating into efficiency and innovation that propel the business forward.

It's simple - by investing in what ignites employees’ drives, you build a community of dedicated professionals who don't just work for you; they grow with you, turning short-term gains into sustained success. 

Cultivating a Resilient Workforce: The Antidote to Burnout

A motivated workforce is synonymous with a resilient one. When employees are engaged and their efforts resonate with the company's vision, they're better equipped to navigate stress and change without succumbing to burnout.

This resilience translates into fewer sick days, sustained productivity during industry downturns or market shifts and more overall robust corporate health.

Consider motivation as preventive medicine for your organisation; it strengthens the immune system of your business, enabling it to withstand and adapt to external pressures.

By investing in employee motivation, you're not just boosting morale today—you're armouring your team with the grit needed for the long haul, ensuring that when challenges arise, they respond not with defeat but with determination and ingenuity.

Innovation: Unlocking the Door to Future Markets

A motivated employee is more than a cog in the machine; they are a potential innovator whose ideas could be key to unlocking new markets.

With stakes in the game and the encouragement to think boldly, team members are more prone to challenge the status quo, suggesting improvements or pioneering products that could lead your company into uncharted territory – lucrative markets awaiting discovery.

Consider that many industry disruptions arise not from solitary genius but from empowered teams working harmoniously towards shared goals. By investing in your employees' motivation, you're essentially planting seeds for future harvests - rich with innovative solutions that satisfy emerging customer needs and keep your business agile in a competitive landscape.

Customer Satisfaction: The Ripple Effect of Enthusiasm

Motivated employees often become the embodiment of a brand, and their enthusiasm has a far-reaching ripple effect. When staff members are engaged and invested in their work, they deliver exceptional service, leading to increased customer satisfaction and loyalty.

Satisfied customers are not only more likely to return but also to spread the word about their positive experiences - effectively becoming a low-cost, high-impact marketing tool for your business.

In this way, employee motivation directly fuels the engine of long-term revenue growth through organic advocacy and repeat business.

So, it stands that by fostering a vibrant workplace culture, you're not just nurturing your team; you're cultivating an expansive garden where every interaction can blossom into long-term commercial success.

Conclusion

In conclusion, the strategic investment in employee motivation is not just beneficial; it's imperative for the sustainable success of any business. The long-term advantages are clear:

• Lower turnover and associated costs.
• Enhanced customer satisfaction and loyalty.
• A surge in innovation and market expansion.
• Increased resilience among team members.

These factors combine to create a formidable competitive edge, showcasing that the path to enduring growth and profitability is paved with motivated employees.

Flexibility and adaptability are core beliefs in his work. His successes have come in large part due to his ability to identify concepts that will transform markets. The companies he’s built – from ride-sharing businesses to sunglasses and eyewear brands – have benefitted from this mindset. As he continues to build his business portfolio, the beliefs will persist in guiding his work. 

“I believe that you have to understand that the world is changing so fast,” he said. “The markets, the appetites, the cultures -- everything changes.”

Alejandro Betancourt has used that ability to identify change and anticipate what it means for markets and consumers to develop an impressive array of business achievements.

Auro Travel Advances Ride Sharing In Spain

Betancourt is the founder and largest shareholder of Auro Travel, a Spain-based ride-sharing company. Betancourt founded the company after seeing an opportunity to compete with similar companies like Cabify and Uber. Spain requires such companies to have vehicle licenses to operate. The company aggressively began acquiring the licenses, which are in limited supply.

The company, founded in 2017, today has about 2,000 licenses, mostly in Madrid. It is the largest provider of private car services with drivers in Spain. 

While the move was perceived to be risky at first, the strategy has paid off. Auro Travel developed a division, Arrow, which licenses the licenses to other ride-sharing companies seeking to operate in major Spanish cities.

Betancourt takes a hands-on approach to the companies in which he invests or creates. At Auro Travel, for example, he is fully involved in strategic planning, selection of key management leaders, and the creation, testing, marketing and launch of the company’s mobile app.

Betancourt believes the ride-sharing industry will continue to evolve and grow, noting that several of the companies are now branching out into areas such as food delivery. With the fierce competition for market share in the industry, he believes there will be contraction eventually.  

A Career In Varied Industries

Alejandro Betancourt attended Suffolk University in Boston, graduating with a double major in international economics and business administration. He started his career working for Guruceaga Group as a new business manager for the international trade company. He later served as a director of trading and an executive trader for ICC-OEOC, an oil and gas company.

He served as a director of two energy companies. At BGB Energy, the Venezuelan affiliate of Kawasaki Heavy Industries, he oversaw sales origination throughout the country and was responsible for 13 turbines. He later served as a director of Pacific Exploration & Production Corp., a Canadian public company with operations throughout Latin America.

In 2012, Alejandro Betancourt joined O’Hara Administration. Today, he is the director and a controlling party of the asset management and investment firm. He oversees the firm’s fund-raising and investment strategies, working with European banks and institutional investors. He is the firm’s largest shareholder in private equity investments in technology, banking and oil and gas companies.

Bright Future For Hawkers

Hawkers began as a $300 investment by four friends, who bought 27 pairs of American sunglasses made by Knockaround. Reselling the sunglasses proved to be an instant success. The founders decided there was a market for affordable, high-quality sunglasses with a modest price point -- $20 to $40 at the time. A Kickstarter campaign netted them nearly €190,000 and Hawkers began offering a range of colours, frames and lenses.

The founders, however, faced operational and logistics hurdles that had led to shipping delays and frustrated customers. 

Alejandro Betancourt saw the potential in the young company. He and a group of investors put up €50 million for the eyewear company. In November 2016, Betancourt was appointed as company president for Hawkers. 

In 2018, Betancourt made an additional investment of €20 million. Today, he is Hawkers’ largest individual shareholder.

Betancourt used several innovative marketing strategies to grow Hawkers to the third-largest sunglasses brand worldwide. He relied heavily on social media and influencer marketing to begin using well-known web stars to tout the product. Hawkers gave the influencers free sunglasses along with promo codes they could share with their followers.

Betancourt also began using celebrities and signed promotional deals. Ford, Kia, Mercedes-Benz, PayPal, PlayStation and Smart are among the companies Hawkers partnered with. In addition, the company signed a marketing agreement with the NBA’s Los Angeles Lakers. Celebrity partners included Steve Aoki, Lionel Messi, Ricky Rubio and Usher. 

Betancourt also launched a campus brand ambassadors program that has recruited 5,000 college students to date. The ambassadors, chosen due to their wide social media followings, host events on behalf of Hawkers in exchange for trips and festival and concert tickets.

Today, the brand has expanded across Europe to Asia, Australia and North America. For Betancourt, success is a never-ending pursuit. 

“Everybody wants success. Everybody's looking for success,” he said. “It’s a continuous pursuit of trying to achieve your different goals, which keep evolving. As long as you are in that race to continue to pursue them, you are on the road to being successful.”

Deferred compensation can be a great way to supplement your other retirement income sources, and it has some unique benefits that you may not be aware of. It's definitely worth considering if you're looking for ways to maximise your retirement income. Here is a brief explanation of deferred compensation, along with 8 practical reasons to consider it.

1. What is deferred compensation?

Deferred compensation is simply income that you receive at a later date after you have already earned it. This can be done in a number of ways, but the most common is through an employer-sponsored retirement plan. With this type of plan, you agree to defer a portion of your salary into the plan, and then you don't pay taxes on that income until you withdraw it in retirement. The question, what is deferred pay, is really just another way of asking how you can receive your income in retirement without paying taxes on it until later. Additionally, most employer-sponsored deferred compensation plans allow you to invest your deferred income, which can lead to even more tax-deferred growth.

2. Tax-deferred growth

As we just mentioned, one of the key benefits of deferred compensation is tax-deferred growth. This means that any investment earnings on your deferred income are not taxed until you withdraw them in retirement. This can lead to significant tax savings, especially if you're able to invest in a growth-oriented asset like stocks. Additionally, if you defer compensation into a Roth IRA, your withdrawals in retirement will be completely tax-free. It's important to note, however, that you will still have to pay taxes on the income when you first earn it (deferring it only delays the tax bill). But if you expect to be in a lower tax bracket in retirement, this can still be a good strategy.

3. Pay yourself first

One of the best things about deferred compensation is that it forces you to pay yourself first. When you defer income into a retirement plan, you're essentially setting that money aside for yourself before you have a chance to spend it. This can be a great way to make sure that you're saving enough for retirement, especially if you have a tendency to spend everything you earn. Also, since you're not paying taxes on the income until later, you're effectively getting a discount on the money that you're setting aside.

4. Flexibility

Another great thing about deferred compensation is that it offers a lot of flexibility. You can choose how much income you want to defer, and you can also change your mind at any time. If you need to access the money before retirement, most plans will allow you to do so (although you may have to pay taxes and penalties). Additionally, many plans allow you to invest your deferred income in a variety of different investments, so you can tailor your portfolio to your specific goals. This flexibility can be extremely helpful if your needs change over time.

5. Employer matching

In some cases, your employer may offer to match a portion of your deferred compensation contributions. This is often done with 401(k) plans, but it can also be done with other types of deferred compensation plans. If your employer offers matching contributions, it's generally a good idea to take advantage of them. This is essentially free money that can help you grow your retirement savings even faster. Additionally, employer matching contributions often have vesting requirements, which means that you'll have to stay with the company for a certain period of time before you can keep the money.

6. Reduce your taxable income

Another benefit of deferred compensation is that it can help you reduce your taxable income in the current year. This is because you're deferring income into the future, which means that you won't have to pay taxes on it until later. This can be a great way to reduce your tax bill in the short term, and it can also help you manage your cash flow better. Additionally, if you expect to be in a lower tax bracket in retirement, this can be an especially powerful strategy. If you're in a high tax bracket now but expect to be in a lower one later, you may want to consider accelerating some of your income into the current year so that you can defer it into the future.

7. Access to loans

In some cases, deferred compensation plans may allow you to take out loans against your account balance. This can be a good option if you need access to cash but don't want to withdraw money from your account (and incur taxes and penalties). However, it's important to note that not all deferred compensation plans allow loans, and the terms of these loans can vary widely. Additionally, if you take out a loan from your deferred compensation account, you'll have to pay interest on the loan. This interest will typically be higher than the interest you would pay on a traditional loan, so it's important to consider this before taking out a loan against your account.

8. Death benefits

If you die before retiring, most deferred compensation plans will allow your beneficiaries to receive your account balance. This can be a great way to provide for your loved ones after you're gone. Additionally, many plans will allow you to name a specific beneficiary for your account. This can be helpful if you want to make sure that your money goes to the person (or persons) you choose. If you don't name a beneficiary, your account balance will generally be paid to your estate. It's important to note that death benefits from deferred compensation plans are generally taxable.

Deferred compensation can be a great way to save for retirement, but it's important to understand how it works before you decide to participate in a plan. Be sure to consider all of the pros and cons before making a decision, and don't hesitate to ask your financial advisor for help if you're not sure whether deferred compensation is right for you.

A personal loan is money loaned out by a bank, online lender, or credit union and needs to be paid back in fixed instalments and over a certain amount of time. Statistics show that the financial rate on personal loans has decreased over the years, driving the rise of personal loans. When tackled responsibly, debt can be paid back timely and without the risk of losing your assets. In this article, we’ll break down a few advantages of applying for personal loans when needed. 

1. No Collateral 

One significant benefit of a personal loan is that the borrower is not required to pledge any belonging or property as collateral. Consequently, you can avoid the loss of a valuable asset such as your car or house if you are unable to pay back the loan. However, you should note that while the need for collateral is eliminated, these loans are usually offered at relatively higher interest rates and can be challenging to obtain since they are riskier for lenders. 

2. Quick Cash Access 

There are various funding and processing speeds for personal loan applications, but most lenders typically provide funding the same day or a day after the application is submitted. If you’re faced with an urgent cash requirement like emergency travel or auto repair costs, then a personal loan can sort things out quickly. 

You need to familiarise yourself with the complete loan application process even if you are in a hurry. The time you apply, how much you ask for in a loan, and how fast your bank allows you access to the money dispatched are directly related to the approval and receipt of the loan. 

3. Flexibility

Personal loans are a popular financial course of action due to the versatility they offer. They can be used to cover all types of expenses, be it weddings, home improvements, or repair costs. The acceptance of loan usage depends on the lender, but most lenders enable borrowers to attain funds for family, household, or personal reasons. Some institutions put restrictions on personal loan funds being used to purchase real estate property, start a business, or pay for higher-level education. 

4. Easy To Manage

A personal loan having a sole, predetermined rate of monthly payments is much easier to keep track of rather than managing multiple credit cards, each with its own interest rate, payment deadlines, and other factors. Borrowers qualifying for a personal loan with a lower interest rate than their credit cards can organise their monthly payments and ensure saving some money. 

Endnote

A personal loan might help ease some of your problems if you've hit a financial barrier. Personal loans are widely available, and the process of attaining one continues to become more accessible. For example, you can apply for personal loans online and use services that help streamline your financial matters.

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However, a few payment methods still sustain their popularity due to their high credibility, and using PayPal is one of them. PayPal became one of the most prominent names in the world of payment processing after its partnership with eBay. You may be wondering why PayPal is so popular despite the high competition in online payment methods, and your curiosity is completely justified. This list of three advantages will prove the competence of PayPal in the world of payment processing and help you understand the uniqueness of PayPal.

1. Facilitates Online And On-Site Sales

PayPal is the ultimate payment processing solution for your online and in-person sales. The flexibility of PayPal is one of its unique selling points. In addition, it is reasonably easy to integrate with your store’s website and takes only a few minutes to configure. PayPal has various point of sale (POS) systems for your in-person sales, and you can quickly receive payments through ERPLY, Brightpearl, Vendor Touchpoint. PayPal chip card reader works well with all these and also enables contactless payments from Google Pay and Apple Pay.

2. Data Security

These days, customers are more informed than ever due to easy access to information. As a result, they care a lot about the cybersecurity and confidentiality of their data. Signing up for PayPal requires you and your customers to add bank accounts and credit cards to use online purchases in the future.
PayPal frees you from cybersecurity worries through its centralised system and keeps all the valuable bank information private by encrypting that information. This eliminates the threat of hacking and data attacks and preserves your customers' valuable information. Using PayPal comes with an additional layer of security as it has built-in systems for fraud prevention. If a purchase payment made through PayPal ends up being fraudulent, the platform promises to return the money to purchasers. Integrating PayPal as one of your payment methods lets you gain your consumers’ confidence, resulting in higher sales.

3. It Is Cost-Effective

PayPal is one of the most reasonably priced payment methods: there are almost no charges involved in making an account with PayPal, and a small fee of 2.7% is only charged when you make a sale through check-in at a store or your e-commerce website. While the international transactions have some additional costs, the US-based transaction fee is kept at a minimum. In addition, PayPal makes the transfer of the funds much quicker as it delivers the funds to your linked bank account in about one or two business days after you have made a sale. You can access the funds right away by using ATM or debit cards, which is especially useful for small businesses struggling with cash flow management.

Endnote

With digitalisation and e-commerce, competition in every industry is rapidly increasing. Your business must provide the most up-to-date facilities and the best possible services to build long-term relationships with customers and improve customer retention. PayPal benefits your business in multiple areas and has integrated tools to help you succeed. You can gain customer confidence by integrating this big name. With its cost-effective, secure, flexible, and easy-to-use nature, PayPal is indeed the future of online transactions, and it's time your business adapts to this leading technology.

Some employees are now saying they want their bosses to embrace the metaverse to enable more effective hybrid working, a survey suggests. 

US technology company Owl Labs recently surveyed 2,000 people in the UK, finding that 52% of participants backed the call for more virtual technologies to be used to support hybrid working.  

Just over a third of participants said they believed an “office metaverse” would help reduce bias in favour of those who regularly attend the office. Meanwhile, almost two thirds (65%) of participants said they felt that an “office metaverse” would boost flexibility within their organisation. 

“With hybrid work firmly cemented in our work culture, the need for technology that makes the remote working environment more immersive has never been more important,” said Frank Weishaupt, CEO of Owl Labs.

“Through our own experience, we already know how innovative technology can create an environment where everyone feels like they’re in the same room regardless of location. As hybrid work can present potential challenges around presentism and a divide between the in person and remote workforce, immersive technology – like the Meeting Owl, AR and now the metaverse – can be effective tools to boost inclusion and create a more united workforce.”

It means that Market Financial Solutions (MFS), which celebrated its 15th birthday in October 2021, is something of an elder statesperson in the bridging sector. More than that, this milestone also presents an opportune moment for reflection and what is a curious time for both the bridging and property markets.

Bridging market grows at pace

It makes sense to first establish the growth and evolution of the property market since 2006 when myself and the MFS co-founders first began providing bridging loans. Back then, there was just a small group of lenders operating in what was a relatively niche, unknown corner of the alternative finance sector. In truth, the bridging sector suffered from a poor reputation, with the loan shark imagery haphazardly attached to short-term lenders. Positively, however, over the past 15 years, this misconception has been challenged, with bridging finance becoming more and more popular, particularly among property investors.

A key turning point came in 2007 with the onset of the global financial crisis, which naturally had a significant impact on all types of lenders. For bridging loan providers, the credit crunch that followed presented a significant opportunity; banks quickly became more risk-averse and, in short, more reluctant to lend – products were pulled and the criteria that borrowers had to satisfy became more extensive, not to mention more rigid. Bridging lenders were on hand to fill the gap, providing specialist solutions to those unable to access traditional credit lines.

Since this point, we have seen impressive, sustained growth. Estimates suggest gross bridging lending in the UK stood at around £400 million in 2010; by 2019, this figure had reached £4 billion. And while the pandemic did result in an almost inevitable dip in lenders’ loan books – given the property market ground to a halt for around a third of the year – the signs since late 2020 have been positive, suggesting that the market has begun to expand again.

Bridging becomes more diverse and creative

The above narrative is, of course, an oversimplification of how the bridging market has changed since 2006. Yes, it has grown significantly in terms of both the number of lenders that are active in this space  and the volume of deals being completed. Of more interest, though, is the way in which bridging products themselves have changed. Indeed, at MFS, the difference between our product range during our early years of lending compared to today is stark. It is a trend that has been seen across the industry.

Residential, semi-commercial, commercial; first-charge, second-charge; auction finance; buy-to-let (BTL) products; hybrid loans; development exit; refinancing – there are almost too many types of bridging loans on offer today to list. But it is positive to note just how creative and diverse bridging lenders have become in creating specialist solutions for all manner of clients and the potential complex circumstances they find themselves in.

To that end, the bridging industry has also had to adapt to some challenges related to reform and regulation within the UK property market. The changes that have taken place relating to BTL investments perhaps best exemplify this.

An additional 3% stamp duty surcharge was introduced in April 2016 for second-home purchases. A year later, the Government introduced a tapered reduction in mortgage interest tax relief – BTL landlords now receive a 20% tax credit, meaning those paying basic rates will be unaffected, but landlords who pay higher and additional rates will be charged more.

In 2018, changes were introduced for houses in multiple occupation (HMO) standards, which resulted in many landlords carrying out significant refurbishment and renovation works within their property portfolios. Then, of course, the pandemic arrived in 2020 – this saw many tenants placed on the Government’s furlough scheme, which was set up to protect businesses and employment rates. To help protect financially-affected tenants, the Government introduced The Coronavirus Act 2020, which protected tenants by delaying landlords’ ability to evict. Landlords had to provide six months’ notice before starting the process.

Bridging loan providers have had to evolve in line with these changes and challenges, thereby ensuring they can support BTL landlords, which are key clients for many of the lenders. Products have been introduced and revised to enable property investors to manage and adapt their portfolios effectively. Similar examples can be seen in the ways that bridging firms have assisted businesses, international buyers and property developers by establishing new solutions tailor-made to their particular needs. For me, this is the main story of how the bridging sector has evolved since 2006 – not simply growth, but innovation and improvements. 

Speed and flexibility remain key

Since MFS was founded, we have witnessed the global financial crisis, multiple recessions, Brexit and the Covid-19 pandemic; there have been five Prime Ministers and a vast amount of regulatory and legislative reform in the property market. Clearly, it has been a turbulent period; the wider political and economic landscape has been reshaped several times over. 

Through it all, two qualities have remained integral to the success of bridging lenders: speed and flexibility. And the pandemic – or, more specifically, the stamp duty holiday – illustrated just how important both factors are.

It goes without saying that the SDLT holiday triggered a huge uptick in activity across the property market; data from the Office for National Statistics shows that UK average house prices increased by 10.6% over the year to August 2021 as a result of increased demand among buyers, something that made the market fiercely competitive.

In the face of such strong competition, property buyers needed to act fast – delays in accessing finance, which became common as mortgage providers struggled to satisfy the increased demand for loans, could often result in a buyer losing out to a rival bidder. In many instances, bridging lenders stepped in.

The fact that bridging loans can be delivered in a matter of days, rather than weeks or months, has long been one of their defining features. During the stamp duty holiday, this speed became not just attractive, but essential – it was the difference between completing a deal, meeting the deadline and preventing any untoward gazumping. Similarly, flexibility is a critical reason for the increased use of bridging loans. There are simply many clients – such as BTL landlords, international buyers, high net-worth individuals and property investors – whose financial profiles and wealth structures are deemed too complex for traditional lenders. With fewer regulatory restrictions, bridging providers have the ability to be more flexible when assessing enquiries, which means they can serve parts of the market that are otherwise not adequately catered for. 

Reflecting on the past 15 years, the growth and evolution of the bridging market has been impressive. Put simply, the industry is far better established and, in general, lenders are acting with greater maturity in the way products are devised and delivered. 

As ever, though, there is no room for complacency – as the UK’s lending and property markets adapt and change in the coming years, so too must bridging firms to ensure they remain relevant and can meet the needs of clients. Given the evidence I have seen to date, there is every reason to think that the best lenders will take up this challenge. 

About the author: Paresh Raja is the founder and CEO of Market Financial Solutions (MFS) – a London-based bridging loan provider. Prior to establishing MFS in 2006, Paresh worked as a senior professional consultant in one of the top five management consultancy firms, and also set up an independent investment group.

Even small businesses can achieve massive feats when people go the extra mile with their productivity. But you cannot expect it to happen by itself as employees tend to go slack when not supervised or motivated. The decline may be deliberate or unintentional, but low productivity always hurts the employer in more than one way.

As a business owner, you will need to invest in your team and drive them to achieve more with less. It may take some effort, but there is no other way to boost people and get your business ahead. A positive mindset and motivational approach give you a good start, but they are not enough to boost your workforce. You need to realise that technology is the driving force that makes a real difference, and investing in it is non-negotiable. Let us explain how you can leverage technology to build a productive workforce for your business.

Empowering with flexibility

Flexibility makes people productive, and it is all the more crucial in the remote work era. The right technology solutions empower your team to work from anywhere and anytime. You cannot expect to survive and thrive without implementing these solutions. They enable workers to connect and collaborate with each other and the clients, no matter the constraints of location and time. A flexible workforce aces on all fronts, including productivity. They also feel motivated because a flexible approach breeds trust. Let them work their own way, and they will give extra effort to do their best. Moreover, it is no longer a choice for businesses in pandemic times. Learn to live with flexibility, and productivity will grow organically.

Automating time-tracking

Employees often lose track at work because they get distracted or take extended breaks, sometimes unintentionally. The problem seems like a small one, but the implications of lost time are far-reaching. Thankfully, you can rely on apps to automate time-tracking to keep an eye on people. They are significant right now as people work from home and there are more chances of wasting time when away from physical supervision. Once you have these solutions in place, employees become more conscious, and you can save hundreds of work hours every month. They can even help employees to keep a check on their performance and do their bit for the employer. Time-tracking apps are a small investment that takes your business a long way.

Simplifying small tasks

When it comes to making your workforce more productive, you must start at the most basic level. Consider investing in technologies that simplify the smallest of the daily tasks at work. You can provide relevant tools to handle these tasks. Just imagine the problems employees can face when they have too many temporary files on their work devices. It sounds like a small issue, but the extra files can slow down the system and hamper the workflow significantly. Eventually, it will affect their productivity too. A simple cleanup tool can resolve the concern in minutes and get devices back to work seamlessly. Choose simple tools people can use without help.

Bolstering employee engagement

A happy workforce is bound to be more productive and efficient. So employee engagement is a worthy investment for any business. You can invest in engagement apps and gain in the form of a positive impact on work output. Several organisations are already leveraging gamification solutions to engage teams and foster healthy competition among people. As employees invest extra efforts to gain points, their productivity gets a boost. Similarly, feedback solutions go a long way in enhancing the engagement of the workforce. They let people know where they stand and how they can improve their performance with the adoption of the right measures.

Ramping up training initiatives

If productivity is your top priority, you need to have effective training initiatives for your team. The idea is to enhance their skills over time so that they deliver more and better. Once again, workplace technology can play a significant role in employee training. You can leverage high-end learning management systems to train through simulative technologies. Many businesses are also using simulative apps that leverage Augmented Reality and Virtual Reality to deliver lifelike learning experiences to the employees. Remote training is another area where technology emerges as a saviour right now.

Building a productive team should be a priority for every business, even if it takes effort and investment. It becomes all the more crucial at this point when organisations need to optimise resources and cut down costs. Technology takes you a step ahead with the initiative, so you must pick the right solutions to empower your workforce at the earliest. You will soon realise that technology pays for itself, so the investment is worthwhile. 

Is it time to consider how recent changes to our working habits, previously thought of as radical, may have set the example for how we will work in future? As the supposed importance of 9-5 hours is eroded, and with World Productivity Day just around the corner on 20 June, it seems like now is the time to consider whether greater flexibility with our working hours will lead to a more productive workforce - even in the ‘round-the-clock’ world of financial services. Daniel Bailey, Vice President, EMEA at Zendesk describes how this can be made possible.

Embracing flexi-time all the time 

With teams logging on and off at times that better suit their lives, how can financial service providers - whose industry operates across time zones and is based around set working days - be expected to become more productive?

When Microsoft trialled the four-day work week (with no reduction in pay) in Japan last year, productivity increased 40%. The reduced number of working days led employees to find ways to make meetings shorter and more effective, and subsequently, they felt happier and more motivated in their roles. Simply put, the change drove efficiency. Four-day working weeks aren’t going to become commonplace for everyone. Instead, employers can focus on making flexible hours the norm. This could mean allocating certain ‘core’ hours of work for your team, and allowing them to flex either side of this to accomodate the needs and demands of their personal lives. Offering employees this kind of flexibility can actually enhance efficiency and ensure your employees feel motivated.

When Microsoft trialled the four-day work week (with no reduction in pay) in Japan last year, productivity increased 40%.

Supporting team efficiency

If your staff are working flexibly, internal collaboration tools are one piece of the puzzle for making sure your teams are delegating and sharing work, as well as getting timely updates on progress across their disparate work hours. Financial services teams should implement intelligent tools. By doing so, clients receive advice more quickly, and without the hassle of being passed around departments. Requests received out-of-hours can be escalated if they are urgent, routed to staff who have chosen to work later or can flex their time back later on. As a result, even with fewer staff simultaneously online, communication doesn’t fall through the cracks.

Furthermore, these tools can pull data from inbound enquiries that offer insights into the work your employees spend most of their time on. Not only does this help to plan your teams’ time, but repetitive enquiries can be automated to provide round the clock, easily accessible support. A robust help desk can be built that helps your clients to find answers for themselves, providing a simpler experience for them and freeing up your employees time.

The human touch

In the financial services industry, clients want to know that their money is in safe hands. That requires personal connection, trusted account leads and employees who can demonstrate that they care about their customers. But moving to a more fluid workday doesn’t mean that this element of the client relationship is in jeopardy - it means that it must be central to what gets done in working hours.

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Considering the efficiencies mentioned above, enquiries now reach the right teams faster, and the repetitive requests are handled automatically. What remains are the most pressing concerns and queries of your customers, one where there is no alternative to human interaction to offer expertise and maintain trust.

A significant part of that trust is built on feeling valued and understood as a customer. A business equipped with the right tools can immediately see a history of the customer who has made contact, their previous issues and account information, to facilitate a genuinely helpful and personalised interaction. If multiple teams are involved in the customer’s account, it is quicker and simpler to share data from their interactions and teams, leading to timely resolutions and greater satisfaction - even in the flexible working day.

Outside of customer contact, the work time given back to your employees can be used for the creative and strategic work that boosts productivity and helps to grow the business, offering new services to your clients.

The flexible working week may sound like a pipe dream. But so did remote working at one point - yet in these unusual times, we’ve seen how resilient and capable employees can be, adapting to keep businesses running. When offered more control of their time, to focus on themselves and their personal and social commitments, and the promise of greater productivity and more rewarding work when they are in the office, working 9-5 could be the next relic from our lives before - dare we say it - the new normal.

One of the first firms to try paying its staff monthly, and not in cash, was a tech firm - Pye Radio - who planned it as a cost-cutting decision. It worked for the employer more than the employee, who used to be paid weekly, cash in hand, ready to spend or deposit. In fact, Pye Radio employees rejected their employer's change of payment type when they first tried it in 1954. So why has it stuck? James Herbert, CEO at Hastee, shares his perspective with Finance Monthly.

We no longer rely on other antiquated systems from 50 years ago - look at the evolution of communication as we've shifted from letters to fax, mobile phones, and beyond. Similarly, Apple Pay, Monzo, and PayPal have completely changed the way payments can happen, yet payroll still remains largely unchanged.

This outdated cycle leaves thousands of workers with financial stress. For example, when a bill or unexpected cost hits the middle of the month, a lack of access to the salary they are actively earning means that many are left with no choice but to opt for high-cost credit. Our 2019 Workplace Wellbeing Study found that as many as 82% of UK workers - across all levels, and all pay bands - resort to these measures to stay afloat, with 38% knowing they will struggle with the repayments.

This is a particularly big problem right now, as people need access to money to buy essentials exactly when their work schedules (and supermarket shelves) allow.

Financial stress can take a huge toll on overall wellbeing, permeating out into all aspects of life. In the same 2019 study, workers said it impacts their sleep (45%), social lives (38%), relationships (34%) and health (32%). Importantly, workers report that financial stress affects their performance at work (27%). All of these areas combined undoubtedly have an impact on how well people are able to function and concentrate at work.

Financial stress can take a huge toll on overall wellbeing, permeating out into all aspects of life.

This has a knock-on effect for employers, too.  Financial wellbeing is probably not something business leaders consider when they think about barriers to productivity, but it can be a huge contributing factor. Unexpected costs can mean the difference between an employee making it to work or not.

Flexibility of pay is also a key differentiator when it comes to workers choosing where they want to work. Over half (56%) of respondents in the same research stated that they were more likely to stay with a current employer if they were offered a flexible payment. It seems that what once worked for Pye Radio - even then, at a questionable degree - doesn’t fit today’s needs and expectations.

Flexibility in payment is the future. Given the technology innovations that have sped up the pace of life across all areas, it will grow increasingly hard for businesses to justify keeping hold of employee wages until the end of an arbitrary pay cycle.

‘Earnings on Demand’ is a concept that is gaining huge traction as more and more realise its benefits. It enables workers to take a portion of their earned pay, on-demand, increasing choice and financial flexibility and wellbeing.

This feeds into the basic human evolutionary wiring of the brain: when we expend effort, we desire to see the reward. After hard work, we want to see the results. People value money today as worth more now than it is later. The ‘time value’ is higher in the present, not in the future.

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And it doesn’t need to stop with the monthly payroll - UK fintech is some of the most innovative and forward-moving in the world. It has the potential to bring greater agility to many other legacy systems and processes.

If we look at the current challenge of rolling out payments to a large portion of the population - specifically when it comes to Universal Credit, SSP and furlough payments - the technology that is changing up the payroll system could quite easily be applied to other areas where a lack of liquidity right now is causing huge financial strain.

It seems clear, then, that the current system is largely broken. Workers have a right to their pay when they need it, and ‘Earnings on Demand’ could have the potential to invigorate it with huge benefits to all. It is time that we challenge the way we think about payroll in the same way we have done many other facets of life.

Within every business, there will be those who suffer in silence to the point that control is lost and the very act of getting out of bed becomes utterly overwhelming. Statistics show that employees in the finance sector suffer more than most when it comes to mental health.

Employees are still reluctant to share mental health information with their managers or bosses, seemingly for good reason. The stigma associated with mental health, being treated unfairly, becoming the subject of office gossip or compromising their employment terms are all legitimate fears.

To tackle this global workforce issue, Instant Offices encourage businesses to support their teams to speak about and prioritise mental health, promote a healthy work-life balance, reduce the stigma attached to mental health issues and introduce initiatives to support and encourage staff who choose to speak up.

Mental Health and Work in the UK

Studies from Manpower Group suggest that millennials display the highest levels of anxiety, depression and thoughts of suicide of any generation, considering they are also simultaneously on the cusp of becoming the largest global workforce by 2020.

According to Deloitte, the average person spends 90,000 hours of their life working, and poor employee mental health can be due to factors internal or external to the workplace. Without effective management, this can have a serious impact on physical health, productivity and more.

In the modern workplace, smart employers are placing workplace wellness at the core of their business by recognising the importance of their staff. They are going beyond protocol, processes and profits to ensure individuals feel valued and supported. Wellness and workplace health initiatives are varied but include everything from serious interventions and counselling services to mindfulness training, flexible working and even options like yoga, time off and massages at work.

That said, an alarming number of companies are still avoiding the topic of mental health in the workplace. A report by the Centre for Mental Health revealed that absence due to mental health cost the UK economy £34.9 billion last year. Additionally, the economy lost:

• £21.2 billion in reduced productivity
• £10.6 billion in sick leave
• £3.1 billion in staff turnover

It’s Time to Prioritise Wellbeing at Work

Of the 5 million people being signed off from work every year, data from NHS showed an alarming 31% are taking time out due to mental health, with a shocking 14% rise in doctor’s notes relating to anxiety and stress in one year. This is why the NHS has called on businesses to wake up to the reality of mental health and its dire effects on the wellbeing of its employees and on overall workplace success.

Here’s what employers can do:

1. Minimise the stigma: A study from Business in the Community shows, only 53% of employees feel comfortable talking about mental health issues like depression and anxiety at work. Instead of making employees feel like liabilities or burdens, employers need to take active steps to encourage conversations around these issues. Taking a mental health day or asking for support around mental health issues should not impact an employee’s reputation and how they are treated at work.
2. Pay attention: Around 91% of managers agree that their actions affect their staff’s wellbeing, however, only 24% of managers have received any training in mental health. This lack of training and sensitivity only works to perpetuate the culture of silence around mental health and wellbeing at work. Companies should be working to combat this by monitoring employee stress, encouraging communication and taking active steps to increase knowledge around the issue.
3. Be more flexible: There are several ways to boost employee engagement and happiness in the modern workplace. Around 70% of employees want a say in when and how they work, and a growth in flexible working shows more businesses are responding. Introducing a flexible working option is one of the ways businesses can prioritise their employees’ personal needs while benefitting from their productivity boost, too. Data from LSBF shows nearly half of employees advocate for flexible working hours as a way to reduce workplace stress and anxiety, increase productivity, and to improve morale and engagement.
4. Introduce mental health initiatives: It is crucial to increase employee awareness of mental health at work, support employees at risk and take steps to support those suffering from mental health problems. Education is key, and strategies need to be tailor-made to suit each business and its needs. Aside from increasing workplace happiness with perks, time off and better communication, businesses need to look at long-term policies which advocate for better treatment for at-risk employees from every tier of the organisation.
5. Manage via a coaching approach: Historically, tyrannical managers focused on ‘the numbers’ or ‘getting the job done’ have been the norm, but fortunately, the modern workplace has changed. Today, the manager who adopts a more holistic approach by focusing on the growth and development of their team, personally and professionally, will see greater results and engagement. Investing in a coaching approach has shown clear improvements across all areas and improved trust between managers and employees. Getting this balance right enables employees to speak about their levels of stress, their worries about their role and more.

Placing health and wellbeing at the heart of business can help employers attract and retain talent, improve productivity and happiness, and positively impact the bottom line.

Educating the workforce on the availability of such programmes where they can find support in a confidential and respectful manner, will help to address personal challenges before they become overwhelming.