EMPLOYEES… This crucial investment can make or break a company.
In our ongoing pursuit of how to grow as small business owners, Stephanie Scheller of Grow Disrupt caught up with Jervis from ProsperBridge to dig deeper into the world of Total Rewards, a concept that is gaining traction as it transforms how we are investing in our employees - beyond a paycheck and without breaking the bank. Let’s dig in!
Deciphering Total Rewards: Maximizing Employee Investments
Stephanie Scheller (Grow Disrupt): Jervis, This is a bit of a different term - could you help our readers understand what Total Rewards encompasses and why it plays a crucial role in enhancing the value TO your employees?
Jervis DiCicco (ProsperBridge): Total Rewards encompasses the entire spectrum of investments a company makes in its employees. It's not limited to just salaries but extends to benefits, healthcare, retirement plans, professional development, and wellness programs. The key is optimizing these investments for the utmost value.
Beyond Salary: The Total Rewards Ecosystem
Stephanie Scheller (Grow Disrupt): So, Total Rewards goes beyond a mere paycheck. It's about recognizing the additional expenses associated with having a team. I know a lot of small business owners can get a little hesitant at that and start to panic a bit. But, from our conversations, I know you have some really interesting perspectives on that. Can you dig into how businesses can enhance these investments without inflating costs?
Jervis DiCicco (ProsperBridge): Absolutely, Stephanie. The misconception is that it's all about the quantity of money. Imagine giving two different individuals $1,000; their perceived value from that sum varies based on various factors. What matters is the quality of outcomes these investments yield. ProsperBridge assists employers in making more meaningful investments, achieving better results with fewer dollars.
Bridging the Value Gap: Total Rewards and Employee Well-being
Stephanie Scheller (Grow Disrupt): You mentioned something fascinating about the unequal impact of the same investment on different people. How can we ensure that everyone benefits equally from these investments? Can you provide examples?
Jervis DiCicco (ProsperBridge): Of course, Stephanie. Imagine the movie "Heat" with Robert De Niro and Al Pacino, where information holds great value. Similarly, there are untapped resources from both public and private sectors that can significantly benefit your employees, but they often remain unknown. Employers can guide their employees in navigating these resources, making their paychecks more valuable. It doesn't increase costs for the employer, yet it significantly enhances the value provided to employees.
Total Rewards for All: Strategies for Businesses of Any Size
Stephanie Scheller (Grow Disrupt): Many may assume that such resources are only accessible to larger corporations. Can smaller businesses also leverage Total Rewards?
Jervis DiCicco (ProsperBridge): Absolutely, Stephanie. We work with companies as small as 40 employees, and we're willing to go even smaller if employers recognize the value. The essence of this is not just mathematics; it's about improving the lives of people who may be struggling financially. Employers, irrespective of their size, can empower their employees to navigate financial systems effectively, reduce stress, enhance well-being, and ultimately make their paychecks more valuable.
Prosper with ProsperBridge: Transforming Employee Experiences
Stephanie Scheller (Grow Disrupt): This is eye-opening, Jervis. How does investing in Total Rewards benefit the business itself?
Jervis DiCicco (ProsperBridge): The current landscape is such that employers often can't afford to pay more. Employees, on the other hand, cannot afford to earn less, given factors like inflation and increased living costs. By making their existing paychecks more valuable, businesses can help bridge this gap. For example, offering dependent care flexible spending accounts can make childcare tax-free, reducing costs for employees. This not only enhances employee well-being but also makes them more engaged, productive, and satisfied. It's a win-win situation for both employees and employers.
The Wrap: Empowering Businesses and Employees
Stephanie Scheller (Grow Disrupt): As we wrap up, it's clear that in the current global economy, businesses are competing for the best talent worldwide. Whether you explore Total Rewards in-depth or merely use this as a catalyst to improve employee engagement, the time for action is now. Entrepreneurs with ADHD possess a unique power, and it's our responsibility to harness it to create a brighter future for our employees.
Are you ready to embark on this Total Rewards journey? Reach out to ProsperBridge for a consultation to discover how you can empower your employees and make your business thrive.