Social Security, The Great Motivator And Elixir Of Life In Value Chain
“When people are happier, everyone wins.”
— Chris Cabrera, Founder & CEO, XACTLY
Businesses, like any of us, turn to the New Year to create meaningful change. Going forward, keeping performance levels up by rewarding and retaining top talent remains high on every organisation’s wish list. Merit-based reward systems like quarterly reviews and year-on-year appraisals continue to fuel motivation levels across the board.
Expectedly, the executive class is still the primary beneficiary of these systems. Such incentives inspire personnel to positively impact their roles. Financial rewards aren’t the only motivating factor, however. Health insurance, pension schemes, paid leaves, and bonuses boost overall morale and, in turn, keep them in a comfortable and secure space.Corporate executives also have the luxury of developing warm relationships with their co-workers. This helps foster camaraderie and a sense of ‘family’, a tested and successful method that drives businesses to greater heights worldwide.
A mutually healthy and beneficial association between the employer and employee is readily achievable in the organised sector. Thanks to its structured framework, executives enjoy better lifestyles, more purchasing power, and function with a sense of stability. The biggest takeaway from this structured system is that employees don’t have to think twice about a lack of social security in their lives — the company ensures this aspect is taken care of from the get-go.
When hard work begets rewards, businesses stay in fine fettle. But there’s a third force, albeit an external one, whose positive impact resounds throughout businesses. They’re the value chain participants who keep the economy moving by orchestrating all activities associated with the flow of goods right from the raw materials stage through to end users. The entire value chain comprising dealers, distributors, retailers, agents, masons, and workmen contribute substantially to the growth of an organisation, but their efforts are seldom ever acknowledged owing to their scattered associations with various firms and operations.
Since value chain partners are not on the payrolls of organisations, they remain deprived of financial incentives and career advancement opportunities that could inspire them to go above and beyond. What’s more, they even fail to secure their post-retired life through social security cover, imperative when healthcare expenses remain one of the biggest financial risks. Even those in the top rung of the value-chain are unaware of the importance of social security.
This safety net in the form of healthcare schemes, pension funds, Mediclaim and insurance can inspire accountability among value chain workers. It can motivate them to be more responsible in their duties, leading to higher productivity within the value chain. As it’s rightly said, it all comes down to psychology. This priceless well-being of social security drives specific behaviours. They can take responsibility and accountability for the management and operations of the value-chain processes.
Organisations can succeed in enlarging their corporate families by including value chain partners as part of their reward strategies. However, most of these partners are fragmented and it is tough to identify, record, recognise and reward contributions to the businesses. All organisations need is a holistic, common platform to extend these benefits in a structured manner.
HUMBEE, a goodness venture by 20.95 ventures, facilitates this reward-based platform for every value chain participant for facilitating social security cover to them. HUMBEE is rapidly becoming a growing medium to channelise the welfare objectives of businesses to the ignored and under-served beneficiaries such that they lead a life of dignity and stability.
‘The Great Resignation’ became a commonplace phenomenon. Something was wrong somewhere which flipped on its head and needed an immediate fix. Hopefully, HUMBEE will usher in an age of ‘The Great Motivation’, which will lead to warm conversations in board rooms.