Create a culture of innovation & creativity with Sodexo Engage
Friday, 21st April, is World Innovation and Creativity Day. Organised by the UN, “the concept is open to interpretation from artistic expression to problem-solving in the context of economic, social and sustainable development.”
Whilst the UN focuses on the world, we can apply the concept to the workplace. The cost of living and doing business is higher than ever, but companies can still thrive when they empower their people to innovate and create.
The Importance of Creativity
According to the Harvard Business School, creativity comes with four business benefits:
- Encourages innovation
- Boosts productivity
- Allows for adaptability
- Fosters growth
84% of executives say innovation is important to their growth strategy (McKinsey).
Innovation doesn't just stem from research and development (R&D). A Business Insider analysis of R&D expenditure in 2010 found that the most innovative companies (Apple, Google, and Facebook) spent the least in this area.
Innovation is born from the creativity of the people driving your business.
Building a Culture of Trust
We discussed the importance of trust in a recent blog on workplace relationships and highlighted several benefits enjoyed by high-trust organisations, notably a 50% increase in productivity.
With trust comes autonomy, creativity, innovation, and motivation, leading to a 76% increase in employee engagement.
Establishing trust takes work, well-trained and empathic managers and a company with strong core values.
Diversity & Inclusion
Research shows that organisations with a diverse leadership team are 45% more likely to report growth in market share and 70% more likely to capture a new market.
One of the reasons for these statistics is the link between diversity and innovation. When you bring different minds, cultures, and experiences together, you can achieve the “artistic expression to problem-solving” that the UN has dedicated a global day to.
Support Employee Wellbeing
The UK is experiencing a cost-of-living crisis, leading to a climate of financial anxiety. An alarming statistic from our recent blog on supporting employees in debt suggested that employees experiencing money worries cost the UK economy £120bn and 17.5 million lost work hours.
It pays for employers to offer financial wellbeing support. Financial anxiety doesn’t just lead to absence and reduced productivity – it’s a creativity killer!
It’s time to rethink where your business spends money and the reliance on research and development. Invest in your people and shift budgets to focus on offering employee benefits that support end-to-end employee wellbeing, thus boosting performance.
Our Household Support Card is a cost-effective way to help employees stretch their salaries further. It’s an employee benefit that will help alleviate the financial burden of your employees’ households by allowing them to earn up to 15% cashback at participating retailers.
Reducing the cost of everyday living will help to combat financial anxiety – an investment that can prevent your business from being impacted by those lost working hours.
Reach more of your employees’ essential and favourite retailers with our Employee Discounts Platform. Accessible via desktop and app, your employees see instant savings when they purchase discounted voucher codes from a vast range of high street and high-end retailers, online and in-store.
Anxiety and stress can lead to burnout and further mental health issues, negatively impacting productivity and absenteeism.
Even if employees' stress isn’t caused by their job, they will bring it to their job. People often develop coping mechanisms, and many employees will keep their concerns from their employers. However, when left unmanaged, stress can seep into all areas of an employee’s life – including work.
One of the best investments a business can make is in the protection of the mental wellbeing of its workforce.
According to Heads Together, only 2% of employees would feel confident speaking to their employer about their mental health. This is where our Employee Assistance Programme is essential as it provides employees with BCAP-accredited counsellors face-to-face, by phone and by email 24 hours a day, 365 days a year.
‘Healthy body, healthy mind’ is how the saying goes, and there is some truth to it. Physical and mental wellbeing are intrinsically linked, with exercise producing mood-improving endorphins and serotonin.
The fitter and healthier a person is, the more energy, enthusiasm, and creativity they’ll bring to the workplace.
42% of Brits have had to give up their gym membership during the cost-of-living crisis.
With a Corporate Gym Membership offering up to 25% off at over 3,000 gyms, studios, fitness centres, boot camps and sports clubs across the UK and the Republic of Ireland, you can make a healthier lifestyle affordable again.
Take further care of your people by speeding up their access to GP support through our Online GP service. Easy access to a GP 24/7 allows your employees to fit appointments around their work and lifestyle commitments without taking time off.
Recognition and Reward
Whether you already have a team of superstar innovators or are setting out to create one, you need a reward and recognition strategy that fits the bill. We wrote in detail about the importance of recognition in our Employee Appreciation Day blog. Still, it’s worth reiterating here that 83% of employees say they work harder when they’re shown appreciation.
If you want to drive creativity and innovation and enjoy the business benefits that follow, it’s essential to reward your people.
Rewards don’t have to be financial, but in the current cost-of-living crisis, monetary rewards give an extra boost by helping to stretch salaries further. Your employees will have different interests and needs, so eVouchers and Gift Cards are the perfect options for rewarding your people.
At Sodexo Engage, we have the widest choice of retailers and brands across 150 chains and 130,000 locations! Whether your employees choose to treat themselves or reduce the cost of their weekly shop – it’s entirely up to them.
Create a Culture of Innovation & Creativity with Sodexo Engage
Whether you want to empower your people with a robust employee wellbeing initiative or reward their brilliance, Sodexo Engage can help. Contact one of our engagement experts for more information on how you can nurture innovation, creativity, and productivity.
With an abundance of solutions to offer and over 60 years of experience, Sodexo Engage will be your partner as you take these crucial steps to boost your business.