A Collingwood entrepreneur is tackling productivity issues by making the issue more personal.
Jonathan Hillis, the CEO and founder of Tenure, announced the launch of a beta platform from Tenure that aims to personalize employee benefits and rewards with the goal of better productivity from employees more engaged in their workplaces.
Hillis calls the platform a financial wellness program meant to encourage and enable personal savings, and alternative to employers giving their employees gift cards as rewards for a job well done.
"Gift cards and marketplace programs force employees to spend money when, considering the current economic times, they should be saving," said Hillis.
The basic premise is a platform that employees can use to personalize rewards that will align with their goals or preferences.
For example, employees can use the platform for specific savings goals like kids' sports fees, an engagement ring fund, paying off student debt, etc. They can also use the platform to round purchases and earn cashback on some spending by linking their payment cards, all for the purpose of targeted savings.
"The employer can see the goal they have – they don't see the amount – and they can contribute financially to that goal as a reward for great work done," said Hillis. "Employers can use those savings goals as motivators to increase productivity ... it creates more value ... from a psychological standpoint because it's linked to something personal."
The platform also offers peer-to-peer recognition, allowing employees to give kudos to each other for their financial wellness progress.
Hillis said the company could add some financial incentives there as well.
"The company could say, 'you know what, we're going to give everybody $100 for the year that you can award at certain parameters to your peers and contribute to those goals as well," explained Hillis.
At the end of the day, added Hillis, the platform was designed to help with productivity.
"Financial stress is the number one contributor to lost productivity in the workplace," said Hillis. "If everybody is financially well, then we'll have a more productive workplace."
Through the platform, he's encouraging companies to get away from year-end bonuses and give more often throughout the year.
"Giving appreciation more often creates a sense of appreciation and belonging in the organization," said Hillis.
Eventually, his goal is to also use the Tenure platform to allow employees to personalize their benefits and health programs as well. So employers can subscribe to a flexible benefits package and employees can choose something that fits them where they are in life.
"It's a one-size-fits-one approach," said Hillis.
While the platform can be used across North America, and possibly one day globally, Hillis is hoping for local buy-in for the beta program, including local businesses who are interested in being part of the cashback incentives.
Hillis' self-proclaimed "lofty" goal is to have 3,000 users on the platform by the end of December.
Tenure has been named one Canada’s Top Companies and Startups.
For more information, visit tenurefi.com.
