Being critical of mistakes that have been made is easy. When we think of success, we think in terms of 5-year plans and the company’s goals. If only, it was as easy to recognize and celebrate the team achievements along the way.

We associate success at work with hard work and take the small wins for granted. Some managers worry that celebrating these small work achievements will make others complacent or distract them from the bigger picture.

Some simply feel that these achievements aren’t important enough. But, did you know that a study showed that 79% of US employees left their jobs because they felt under-appreciated? Celebrating small successes is important. Here are a few reasons why.

6 Reasons Why Achievements Should Be Celebrated At Work

1. Seeing people succeed inspires others
2. Celebrating success boosts confidence levels
3. Recognition motivates achievers to do more
4. Accomplishing small goals builds a positive mindset
5. Celebrations build stronger bonds
6. Recognizing a cause for celebration

1. Seeing people succeed inspires others

Most people are competitive. When we see something someone else has achieved, we work hard trying to achieve the same level of success if not be better than others. If you take a team’s work achievements for granted, the other teams may not be able to find the inspiration needed to work harder and achieve similar success.

However, if you do celebrate these small but key achievements, the speed at which you progress towards your end goals may increase dramatically. By celebrating one team’s achievements, you have fueled everyone else’s desire for success.

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2. Celebrating success boosts confidence levels

When we face challenges that we can’t find a way around, we begin to doubt ourselves. As mentioned at the beginning of this article, people find it easier to be critical of themselves than applaud their achievements.

They need someone else to recognize their accomplishments for them. And, when a business celebrates success at work, however small, it boosts confidence levels. This makes your team believe they can overcome the challenges ahead in their path and brings you closer to achieving your long-term goals.

3. Recognition motivates achievers to do more

There isn’t always a direct relationship between hard works to success. It’s hard to stay constantly motivated. Your employees are likely to take their small successes for granted. As a team leader, it is your responsibility to recognize these achievements and use them to fuel your team’s motivation. When you celebrate a team’s achievements, you’re telling them that what they have achieved so far is significant and, in turn, telling them that they’re on the right path. This pushes them to work harder.

4. Accomplishing small goals builds a positive mindset

We do our best work when we’re in a positive frame of mind. Celebrating small, key achievements triggers the brain’s reward circuitry and increases the production of chemicals like dopamine. It is responsible for that feel-good factor that energizes us. This pushes your team to continue its hard work and puts them in a positive mindset.

When your team is thinking positively, they can find creative solutions to challenges and thus achieve more.

5. Celebrations build stronger bonds

Celebrations are what bring people together. For a company to succeed, they need to work as a team and believe in a collaborative effort. When you celebrate a team’s achievements, it makes everyone believe that they belong to the same culture or group. This also helps boost loyalty towards the company and builds a strong work culture.

6. Recognizing a cause for celebration

Celebrations should feel special so you can’t go into overdrive praising everything that happens on a day-to-day basis. For recognition to count, it must be genuine. This means that you need to be able to recognize achievements that deserve a celebration. Some scenarios you may want to celebrate include:

• An employee’s first big achievement
• Achievements that make a difference to collaborative tasks
• Achievements that are aligned with the company’s mission
• Truly exceptional work
• Consistent and reliable good work

Also Read: Which Is More Important – Time, Effort Or Money?

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How To Celebrate A Win

When you celebrate team achievements, you must find a way to do so without making the individual or team feel uncomfortable or overlooking the work of collaborators. The way you celebrate the wins of a newly hired individual and those of a senior-level employee can be different. Some people may prefer a private gesture while others may want a more public display of appreciation. You must also make sure your celebration is proportionate to the achievement.

Simple ways you could reward accomplishments are:

• Handwritten notes of appreciation
• Department-wide emails
• An announcement in a meeting
• Flexibility on an upcoming project
• A small gift or certificate
• Extra paid leave
• A mention on the company’s social media pages
• Monetary bonuses
• An office party
• A team retreat

Funding The Celebrations

These small celebrations are important and will have a small impact on your finances. So, how do you budget for it? Moving from a traditional workspace to a coworking office space is one way you can readjust your budget allocations.

A managed office lets you lease smaller spaces for shorter periods, is a scalable solution and lets you customize the space to match your brand vision without any of the limitations of a traditional office lease. The operational costs are much lower and you can use the money saved here to reward small successes at work.

If you’re looking for a Coworking Space in Delhi, Noida or Gurgaon, you should consider the services of The Office Pass. It’s time to take advantage of the hassle-free monthly and flexible lease plans. Call now at 8999 828282.

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Some companies start out with millions to back them while others are bootstrapped for the initial years. In both cases, there have been successes and failures. When you compare the importance of time, effort and money, there is no one winner.

Some steps do easier when you have access to funds while there are others where no amount of money will help if you don’t have time on your side or can’t put in the required effort. So let’s look at how each of these components can contribute to your success story.

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When TIME matter the most?

There are certain situations where money can help but it isn’t the most important element always. Effort too counts but without investing time, you will not see the results you seek. Two such scenarios are:

Skill Building

For every business to grow, your team must be adequately skilled and must be able to keep building on their skill sets to keep up with the evolving market. Now, you could have a lot of money backing you but here, time and effort are critical.

After all, as the age-old adage says, practice makes perfect. No matter how much you invest in workshops and classes, your team’s skills will improve only if they have time to practically apply their new skills and if they make the effort to learn.

Growth

Perseverance is key. Your team must not give up on hurdles but find a way around them, troubleshoot and overcome difficulties. It is only with this dedicated effort and time that a company can grow.

In such cases, if you were to only pump money into the company, the company may suddenly have a growth spurt, however, this may be short-lived.

When MONEY is critical?

It’s true, money can’t buy success, but, it sure can help! There are some stages of a company’s growth where having money gives you a step up. In such cases, no amount of effort or time can compensate for money.

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Expanding Reach

Word of mouth is a great way to promote a brand but it has its limitations. When it comes to expanding your customer base, the more money you invest, the wider your reach will be. In such cases, time and effort are superseded by the funds available. Investing in the right advertisement campaigns can help you target the right customers, generate leads and convert sales.

Professionalism

Bootstrapped companies have to take a DIY approach to most things. It isn’t uncommon for the same person to design products, handle sales and even make cold calls. This isn’t the most efficient use of the individual’s time. The outcome is also usually not as good as it would have been if you had been able to hire a professional.

When the company has access to sufficient funds, you can streamline efforts and hire the right people for each role. This gives the company and its services a more professional appeal.

When EFFORT count more than money or time?

A business may be backed by wealthy investors who give it all the time in the world to grow, however, unless the team puts in a lot of effort, success may be hard to come by. Let’s take a look at 2 scenarios where effort makes more of a difference than time or money.

Customer Relationships

The most successful companies can all boast of great customer relationships. Why are people more willing to shop from Amazon rather than a local reseller – because Amazon delivers products quickly, accepts returns, etc. – all customer friendly services.

Building a strong relationship with customers does not depend on money as much as it does on effort. There’s an effort involved in personalizing approaches, designing customer-friendly policies, making the company accessible, etc.

Also Read: Things Employers Can Do to Increase Employee Productivity

Opportunity Spotting

Entrepreneurs must be able to identify opportunities and build on them. You must be able to spot these emerging opportunities, analyze how they might affect your business and take necessary steps to benefit from them.

You could spend money and hire someone else to do this but there too, your money would be effectively spent only if the person you hire puts in an effort towards identifying the right opportunities for your business.

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Our Two Cents

In short, growing businesses need money, time and effort to be efficiently invested. Take your office space for example. While ‘location’ is an important consideration, it may not make sense to overstep your budget just to have a swanky office. Similarly, there’s no sense in renting a traditional office that fits your budget but requires you to commute 1 ½ to 2 hours from your home on public transport (wasted effort, isn’t it).

In both cases, your time, effort and money may be put to better use by joining a Neighborhood Coworking Space. Don’t you agree?

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On January 16, 2021, India began the world’s biggest COVID-19 vaccination drive in an attempt to immunize more than 1.3 billion people. It has brought a wave of hope across the country, especially among businesses. It is expected that with vaccination, the pandemic will soon be under control, and the economy will be revived.

The rollout of COVID-19 vaccination, however, also raises a key question – should employers mandate their employees to take vaccination? More importantly, how do companies handle scenarios where employees refuse or delay vaccination due to safety, medical, and other concerns?

This blog by The Office Pass (TOP) covers some of the crucial aspects of COVID-19 vaccination vis-à-vis employee compliance.

Can you, as an employer, force your employees to get vaccinated?

No, you cannot. Currently, there are no full-fledged laws and statutory mandates in India regarding COVID-19 vaccination in workplaces. Moreover, the FAQs released by the Indian Ministry of Health and Family Welfare make it clear that vaccination for COVID-19 is voluntary, though recommended.

While there is no denying that vaccination is beneficial to all and helps keep workplaces safe, you cannot mandate your employees to get vaccinated or take any action against those who haven’t taken the shot.

So, what is the way forward?

In the absence of any statutory directives regarding the COVID-19 vaccination of employees, how can companies address the matter of workplace safety? Moreover, given that you have the legal obligation of Duty of Care, how do you perform it without forcing your employees and complying with the laws existing in India?

Given below are a few things you, as an employer, can do in this regard:

• CXOs to Lead by example

First thing first! You must take the lead and take the vaccination yourself before requesting your employees to do the same. It applies to all the top management members in your organization, including founders, CEOs, CXOs, etc.

When leaders in an organization take the first step and lead by example, employees get the confidence to follow suit. Moreover, it sets a follow-worthy organizational precedent and removes the fears or concerns employees might have about getting the shot.

• Refund or reimburse vaccination costs

All organizations must make sure that financial concerns are not stopping their employees from getting vaccinated. The key here is to create a feasible strategy to cover the vaccination costs of employees based on the size and profitability of the company.

You could fully or partially refund or reimburse the costs or pay for the vaccination and then deduct it as EMI from their salary. Alternatively, you can look for medical insurance plans that cover the COVID-19 vaccination of all your staff.

• Make information accessible

While addressing the question of employee vaccination, it is important to let them form their own opinions and make informed decisions. If your business is not directly related to the medical industry, you might not have in-depth knowledge or expertise on the subject matter. However, you could always ensure that your workforce has access to up-to-date and accurate information.

For instance, you can compile reports, updates, notifications, and guidelines released by national and international authorities, such as WHO, Indian Ministry of Health and Family Welfare, Indian Medical Association, and the like. By doing this, you can ensure that employees are not misinformed on the matter.

Also Read: How COVID-19 is Impacting Flexible Office Space?

• Offer additional paid leaves and time-off benefits

Another step your organization can take towards ensuring employee compliance is to create conditions that encourage vaccination. Let no employee in your company stay away from getting the shot for fear of losing a workday or because they don’t want to use their paid-leave benefits on vaccination.

Medical and governmental authorities have indicated that the vaccine might have side effects, so it is indeed a good idea to offer employees additional paid time-off to be vaccinated and take medical attention for side effects if there are any. Based on your business model, you could also allow vaccinated employees with no significant side effects to work from home for a few days.

• Conduct sessions by medical professionals

Organization-wide awareness programs also help you achieve better employee compliance with regard to COVID-19 vaccination. However, you must make sure that such programs are headed and handled by professionals who have experience and expertise in the medical field. For example, you can invite experienced medical professionals to talk to your workforce and have Q& sessions with them.

Such initiatives also double as platforms where your staff can clarify their doubts and get answers to all the questions they have about the vaccination and its side effects. More importantly, face-to-face sessions with medical professionals equip your employees with a better idea of what to expect before, during, and after vaccination.

• Ask employees to share information on their vaccination status

If you have a large workforce, having non-vaccinated employees in the workplace could pose a potential safety threat. For businesses offering field services, it might also lead to customer concerns. With customer and workplace safety in mind, you could ask employees to share information on their vaccination status and allow non-vaccinated employees to continue working from home.

However, you must keep in mind that the medical and health information of employees comes under Sensitive Personal Data or Information (SPDI). Therefore, it is mandatory that you abide by all applicable data privacy rules and requirements before collecting personal data. Furthermore, you have the liability to take prior consent from employees and collect and store the data with the utmost safety and confidentiality.

The bottom line:

When all things considered, the best way forward is to create awareness among employees on the importance of the COVID vaccine in the ongoing fight against the pandemic. You must also, as an organization, try to address and remove any barriers that might be preventing your workforce’s access to vaccination.

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Starting a business enterprise in India calls for many decisions. One such fundamental decision is whether to register your enterprise as a Limited Liability Partnership (LLP) or a Private Limited Company. Basically, it is a question about what structure your business ought to follow so as to reap maximum benefits without shouldering excess legal requirements. While both LLP and Private Limited Companies share many similarities, they also differ on several counts.

By understanding the main differences between an LLP and a Private Limited Company, you will be in a better position to determine which one is more suitable for your enterprise. Let us take a look.

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What is a Private Limited Company?

A Private Limited Company refers to a business structure where the ownership lies with the shareholders. The company functions as an independent legal entity with the rights to buy, own, and sell the property as well as to extend loans for the purpose of business. The legal existence of a Private Limited Company is independent of its members or any changes in the holding of the shareholders.

The liability of the shareholders is limited to the shares they own. Such members can’t be held responsible for any of the debts incurred by the company. Their personal assets can’t be seized by a court of law to repay company debts.

What is a Limited Liability Partnership (LLP)?

A Limited Liability Partnership extends the benefits of the partnership while upholding the limited liability advantages of a company. Similar to a Private Limited Company, an LLP is also an independent legal entity. They too have the right to purchase properties and can incur debts.

An important characteristic of LLP is that one partner can’t be held responsible for the negligence or misconduct of another partner. In other words, partners have limited liability which depends on their agreed contribution as per the LLP agreement.

Differences between a Private Limited Company and an LLP

LLPs and Private Limited Companies differ from each other in a number of aspects, ranging from governing laws to tax structure to legal compliance, and more. Listed below are some of the key differences between both:

• Governing law

Private Limited Companies function as per the Companies Act, 2013. LLPs functions as per the Limited Liability Partnership Act, 2008.

• Formation Requirements

For a Private Limited Company’s incorporation, you need at least two stakeholders and two members. Such a company can have at most 15 directors and 200 members.

In the case of the LLPs, the required number of members and designated partners stand at two in each case. However, there is no limit to the maximum number of members.

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• Registration Cost

The cost of registering a Private Limited Company is higher than that required for LLP. This is because LLPs are designed to cater to small businesses. As such, the government has set a lower registration cost for them.

• Tax Structure

Private Limited Companies have to pay tax based on the income of the company. They also need to shoulder other taxes, such as dividend distribution tax as well as an alternate minimum tax.

The taxation process of LLPs involves just two taxes – one is the income tax and the other is the alternate minimum tax.

• Transfer of Share

In a Private Limited Company, you can easily transfer your shares to another shareholder. But in an LLP, such transfers have to follow the guidelines of the LLP agreement.

Also Read: Top 10 Pain Areas of a Small Company

• Annual filing

Private Limited Companies need to audit their accounts every year and file the report with the Ministry of Corporate Affairs (MCA).

LLPs do not have to audit their accounts unless their annual turnover is more than 40 lakh rupees.

• Foreign ownership

Foreigners can invest in Private Limited companies operating under most sectors in India.

But that is not the case for LLPs. Foreigners can invest in an LLP in India only after they obtain permission for the same from the Foreign Investment Promotion Board (FIPB) and the Reserve Bank of India (RBI).

• Survivability or existence

The existence of a Private Limited Company does not depend on the shareholders or the directors. Such a company can be dissolved by Regulatory Authorities or it can also be done voluntarily.

The existence of an LLP is independent of the partners. Such an entity can be dissolved either by the Company Law Board’s order or can be done voluntarily.

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In conclusion:

Despite the differences, these entities share some similarities too. For instance, both LLPs and Private Limited Companies are required to be registered with the Ministry of Corporate Affairs. For this, your company needs an address. Buying or renting a traditional office in the initial stages of your business can be an extra financial burden. Coworking spaces like The Office Pass (TOP) can help you by providing an address for registration and also a well-equipped place to work out of.

Before you come to a decision regarding which business structure is ideal for your enterprise, make sure to consider your long-term goals and how you would like to take the company forward. This will help you to decide whether you ought to register your enterprise as a Private Limited Company or an LLP.

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