Business

7 Tips for Creating a Professional Employee Handbook

Published

3 years ago

March 1, 2021

An employee handbook might seem like a small detail in the grand scheme of running a business, but it can have a major impact on your business’s inner workings. From processes and execution to employee confidence and consistency, a good handbook has the potential to change everything.

Why Create an Employee Handbook?

As a small business owner, you have to be intentional about what you spend your time on – otherwise, you risk being pulled in a dozen different directions.

So at first glance, it might be tempting to write-off an employee handbook as proverbial “busy work,” but we’d implore you to give it a second thought. Doing so could provide your growing company with a wealth of ongoing value.

As The Hartford explains, “An employee handbook is a compilation of all your company’s policies and protocols, as well as employees’ legal rights and obligations. Having an employee handbook makes it easy for you to communicate rules and responsibilities to employees, so there’s no question about what’s expected from them — or from you, as the small business owner.”

An employee handbook is an easy and convenient point of reference. It empowers your team and helps them address issues in real-time without having to involve other people and take them away from the work they’re doing.

7 Tips for Better Employee Handbooks

If you’re going to go through the effort of creating a handbook, you need to ensure it’s useful. A poorly executed employee handbook can do more harm than good, inciting confusion and feeling overwhelmed.

With that said, here are a few tips you may find helpful:

Make it Accessible

The problem with most employee handbooks is that they’re inaccessible. When an employee has a situation where they need the handbook, they don’t know where to find it. This causes the employee to either ignore it or send an email to HR (which hurts productivity and defeats the entire purpose of having a handbook in the first place).

In order to get the maximum value out of your handbook, you should invest in both digital and print copies. Digital copies can be stored on your company’s cloud drive or social intranet. Print copies can be printed on-demand and given to employees as part of their initial hiring package. (We recommend using spiral bound book printing to get the perfect blend of cost, durability, and looks.)

Keep it Engaging

A good employee handbook should be compelling enough to keep people engaged. You can do this through a combination of high-quality visuals, storytelling, and interactive elements (such as checklists).

Include the Basics

The beginning of the employee handbook should provide a one-page rundown of the company’s values, mission statement, and other basic elements like taglines and elevator pitch statements. Every employee should be required to memorize this page within the first month of being employed.

Address FAQs

An employee handbook should be more than an endless stream of policies and legal language. You want this to be a resource that employees can turn to in order to get answers to all common questions regarding processes and standard operating procedures. By centralizing your knowledge into a single resource, you cut down on the confusion people have with where to go. This trains them to visit the employee handbook first. Then, and only then, should they bring someone else into the issue or question they’re working through.

Explain Feedback Loops

While a handbook can cut down on 75 to 90 percent of questions employees have, even the most thorough resource can’t solve every problem. However, a good employee handbook can provide information on the proper feedback loops and chains of command so that employees know where to go with their inquiries.

Include Disclaimers

Finally, any good employee handbook must include disclaimers and other caveats pertaining to employment law and company policies. (This is as much about educating employees as it is about protecting yourself. Should an issue arise, the fact that you have well-documented disclaimers will show a good faith effort to educate.)

Consider including disclaimers as they relate to anti-discrimination and anti-harassment laws, family and medical leave policies, equal opportunity policies, etc.

Well-Organized

An employee handbook is not something that one of your team members is going to read from cover to cover – it’s a resource. When it comes to designing your handbook, be sure to include a clear table of contents and a reference section. This empowers employees to find what they’re looking for in a matter of seconds.

Empower Your Team to Succeed

An employee handbook won’t solve all of your problems or replace the need for training and development, but it does provide a centralized resource that empowers your team to be more productive. If you haven’t already, now’s the time to create a handbook for your team!

Business

Opportunities for Black Banx in Emerging Markets

Published

2 days ago

May 5, 2024

Matthew Wiles

A significant digital transformation is underway in the world of finance, marked by the emergence of non-bank innovators offering a diverse array of financial technology products and services. This transformation is not confined to established markets; rather, it extends its reach into emerging economies, offering a compelling digital alternative to traditional banking institutions. These alternatives are particularly vital in addressing the issue of financial exclusion, which has left substantial populations underserved by traditional banking systems.

Among these innovative digital banking entities stands Black Banx, a fintech brand dedicated to fostering financial inclusion in emerging markets by seamlessly integrating banking services into digital ecosystems. Founded in 2014 as a visionary concept by German billionaire Michael Gastauer, Black Banx swiftly evolved into a global force in the global financial market Officially launched in 2015, the institution rapidly garnered international recognition, extending its services to 180 countries and territories from its inception. Within a mere 12 months of operation, Black Banx amassed over 1 million customers, marking its initial expansions in key regions such as the United States, United Kingdom, and Hong Kong. At present, with a customer base exceeding 40 million as of February 2024, Black Banx stands as one of the fastest-growing digital banks not only in developed countries but also in emerging markets.

What Are Emerging Markets?

An emerging market mostly describes the economic landscape of a developing nation progressively engaging with global markets during its growth trajectory. These economies possess some but not all of the defining characteristics of developed markets, which typically exhibit robust economic growth, high per capita income, well-established equity and debt markets, foreign investor accessibility, and a reliable regulatory framework, according to Investopedia.

As emerging market economies evolve, they tend to integrate more deeply into the global economy. This integration fosters increased liquidity within local debt and equity markets, heightened trade volume, and augmented foreign direct investment. Moreover, these economies witness the emergence of modern financial and regulatory institutions as they transition from low-income, less developed, often pre-industrial states to modern industrial economies with elevated standards of living.

With improving standards of living, the demand for financial security and opportunities escalates, underscoring the pivotal role of banking services. However, traditional banks face challenges stemming from bureaucratic processes and sometimes limited services. Conversely, fintech firms are gaining prominence owing to their convenience, user-friendly interfaces, and expedited signup procedures. Furthermore, their accessibility anytime and anywhere with internet connectivity enhances their appeal to the public.

Strong Demand for Financial Technology

The surge in digital banking adoption, particularly conspicuous in emerging markets, owes much to innovations originating in these regions. For instance, nearly nine out of ten consumers in the Asia-Pacific region, encompassing both emerging and developed markets, actively utilize digital banking services, with a significant portion expressing openness to expanding their usage through digital channels.

Enthusiastic adoption of fintech tools and e-wallets among consumers in emerging markets has propelled the market penetration of these innovative solutions beyond levels observed in developed markets. In the emerging Asia-Pacific region, the penetration of fintech apps and e-wallets surged to 54 percent in 2021, compared to 43 percent in the developed segment. This is indicative of the accelerating shift towards fintech transactions and services, as per McKinsey & Company.

A portmanteau of finance and technology, fintech refers to the burgeoning industry of companies utilizing computer programs and other technologies to provide support or enable banking and other financial services. In developed nations, there’s been a rapid expansion and adoption of fintech technologies ever since businesses and even governments started accepting digital financial transactions as a standard mode of payment. But even in emerging markets, the demand for fintech has also skyrocketed as more people report a diminishing reliance on cash for weekly expenditures.

Identifying Opportunities in Emerging Markets

Launching a successful digital bank entails navigating a myriad of challenges, irrespective of the market’s maturity. However, digital banking in emerging markets presents its own unique set of hurdles, particularly in securing widespread adoption among mass-market consumers. To thrive in any market landscape, a digital bank must first establish meaningful access to its target customers. While the initial interaction may appear straightforward in the digital realm, the reality proves more nuanced.

The proliferation of digital advertising notwithstanding, capturing customer attention remains a formidable task, compounded by the intricacies of onboarding procedures, even for digitally savvy clients. Moreover, the reliance on app downloads as a precursor to engagement further heightens the barriers to entry as first-time users may find them intimidating.

Building a solid trust relationship with customers is important for digital banks to maximize their opportunities in emerging markets. Trust, arguably the linchpin of sustained usage, demands meticulous investment in creating positive onboarding experiences and fostering comprehension of banking channels and products. However, achieving this trust quotient is not easy, especially in emerging markets with lower access to financial services and digital literacy.

Black Banx’s Success in Emerging Markets

Black Banx is a digital bank focused on empowering financial inclusion in emerging markets by integrating banking into digital ecosystems. It was founded by German billionaire Michael Gastauer who always believed that well-designed financial services have the potential to uplift even the most marginalized segments of society, providing them with enhanced economic opportunities.

Consequently, Black Banx is steadfast in its mission to promote financial inclusion while harnessing the advancements within the fintech landscape. Today’s digital technologies offer unprecedented tools to reconstruct banking paradigms, especially for those underserved by traditional financial institutions, with smartphones and laptops serving as gateways to financial empowerment. But while Black Banx makes use of the most advanced fintech technologies, including blockchain and artificial intelligence, it delivers an intuitive and easy-to-navigate user experience through its website and mobile app so even the inexperienced or less tech-savvy consumers won’t have a hard time using its platform to carry out financial transactions.

With his expertise and decades of experience in the financial industry, Gastauer has a keen eye for trends and what works in different markets. So instead of delivering different experiences for developed and emerging markets, the renowned fintech mogul opted to roll out the same suite of services to both because of his motivation to realize financial inclusion and offer only the best banking experience to all. As such, Black Banx facilitates seamless transitions between physical and digital currencies and even cryptocurrencies. The digital bank also tailors its channels to accommodate customers at various stages of their digital journey, ensuring that they feel guided every step of the way until they achieve their financial goals. All of these contribute to Black Banx’s success in emerging markets.