For decades, companies have been using staff recognition to boost morale, engagement and productivity of the workforce. Recognition comes in different shapes and forms; it could be a verbal compliment, a trophy, or even a pay raise. With the advent of technology, recognition has also evolved. Committed to driving corporate innovation, Stan Group, the leading property-based conglomerate in Hong Kong, has developed a cloud-based Credit System and launched BuyA-Brick. This innovative programme leverages blockchain and real estate tokenization to motivate staff engagement in innovation, cultivate intrapreneurship and recognize staff for the efforts.
The innovative employee reward programme Credit System is launched within Stan Group, where employees are eligible to earn points by sharing innovative ideas, recommending business opportunities, participating in design thinking and other talent development workshops. There are two types of points, namely Credit Point and Shared Value Point. With Credit Point, employees can redeem vouchers, hotel stay, and even an extra day off. On the other hand, the Shared Value Points can be used to redeem a “Brick” at Buy-a-Brick.
Different from traditional company's dividend system, Buy-a-Brick allows employees to share the future capital gains of the group's properties, while employees do not need to make any money investments. A “Brick” is a digital token stored on the blockchain, which represents a smart contract for a selected building. By participating in Buy-a-Brick, if the property selected is sold and profit is made on the sale of that property, the brick holders will be entitled to share the profit made. The Group aims to make the ‘Brick’ affordable for all staff. The amount of points required for a ‘Brick’ will be determined by the value of the building at the time it is submitted to the programme, and by the amount of profit share that will be made available for a given building.
The programme enables eligible staff member the opportunity to generate wealth alongside Stan Group. The first batch of “Brick” was fully redeemed once rolled out, which indicated the popular reception among staff members. The successful launch of “Buy-a-Brick” disrupts the traditional way of staff engagement and recognition and have set an example in the industry – technology always provides a new approach.
As an avid advocate of promoting corporate innovation and creating shared value, Stan Group will carry on with experimentation and bring new elements to advance the Credit System. With the Credit System, we are confident that we are creating an environment that celebrates novel ideas and encourages breakthrough. Step by step, we believe that transformation of the corporate, society and the business world is not only possible but inevitable.