"Passion Capital" is the world's most valuable asset, according to Paul Alofs, author of the book, Passion Capital. Many businesses are recognizing that in order to tap into a worker's passion capital, especially in creative industries, they may have to re-envision their work policies. When or how an employee is inspired may not be up to a regular 9-5 work timetable and thus, innovative businesses are allowing more flex-time, telecommuting, employee perks, employee choices, and are looking to see how they can reward and encourage their employees.
More and more studies indicate that working longer does not equal more productivity. In fact, after more than 8 hours of work, productivity drops by half. Moreover, long overtime hours cause an employee's health to worsen and doubles the employee's risk of depression. European countries where working over 48 hours a week is prohibited still manage to maintain a competitive edge while also having a high happiness quotient.
As mentioned on my other blog, in the article "On Volunteering", one of the worse feelings is a person putting in the work and not being appreciated for it. Major companies like Symantec and Intuit have instituted a type of crowd-sourced bonus system whereby anybody in the company can nominate a co-worker for a bonus. Not only does the employee get a bonus, but the social recognition helps too!
Take a look at some of the ways companies are trying to tap into and recharge passion capital:
AOL Huffington Post Media Group: Special nap rooms to rest during the day.
CouchSurfing: Option to work one month from anywhere in the world
Autodesk: Pipes in soft ambient noise to help employees focus
Betterment: No official work hours; employees choose when and where they want to work
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