Gamification in FinTech HR: How to Attract, Retain, and Develop Top Talent
April 12, 2023
HR is an essential function, but it can be especially critical for busy FinTech firms. These firms require a skilled workforce to develop, implement and maintain financial technology products and services. In addition, they need to attract and retain top talent to remain competitive in a rapidly changing market. To ensure the success of HR initiatives in FinTech companies, gamification can be used as an effective tool. In this article, I’ll explain how gamification can be used by FinTech HR teams to improve outcomes.
Many FinTech companies use gamification for customer acquisition or retention, for example Monobank uses a badge reward system to foster customer motivation or Revolut successfully targeted students with a leaderboard competition. On this note, the same techniques to motivate customers, can be used internally in the company as a tool for the HR department.
The role of HR in FinTech companies
FinTech companies require a specialized workforce with expertise in areas such as finance, computer science, and data analytics. As such, HR plays a critical role in attracting, recruiting, and retaining the best talent in these fields. HR in FinTech companies must ensure that the hiring process is efficient and effective, and that new employees are onboarded properly to ensure their success within the company.
In addition, HR must create and implement effective training programs to ensure that employees have the necessary skills to perform their jobs effectively. These programs should be updated regularly to keep up with the fast-changing technology landscape. HR also needs to provide competitive compensation and benefits packages to attract and retain top talent.
Gamification in FinTech HR
In the context of HR, we identified that gamification can be used in many ways to make the processes more engaging and effective.
Recruitment: FinTech companies need to attract and hire candidates with specialized skills in finance, technology, and data analytics. This requires HR to use specialized recruitment strategies and channels to reach potential candidates. Additionally, the hiring process needs to be efficient and effective to ensure that the best talent is hired quickly. Gamification can be used as a unique way to attract the candidates and pursue them into taking part in a longer recruiting process. For example, if there is an instance where the candidates need to be tested, the whole test can be gamified, with levels, points etc. and the candidates would be immediately interested opposed to an usual bad response to long recruitment stages.
Onboarding: The onboarding process is crucial for new hires to feel welcomed and to become familiar with the company’s culture, values, and policies. Gamification can be used to create an engaging and interactive onboarding experience. For example, new hires can be given a scavenger hunt style game where they have to explore the office, interact with other employees, complete tasks to learn about the company and go through health and safety rules. This gamification is not only entertaining but also efficient as the new employee would not need to be accompanied.
Training and development: HR must provide employees with the necessary training and development opportunities to enhance their skills and stay updated with the latest trends and technologies. Gamification can be used to make the training programs more interactive and engaging. For instance, the company can create a digital learning game where employees can complete modules and earn points, badges, or other rewards. This approach makes learning fun and engaging, and employees are more likely to remember and apply the knowledge gained from these games. Not only that but the experience can be customized for each employee’s needs, because we know that not all employees move through subjects at the same pace. In this way you’ll be sure that the training is efficient and all employees are at the same knowledge level.
Performance management: Performance management is critical to the success of any company, as it helps identify areas of improvement and recognize exceptional performance. Gamification can be used to motivate employees and improve their performance. For example, employees can be given challenges or goals to achieve, and they can earn points, rewards or recognition for achieving them. This not only motivates employees but also creates a healthy competition between teams or individuals, which can lead to increased productivity and better results. We provide integrations with Telegram and Slack so employees can be ranked for their readiness in replying and helping colleagues.
Basically, make “Employee Appreciation Day” every day!
Gamification is a powerful tool that can be used by FinTech companies to improve HR outcomes. By using gamification in recruitment, onboarding, training and development, and performance management, HR can make these processes more engaging and effective. With the use of gamification, FinTech companies can attract and retain top talent, enhance employee skills and productivity, and ultimately, drive business success.