The finance industry is one of the most competitive industries on the planet. Responsible for the flow of cash and assets, it’s the beating heart of any economy. The clear link between the strength of the financial system and a country’s total economic growth means that when the work is stressful, it’s really stressful. No wonder it can be challenging, frustrating, and even thankless for those working on the front lines. Bombarded with rules, regulations and new technologies, it is an ever shifting landscape of winners and losers.
Like with many other industries, the amount of activities completed on key goals is a direct indicator of business success. That’s why driving performance on the right KPIs in a fun way can make all the difference in the working environment.
Sales performance management tools such as gamification have led to a constant positive increase in goal attainment rates, workplace motivation, company culture and retention for many of the world’s leading financial services organizations.
Here are some of the major benefits of implementing gamification elements into your finance organization:
Goal setting and attainment
One of the key features of gamification is goal setting and monitoring. Employees and managers can easily set goals and provide a clearer path to hitting targets. When people have tangible objectives–and the ability to visualize their progress–they are much more likely to succeed in reaching them.
In an industry with so many KPIs, knowing what to focus on and when is essential. Gamification makes it easy for managers to guide employees towards goal attainment in a fun and engaging way. In addition, managers can choose to incentivize completion of key tasks and/or milestones reached, thus giving employees added motivation to stay on track and accomplish their goals.
Improving customer relations
Another benefit of implementing sales gamification into your business is higher employee engagement. Studies show that game-based motivation tactics increases engagement by 48%. And when employees are more engaged, they are also more inclined to help their customers and provide top quality service–which is paramount in the financial services industry.
Connecting offices across locations
Bringing the teams together can be a major challenge for companies with separated locations. However, celebrating together in real-time has never been easier. TV screen updates and personalized celebrations help to connect people across locations, so that everyone knows what’s going on and is on the same page. This cultivates a positive office and inter-office culture that results in happier employees and better performance.
Running more effective competitions
Gamification leverages people's natural tendencies for competition, achievement and collaboration. Setting up and running effective sales competitions is easier, faster and most importantly the effectiveness of your competitions is measured automatically and displayed in simple graphs.
Spice up the sales floor with a little friendly competition. To make things even more interesting, up the stakes by adding some prizes that people actually want to win. For starters, check out this list of 101 Meaningful Employee Rewards.
Additionally, contests are non-linear, so the same few people don’t always win–giving middle and lesser performers a motivation boost.