When one thinks about onboarding in WealthTech, the first thing that comes to mind is the client experience. Meanwhile, we forget about the employee experience, especially when they join a new team in a WealthTech company. These two are closely intertwined since when treated poorly, an employee can harm the client experience, which will cause financial damage to a company.
The numbers don’t lie. According to Employee Benefit News, it costs 33 percent of an employee’s annual salary to replace them if they leave because of a poor employee experience. However, those who stay without proper training cost the company more through increased errors, lack of client experience quality, and more. Employees who are actively disengaged are more likely to steal from their company, negatively influence their coworkers, miss workdays, and drive customers away. Gallup estimates that actively disengaged employees cost the US $483 billion to $605 billion each year in lost productivity.
The study also says 88 percent of companies don’t onboard well, which results in 43 out of 100 new employees quitting in the first 90 days. The turnover increases every year, and it’s estimated that 35 percent of employees will leave their jobs each year by 2023 to seek employment elsewhere. At the same time, if 100 employees changed their company ratings from fair or poor to excellent, 37 fewer employees would leave in the next year, amounting to $555,000 in savings. Evaluate onboarding, orientation, and initial training to understand where employers are not meeting the expectations of newly hired employees.
How do Fintechs usually onboard to decrease turnover?
First Rate created First Rate University, an online portal through which they provide end users’ content, information, and knowledge about the product and the industry. This information is used for internal training. Also, developers undergo training in secure coding, performance reporting, client reporting space, etc. As a result, there aren’t many serious miscommunications between product owners and the development team.
Advicent’s Chief Executive Officer Angela Pecoraro points out that every new employee goes through a weeklong training program where they learn all aspects of the company business and the work of each department, from finance to sales to product development to support. They meet the leaders of the organization and the managers of each of those areas to learn how they work.
At INSART, we think there’s no better way to get into the business domain than putting one’s own hands into it. Our engineers play a financial game called The Life Capital, a personal finance simulator and a Cashflow 101 game adaptation. The game teaches engineers to build partnerships and prioritize collectivity, which is crucial for the software development industry as a whole and the start-up Fintech environment in particular.
Overall, these practices show the trend to fix onboarding problems as they appear. If a company lacks domain knowledge, it arranges several meetings with advisors or uses the knowledge base assembled by colleagues. If there’s a lack of security skills, here are the courses to quickly catch up on studies. Another interesting trend is introducing gaming concepts into the study to streamline the complex business processes and care about the employees’ workplace comfort. Meanwhile, is there a way to combine these fragments into one exciting curriculum with elements of a game?
How can onboarding become a win-win game?
Streamlining the process of getting project knowledge and becoming prepared for productive work is the greatest benefit companies reap from onboarding gamification. This is keeping employees motivated and striving to achieve goals while learning new concepts. What makes this approach successful is how it breaks down the overwhelming yet mundane new hire experience into a manageable journey that they would enjoy.
Let’s assume that our onboarding is a game. Of course, every game starts with a player orientation and is divided into several stages. This is what our game will look like – create a profile (in a corporate wiki), meet your colleagues (also accountant, managers), pass security, and process briefs.
These four stages are determinant for further employment. They prepare an employee for most work situations. The new team member starts working without compulsory supervision, becoming a self-sufficient contributor to the project. Still, the onboarding process never stops after that; experts claim it’s necessary to continue onboarding activities for up to six months.