Create Out-of-the-box Contests That Drive Employee Participation

How to Create Out-of-the-box Contests That Drives Employee Participation?

Employees- The driving force of NBFCs

NBFCs have been competing with banks when it comes to extending loans to the unbanked sections of the society. Employees, the backbone of NBFCs, need to deliver high-quality customer experience at all times. If they are motivated to perform at their best, they will eventually enhance customer satisfaction. 

Role of Contests in Driving Frontline Sales

Every company is running workplace contests to grab the attention of their employees, with the intention of inspiring a healthy dose of friendly competition. In recent times, contests are becoming increasingly popular for incentivizing employees in the NBFC space. The regional and HR managers are responsible for coming up with innovative ideas to motivate their employees and bring out the best in them. However, here’s the main question:  Are running contests worth the time and investment?  Do they actually help in motivating your teams? To find out, we ran a survey among 200 employees representing major NBFCs to understand the popularity and implications of contests.

Contests are effective in grabbing the attention of the employees

• Employees love to participate in contests

As many as 80% of respondents participated actively in company contests. While this is an impressive statistic, 50% of them stated that their companies ran monthly contests. 33% said their companies conducted quarterly contests and a mere 20% participated in yearly contests. Managers stated that they are unable to determine the right time to conduct contests for better employee participation and engagement.

• Workplace environment is a crucial factor in employee motivation

Participants of the survey were motivated the most by a good workplace environment followed by job security and growth opportunities. There is a high chance that if your company fails to meet these three criteria, your employees will leave your organization. As a manager, it is essential for you to create a culture of healthy competition, consistent participation and continuous motivation for your team.

• Employees are not clear where they stand with respect to their performance

We know that performance metrics differ from company to company but how well are they implemented? 70% of NBFC participants knew they were being evaluated based on their loan disbursal value. 33% said they had their performance assessed through the number of logins. Surprisingly, 30% had no clarity or knowledge about their performance metrics.

Clearly, setting benchmarks to measure employee performance is only half the job done. You must constantly track how well your employees are carrying out their tasks and give them clarity on what areas they need to work on.

Running conventional contests are not generating the desired outcomes

So far, we have discussed the specifics of contests. Let’s also talk about their impact.

Contests conducted in the NBFC space are not aligned with their goals

One thing is clear. 93% of our participants had a clear understanding of their company targets. Ironically, a whopping 70% felt that the contest targets were highly unrealistic and steep. What surprised us even more is that 60% did not understand the nature of contests being run. This shows that despite companies holding contests for motivating their employees, their benefits cannot be felt or materialized. 

Best Practices in Running an Effective Contest

Let’s address the elephant in the room.

Managers lack the resources, tools and innovation to run contests. There’s no doubt that contests are enjoyed by employees at the front line. However, they are failing miserably in boosting employee productivity. This is where you can do things differently. Your approach to running a contest and motivating your team can set you apart from the rest of the managers. Here’s how you should run a contest: 

  • Contests need to be customized: Just like in football, NFL, NBA, IPL, or any other sport, players are ranked based on their performance through customized scoreboards. You can create leagues with measurable KPIs to foster healthy competition.   
  •  Constant communication on where people stand:  Get greater visibility on what’s going on in your organization. Employees get to share byte-sized updates post about their performances and celebrate their wins together.  We empower you with interactive features such as broadcast, scribble, stickers, video, image and text to help you meet your company goals.   
  •  Build excitement to improve participation: Send personalized nudges to the right person every time. Highlight stellar performances in real-time and motivate them to perform at their best. Inspire your teams with positive personalized communication every day.  
  •  Rewards need to be personalized: We run surveys to know what kind of rewards and incentives your employees would like to receive for their performance and if they suit your budget. You can define your budget and come up with reward systems accordingly. 

How RyzeUp helps in Driving Performance through Contests

RyzeUp is a performance-enhancement platform that automates contests to help you achieve business goals with a culture of fun and competition. You can count on us to make your workplace engaging by using innovative leagues, scoreboards, and tournaments to enhance your employee’s performance. Motivate your employees to do their best as you organize them into team and reward their stellar performance.

Step up your game and inspire your team with an out-of-the-box motivational approach. Get in touch with us and create powerful, kickass contests that take employee motivation to the next level.