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