Gamification: Your Best Bet For Retaining Employees
By Zizo – Contributing Author November, 2022
If employee retention were a reality TV show, the headline would be – “keeping up with the people who keep you in business.” According to Deloitte, 75% of employers struggle to recruit the talent they need. And when the best talents get through the door, retention is another hurdle to overcome. How do you retain the best workers?
“The best workers do the best and the most work. But many companies do an awful job of finding and keeping them.” – Mckinsey
Motivation Is Not Enough
A survey by the Human Capital Institute shows that 20% of new hires leave a new job within the first 5 months. If there is any industry that is at risk of high turnover, it is collections. Every day, collection employees are faced with hard decisions and have to deal with many customers of varying delinquencies to keep the business running.
For most companies, employee retention strategies stop at compensation, benefits, and promotions. You might think these strategies would keep your employees motivated, but research shows that motivation alone isn’t enough. As a collection manager, the impact of your role is better stated with quality employee engagement. You want your employees to not only be motivated but engaged at every step of the way. More often than not, the missing piece is FUN.
Gamification as the Ultimate Retention Strategy
Employees are less likely to quit when there are internal drivers that give a sense of value and achievement. Gamification is about using game-based tools to engage employees during work and to reward them with virtual points that can be redeemed in various forms. The overall objective of gamification is to encourage employees to continuously improve, be purpose-driven, and have fun. This leads to higher productivity and retention rates.
Getting Started with Gamification
The first step is to think about your company goals and how they can be achieved through gamification. Do you want to recover more debts, reduce turnover or increase overall employee satisfaction? The next step is to determine whether or not these goals can be gamified.
Once you’ve decided that gamification is right for your company, the next step is to decide on a platform for your game. You’ll have to create the rules, rewards, and behavior guidelines for each or all of your employees. With the gamification platform, your employees can participate in various tasks, win rewards, monitor their progress, and receive feedback.
Can Gamification Solve Employee Turnover?
Gamification is more than just reducing turnovers. It’s also about changing how employees work, how they think, and how they relate to your company. Although there are unexpected life events that could impact turnover, gamification is still one of the best retention strategies for companies today. In addition, gamification is better implemented through a third-party platform like ZIZO.
It is effective, low-cost, and relatively easy to manage. Whether you’re a small or large collection company, gamification might just be the solution you need to increase retention and revenue.