FinTech Helps Developing Employees
One of the biggest challenges businesses face today is retaining employees. Finding the right fit is hard enough, but keeping them around requires an environment that is both stimulating and supportive. Financial technology (FinTech) can help businesses create this kind of environment by providing employees with the tools they need to develop their skills and grow their careers.
In this article, we’ll explore how growing businesses leverage FinTech to develop their employees and why this trend is only going to continue—getting in on the ground floor will not only give you a leg up on the competition, your people will thank you for it, too.
Defining FinTech
Before we dive in, it’s important to understand what we mean when we talk about FinTech.
If you haven’t heard of this term before, the best way to understand it is as an umbrella term. Under that umbrella are several ways technology is employed to streamline financial services and transactions.
This can include anything from online banking apps to mobile payments to cryptocurrency—as long as it makes financial processes more efficient, it’s considered FinTech.
Why Developing Employees Matters
Businesses today are realizing that their employees are their most valuable asset.
Workers today are much more assertive about their career goals and expectations, and they have more choices than ever before. They’re also more likely to leave a job that isn’t providing them with the opportunity to learn and grow.
This means that companies need to provide their employees with the tools they need to develop their skills if they want to keep them around. You can’t just dangle a carrot in front of their noses and expect them to stick around—you need to give them something to sink their teeth into.
Career advancement is just one piece of the puzzle. Employees also want to work for companies that provide fair compensation, good benefits, and a positive work/life balance. These things show that you value your employees and their contributions to the company.
But doesn’t that mean that you’ll be allocating more resources to your employees without any guarantees they’ll stick around?
Yes, there is always that risk. Unlike previous decades, employees today hop between jobs much more frequently. With online job postings and social media, it’s easier than ever to find new opportunities. You can’t, for instance, bluff your way to paying them less than they’re worth or offering them subpar benefits.
The silver lining here is that if you do provide your employees with what they need to grow, they are much more likely to stick around. They know the value of what you’re offering and they’ll appreciate it. Even if they do eventually leave, they’ll be more likely to recommend your company to others or come back at some point down the road—and that’s valuable in and of itself.
How FinTech Can Help Develop Employees
Simply put, FinTech unlocks human capital. The three most popular ways businesses are using FinTech to develop their employees are:
Doing away with tedious busywork
There’s nothing worse to stifle creativity and motivation than busywork. This is the kind of work that’s designed to keep employees busy but doesn’t actually contribute anything to the company’s bottom line.
With FinTech, businesses can automate many of the tasks that used to fall on employees’ shoulders.
This includes things like payroll, expense reports, and invoicing—anything that can be done with the help of software or an app.
This way, employees can focus on tasks that are going to move the needle instead of busywork that makes them feel like they’re stuck in a rut.
Employee financial wellness programs
It’s no secret that many employees are struggling with their finances. Worrying about money can lead to increased stress levels, which can in turn negatively affect an employee’s productivity.
For many employees, hiring a financial advisor is simply not an option. They either can’t afford it or they don’t have the time to meet with someone in person.
This is where financial wellness programs come in. These programs provide employees with the tools and resources they need to manage their finances and make smart decisions about their money.
Not only do these programs help employees take control of their finances, but they also offer peace of mind. The less time your employees worry about their finances, the more time they’ll have to focus on their work.
A wider range of retirement options
Retirement plans are an essential part of any benefits package. But for small businesses, providing a retirement plan can be a challenge. They simply don’t have the same resources as larger businesses.
FinTech has made it possible for small businesses to offer a wider range of retirement options to their employees. For example, there are now robo-advisors that can help employees invest their money without the need for a human financial advisor.
There are also new types of retirement plans, like portable benefits plans, that make it easier for employees to take their benefits with them if they leave their job.
These new options give employees more control over their retirement, and they provide peace of mind knowing that their benefits won’t disappear if they switch jobs.
FinTech offers a wide range of benefits for businesses, but its role in developing employees is often overlooked. Learning and development platforms, project management tools, and employee financial wellness programs are just a few of the ways that FinTech can help your employees grow and succeed.
When you invest in your employees, you’re not only helping them reach their potential, you’re also investing in the future of your business—so it’s a win-win for everyone involved.
