Understanding Gamification (The Key to Better Benefits). Gamification is a powerful tool for motivating employees at work. Learn how gamification strategies can improve performance and encourage benefits usage.
Gamification is a powerful tool for motivating employees at work and a valuable addition to financial wellness benefits. These strategies educate employees while encouraging them to set and meet their financial goals in engaging ways.
Also called “motivational design” or “game learning,” gamification involves incorporating interactive elements into various activities throughout an employee’s day-to-day. Doing so may help employees connect with their teammates and company culture, improve business operations or increase employee benefits usage. These strategies can take many forms, from achievements and leaderboards to motivate users, to point-based loyalty programs that encourage frequent purchases.
A survey conducted by TalentLMS found that 83% of employees who used gamified training felt more motivated at work, with 89% reporting feeling more productive and 88% feeling happier. In contrast, 61% of employees who received non-gamified training felt bored and unproductive.
The idea behind gamification is to leverage competition and incentives to meet personal and company goals. However, overdoing it can demotivate employees. Here are some key considerations for gamifying your financial wellness programs.
1. Have defined, measurable goals (and make sure your employees understand those goal).
Start by assessing the overarching goals of your financial wellness program and what you want your employees to achieve through their participation. Break these larger goals into smaller, achievable milestones that employees are excited to work towards. Since gamification relies on incentives and success within the system, it’s crucial that these goals are specific and attainable.
Additionally, make sure your employees clearly understand what they’re working towards. Interest in the financial wellness program can wane if employees are unsure about their objectives, so ensure all game elements are directly linked to the learning material.
2. Offer a variety of incentives within your gamification.
Different motivators resonate with different employees. While some may respond well to progress bars, levels, points systems and badges, others may be more motivated by tangible rewards such as gift cards, vouchers or discounts. Offering a mixture of incentives can help ensure that employees are encouraged to participate and reach their full potential.
3. Give frequent feedback.
One of the quickest ways for employees to lose interest is through a lull in feedback. Providing timely evaluations allows employees to adjust their performance based on results and stay engaged in the competition. Immediate feedback keeps employees motivated and helps them work towards their goals more efficiently.
4. Get people invested in your rewards with gamification.
Gamification is most effective when the incentives resonate with employees. Since gamification often relies on social recognition, it’s crucial to understand what motivates your employees. Engage with them to determine what goals and rewards are most meaningful. Both the objectives and the rewards need to be valuable to ensure that the gamified system is effective and engaging.
5. Don’t force the fun.
Mandatory fun can diminish the enjoyment of gamification. Research indicates that games and activities are more positively received when they are voluntary rather than imposed. By making your gamified program optional, you allow employees to choose whether they want to participate. Ensure that those who opt out still have access to all necessary resources. This approach allows motivated employees to engage in the gamified system while others can continue working towards their financial goals without pressure.
When done correctly, incorporating gamification into financial wellness programs can drive employee engagement and motivation in a fun environment where financial goals are interactive and rewarding. Embrace gamification as a tool to enhance your financial wellness initiatives and empower your employees to achieve their goals with enthusiasm.
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Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget.
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