The world of work has always been about offering a service or product to a consumer at a more affordable or efficient rate than your competitor. Service companies exist, in particular, to make consumers feel appreciated while offering them exceptional service that will have them become return customers. Nowhere is this more apparent than in the US, where many companies vie for the attention of consumers.
For many years, the focus of a business has been on the customer: how can we improve our service offering to better attract and retain new customers? However, over the past few decades, pioneers and entrepreneurs have begun shifting their focus from the customer to their staff.
As Richard Branson once famously said: “If you run a business, put on top your employees, then your consumers, and then your shareholders”.
Big tech companies, such as Google, have led the way in employee welfare, and many FinTech companies are following suit. But why? The answer lies in efficiency and productivity. Indeed, happy employees are productive and loyal employees. In order to motivate your employees to go above and beyond the pale, you need to inspire loyalty. This comes from first recognizing the importance of your employees, and accepting that they are, truly, the key to your business’s success. Your company may be the world’s most innovative; you may offer the best product or service; you may fill the gap in a niche market, but you are ultimately playing a losing game if you don’t realize how and where your employees fit in.
Why are your employees the key to your success?
Employees are the foundation on which any business is built. A product cannot build a business. This is particularly apparent in the niche business of FinTech. As FinTech is a relatively new player in the world of business, it takes truly talented individuals to grow a FinTech business. These people need to be able to thrive in a hybrid company that specializes in both the financial and technological. Unfortunately, people with the right knowledge and experience in both these industries are not necessarily easy to find. And, to make it even more difficult to hire the right people, those you employ in this sphere must be able to work alongside your other employees and adapt to your business culture. When looking to employ someone for your FinTech business, you thus need to look for various skills and character traits that will help you grow and develop your business. Importantly, they also need to be team players, who share a common goal for your business.
Irreplaceable and non-negotiable
Your employees are the face of your company. The right employee can bring creativity and grit to your business. In the FinTech industry, motivation and inspiration are two non-negotiables. Without these, your business is likely to lag behind your competitors. While some may disregard the motivated and inspired employee as a ‘nice to have’, and would rather invest in employees with outstanding skillsets, the truth is that the efficiency and success of your business depends largely on the motivation of your employees. An impressive skillset and drive and innovation are not necessarily mutually exclusive, but it would be ignorant to approach your hiring policies with the attitude that one is more important than the other.
An example of this is the long-serving employee. In terms of definition, the long-serving employee has been in a company’s employ for at least five years. As a FinTech start-up, you may not have decades’ worth of long-serving employees. But don’t underestimate this trait as your business grows. Long-serving employees have not only developed the needed skillsets to help run and grow your business but are familiar with the company and business culture. They are able to mentor and teach new incumbents and help them adapt to the company and the work that is expected of them. Regardless of the age of your company, you should always be working towards the goal of creating long-term employees, who will run the business successfully as your company grows and adapts to the changing times. Long-term employees also bring an emotional connection to your business that incumbents may not yet have developed. Yet again, we find ourselves looking at the importance of loyalty to your brand, and the true belief of your employees that the product or service you offer provides customers with real value for money.
It is always important to bear in mind that you cannot judge an employee by his or her monetary value. Yes, your employee’s salary and benefits can be put down in simple numbers, but this is not the value that the skilled, innovative and motivated employee brings to your business. Each of your employees should bring something unique to the table and should fill an essential role in your business. If you feel like your employees are irreplaceable, you have a strong, dedicated team of workers. This kind of team is essential to the success of your business, and should never be underestimated. Unfortunately, many business owners take this for granted; it may be a case of not knowing what you have until it is gone. It’s important that you do not fall into that trap, and recognize the importance of each individual employee from the beginning of his/her employ. This is where recruitment processes come into place.
If you do not feel as if each of your individual employees brings something noticeable to your business, it is time to relook at your hiring policies, and perhaps look at upskilling those employees that are not driving your business in the right direction.
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