In the competitive environment of the PayTech sector, a company's greatest asset isn't just its technology – it's its people. Investing in human capital, your workforce, through robust Learning and Development (L&D) programs isn't just a box to tick, it's a strategic move with a significant return on investment.
As the PayTech sector matures, established companies and ambitious startups have come to realise that unlocking human capital can be the key to growth and securing a lasting competitive advantage.
At PaymentGenes Recruitment, we understand this, and our PaymentGenes Academy training services offer modular courses designed to empower your team, from onboarding new hires to nurturing seasoned professionals.
In this article, we'll delve deeper into the transformative power of L&D programs and how investing in people has bottom line benefits.
High employee turnover can be a major drain on resources. Recruiting replacements isn't just about the initial hiring cost – it's the lost productivity, onboarding time, and integration into existing workflows. Studies show that well-developed L&D programs can significantly reduce employee churn. When your staff feels valued, supported in their growth, and equipped with the skills they need to succeed, they're more likely to stay engaged and committed to your company.
Beyond minimising churn, L&D programs create a ripple effect of positive impacts. Upskilling your teams allows them to tackle challenges more effectively, identify and seize new opportunities, and contribute to innovation. This translates to increased productivity, improved customer service, and a stronger competitive edge.
Not all L&D programs are created equal. A one-size-fits-all approach misses the mark. Offering targeted programs aligned with different seniority levels is crucial. For new junior hires, you need foundation course material introducing them to subjects such as the payments value chain, card payments, transaction processing etc. These courses should form part of your onboarding experience, equipping them with the foundational knowledge they need to thrive.
As employees progress, more advanced courses that hone specific skill sets, bridge the knowledge gap or update compliance training are needed. These help to mitigate regulatory risk as well as creating a culture of continuous learning, which in turn empowers you to promote from within and prepare employees for leadership roles.
Additionally, it allows you to focus your talent acquisition strategies on aptitude rather than pre-existing skill sets, unlocking a wider talent pool of diverse and qualified individuals who bring fresh perspectives and innovative ideas to your team. You can then leverage L&D programs to upskill your workforce, creating a future-proofed team.
The rise of Gen Z in the workforce necessitates a shift in L&D strategies. A survey from Amazon and Workplace Intelligence found that 74% of Gen Z-ers and Millennials were considering a career change due to a lack of career mobility and skills development opportunities. However, traditional, lengthy training sessions simply don't hold their attention. This digitally native generation expect information to be readily available, engaging, and easily digestible.
To cater to Gen Z's preference for on-demand learning, break down complex topics into bite-sized, engaging modules. Make it fun and competitive by incorporating gamification. Ditch the passive lectures and create an immersive experience with interactive videos, simulations, and quizzes. Since they're glued to their devices, ensure your program is mobile-friendly for learning on the go. Finally, leverage their social nature by encouraging peer-to-peer learning and group discussions – after all, Gen Z-ers thrive on collaboration and sharing insights.
This approach is beneficial to all your learners, even Boomers will appreciate this style of training content!
Developing L&D programs in-house can be resource-intensive. Partnering with a provider like PaymentGenes offers a cost-effective solution. We have a curated selection of courses designed specifically for the PayTech industry, delivered by industry experts. This ensures you get the latest knowledge and specialised training without the burden of internal development.
Training is managed and delivered through our Learning Management System (LMS) with on demand and live course content available; including tools for tracking engagement, completions and reporting that are approved for compliance audits. You can find out more here.
Investing in your people isn't just the right thing to do, it's a strategic imperative. By leveraging L&D programs, you can optimise your human capital, reduce costs, and propel your company towards continued success in the dynamic PayTech landscape. If you’d like to have an informal chat about your training needs, please get in touch here.
