One of the new human resource management challenges is technology development. Emerging needs and concerns about how to organize HR in a technology world has touched almost every industry but there is an especially big question in banking. The rise of FinTech forces HR managers to pore off the most effective practices that would embrace the innovativeness and open up the workforce to self-improvement.
Technology development always implies change and the ability to prepare the team and manage the process of change is the responsibility of a human resource manager. Blomstrom has identified two pillars to look for in a team for an easier and quicker process of change: knowledge and passion, which are driven by culture. Setting up the company’s values and mission helps to form a unique culture in the workplace — the driving force of HR. With a strong culture, an organization is able to do nearly anything as it has strong and consistent supporters in the face of its employees.
So what is organizational culture? It is a set of norms and values shared by people within the organization. It also controls the company team’s interactions and behavior. By setting culture as the first and foremost task of HR planning, FinTechs and other organizations driving innovation will eliminate other supply challenges that come with a modern digital workforce, such as absenteeism, productivity loss or labor wastage.
As mentioned above, one of the main challenges in the technology world and especially among FinTechs (as the industry is relatively new and always seeks improvements and opening to new markets) is managing change. This is why start-ups and small businesses must not economize on HR and here are our tips for successful change management:
- Top-managers are the biggest role models — quite obvious but it is crucial to remember that role models should send a positive example. Top-management, in the face of CEO and the board, are the people creating an organizational culture with their stories and behavior.
- Redesigning socialization processes — implement new values in team activities. Create symbols, traditions, and rituals to replace the outdated ones. One of the modern workforce’s favorites is gamification — a game characteristic applied to day-to-day tasks.
- Formal regulations instead of unwritten rules — in a digital workplace, especially with remote team members, trust is good, but formal rules will oblige team members to follow the ways of behavior supported by the organization.
- Don’t be afraid of termination — goodbyes are hard but if there is a strong obstacle towards innovation and change, due to various reasons, you got to let go. Focus on the bright side — it is a release of pressure for both parties that just do not fit each other’s values.
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