Annual compliance training. Not something to look forward to. Put off until the eleventh hour despite a deluge of reminders. Rushing through high volumes of content, desperately attempting to get just enough into short term memory to hit the 70% pass mark. Once that is done, the mind emptying of the key points as quickly as they were learned. It’s the same every year and it’s always last minute. Why? Because training isn’t engaging, and there is no interest in completing it before it’s absolutely necessary.
This is a common issue in Financial Services. Surely the solution is simple? Focus on the carrot not the stick, and make training fun again!
Gamification increases knowledge retention
Unless you are superhuman, nobody can sit passively through videos and presentations and soak up all of the content. This is because memories are formed more easily through physiological arousal – so being actively involved. In fact, research by the University of Colorado showed that participants in gamified eLearning experiences are able to retain 11% more factual knowledge.
Firms can no longer rely on their workforce having sponge-like knowledge retention capabilities. Using gamification in learning materials means that the workforce will come to view content in a state of active alertness, making it easier to retain.
Social learning drives re-engagement
Training modules tend to be undertaken once a year, rushed through as quickly as possible and then forgotten even quicker. Certainly there is an option to return to the content at a later date, but who does? Who finishes an exam and cracks open a textbook a couple of days later?
Unsurprisingly, this state of affairs is no longer cutting it for Regulators. They are less bothered about pass marks and more interested in whether the workforce is learning, retaining and applying key information to real life situations. If your Anti Money Laundering training isn’t engaging, then the risk is that your employees will still fail to identify and prevent it.
Gamification is an effective way to change this as it enables firms to leverage ‘social learning’ and drive re-engagement. A firm with employees who are frequently and pro-actively engaging with learning content would get far more value from their workforce, and from a compliance perspective, have a richer set of data points to stand up to regulatory scrutiny.
As anyone who has had a job knows, employees are motivated by recognition and competition. A study by Talent LMS demonstrated the link between social learning and re-engagement. The study showed that:
- 89% of the learners show greater engagement when a points system is used; and
- 62% are motivated to learn if leader boards are involved and they have the opportunity to compete with other colleagues.
If your firm is serious about stimulating re-engagement in training and energising your workforce, you need to start incorporating points, badges, team challenges and locked content into a cohesive, gamified learning offering.
To find out more about why we think gamification is key to engaging your workforce and meeting regulatory expectations, contact us at firstname.lastname@example.org for more information.