In today’s modern work environment, company culture is vital. According to a Glassdoor survey, 56% of employees find a good workplace culture to be more important than salary. The Coronavirus (COVID-19) pandemic has disrupted life as we know it, causing many organizations to transition to a 100% work-from-home environment. Paymerang quickly made this transition and our … Read More
You may have heard the term “growth mindset” used in the workplace in recent years. While the concept itself is not a new idea, there has been a resurgence of the phrase as it applies to modern organizational cultures. The payments industry is evolving rapidly today, with a growing set of electronic payment options that … Read More
In today’s modern work environment, company culture is vital. According to a Glassdoor survey, 56% of employees find a good workplace culture to be more important than salary.
The Coronavirus (COVID-19) pandemic has disrupted life as we know it, causing many organizations to transition to a 100% work-from-home environment. Paymerang quickly made this transition and our skilled and motivated workforce adapted exceptionally well.
We’ve kept innovation and spirits high while continuing to
deliver value and security for our customers and their vendors. Paymerang’s
success has always been driven by its strong culture, which has been on display
during this unprecedented time.
For two years running, Paymerang has been one of the Richmond
Times Dispatch’s “Top Workplaces”. Consequently, we’d like to share the steps
we’ve taken during quarantine in the hopes that it sparks some ideas for other
Daily Stand-up Meetings:
Every team gets together for a daily online stand-up meeting.
Joining via video as well as audio helps our teams remain connected and
accountable. Everyone is given an opportunity to update their team on their
work, as well as ask any questions or raise any concerns they may have. Bonus
points if you have a fun background!
At Paymerang, we celebrate with our team on both
professional achievements and personal milestones. With the virtual workplace,
we have shifted our in-person celebrations to funny e-cards and virtual
meetings to help welcome new babies, celebrate marriages, and support one
another. We even “skunked” a coworkers yard who is expecting!
This is an unprecedented time and we want to support our
staff in every way possible. We have compiled lists of resources for our
employees to help with home-based work; including, fun activities to keep the
kids busy, free classes being offered online, ideas for virtual date nights,
and even links to free virtual exercise videos!
Every day, we post a fun game, trivia question, or fun fact
to keep our staff engaged. All work and no play makes for a very boring day!
Swapping ideas keeps our minds sharp for the task at hand.
The lunchroom is the heart of our office, and often where
employees working in different departments get a chance to interact. To keep
this company-wide engagement at the forefront, we have moved our lunchroom online
to create a virtual lunch hour! Employees can pop in and out as their time
allows to visit with others and take a break!
Virtual Walks for Wellness:
Each day at Paymerang, our staff gets together to take a
brisk walk through the office park. When working from home, we have kept this
tradition alive and shared our walks with teammates. We even have a few extra
participants from time to time!
Celebrating the Wins:
Paymerang even created a virtual version of our notorious
office gong. Anytime we’ve signed a new client or hit a huge project milestone,
we still ring the gong!
Maintaining connections and relationships while working remotely is crucial to preserving your company’s culture. With intention and some creativity, you’ll be surprised at the endless ways you can help your team stay connected while working remote.
You may have heard the term “growth mindset” used in the workplace in recent years. While the concept itself is not a new idea, there has been a resurgence of the phrase as it applies to modern organizational cultures.
The payments industry is evolving rapidly today, with a growing set of electronic payment options that bring new opportunities for efficiency along with added fraud risks.
This requires industry participants, like Paymerang, to constantly innovate to deliver value for buyers and suppliers while protecting client funds. A skilled and motivated workforce by itself is not enough since the landscape is shifting so fast. Companies need workforces with a capacity for growth and adaptation to thrive in the FinTech space.
Carol Dweck, a renowned Stanford University psychologist, coined the terms fixed and growth mindset after extensive research in students’ attitudes around failure. She found some students rebounded while others were devasted by the smallest setbacks. Dweck describes the simple, yet impactful differences between the two mindsets:
Growth Mindset: People with a growth mindset believe abilities—like talent and intelligence—can be developed through dedication and hard work. They’re more likely to enjoy learning, seek out situations to experiment, and see failure as an opportunity to grow.
Fixed Mindset: Those with a fixed mindset believe the opposite. They feel they “are who they are” and were born with a set level of talent, intelligence, and even interests. Because of this, they’re more likely to seek out opportunities and situations where these views are affirmed (like doing the same job over and over to receive praise) and believe that talent alone—not effort—is the source of success.
While the bulk of this research was conducted on students, these concepts can be seamlessly applied to organizations. Technological advances have made us more efficient, while also increasing complexity of challenges faced by employees. The pace at which we work is faster than ever before and frequent change (and sometimes a little chaos) is to be expected. Adopting and developing a growth mindset in the modern workplace helps increase resiliency in environments that demand quick adaption to change, frequent refinement of strategies, and decisive action within short time constraints.
Implementing a growth mindset into your company culture yields many benefits for individuals and teams. Once people stop worrying about failing, they are more open to creative thinking and problem solving, which leads to the discovery of new and innovative solutions. By trying on new roles and responsibilities, people learn new skills that strengthen their contributions and help them continue their career path.
Fully embracing the growth mindset and applying it time and time again takes deliberate, repetitive practice. How can organizational leaders help cultivate a growth mindset within their cultures?
Here are three tips you can start applying:
Screen for a growth mindset. During the recruitment process, look for traits of a growth mindset in candidates. While interviewing, incorporate questions that dig in to core beliefs, past learnings and setbacks, and the ability to see out challenging tasks or projects. Asks questions such as, “what’s the biggest risk you’ve taken in recent years?” or “give me an example of a time you set an ambitious goal, did you meet it? What went well and what didn’t go well?”. This will give you a sense to what mindset a candidate may be bringing to the team.
Set learning goals. Take the time to understand your employees’ goals. Regularly nudge and encourage new responsibilities (like taking the lead on a project) instead of playing it safe. Be sure to celebrate the learning process and highlight that setbacks are part of the growing process. This will build the resiliency muscles needed to dust one’s self off and to keep pushing forward.
Foster a learning culture, starting with the company leadership. Leaders set the tone and people take note, making it even more important to “walk the talk”. Openly talk about your own successes and setbacks – what you’ve learned, what you’ll do differently next time. Leverage team meetings, town halls and other means of communication to highlight these learnings and encourage discussion and curiosity. Fostering this dialogue shows that it’s safe and encouraged to take risks.
FinTech companies today need to rapidly evolve to meet the needs of the marketplace. If you want to build a high-growth organization that is strong and resilient, start by supporting a growth mindset within your team members today.