Human-friendly digital transformation improves finance team retention


In the past two decades, employee retention has become more important than ever. Even before COVID-19 changed the way we work and communicate, the trend towards the digitalization of finance has fueled the need to attract and retain talent.

However, what has changed dramatically since the start of the pandemic is that employees need more digital innovation than ever in remote and hybrid workplaces.

Digital innovation is especially needed by finance team members, many of whom are working remotely for the first time in their careers.

Make room for higher value work

As financial professionals learn to adapt to the virtual workplace, regulations continue to evolve and expand, and the need for digital transformation increases to make their jobs easier, more accessible and more enjoyable. .

For finance teams within a company, digital development and transformation can take many forms. For example, implementing automation strategically can free finance staff from tedious, time-consuming manual tasks and create more room for higher-value, strategic work to move the business forward.

Retaining employees as part of digital transformation

Whatever digital transformation approaches a company decides to implement, the first step should be to ensure that they help meet and exceed employee expectations.

After all, your digital transformation efforts don’t mean much if you don’t keep your employees happy.

Consider these top innovative digital transformation employee retention strategies to impress and retain talent in your finance department:

1. Invest in the skills of your employees.

When determining how to improve employee retention, you need to focus on employee development.

Financial professionals have big ambitions and aspirations, which means that many of them may be looking for opportunities to develop their skills and learn as much as possible in the shortest amount of time.

As a leader and financial professional, you have a responsibility to help your employees set and achieve goals within your organization. This means identifying opportunities for growth and preparing them for success by giving people the tools they need to perform their duties successfully.

Large companies may be more attractive than SMEs or tech startups because they tend to have more resources for employee growth and development, but small businesses still have key advantages. One of the advantages of a small organization is access to the CEO of the company.

Finance professionals can quickly learn and develop skills while working closely with the CEO to make business decisions. Giving your finance team more leadership time can both inspire growth in existing employees and help attract new talent.

2. Integrate new technologies for hybrid work modes.

according to a McKinsey survey, 52% of employees expressed interest in pursuing a hybrid work model post-pandemic. Automation technology leverages a hybrid workforce model that allows employees to access their workspace anytime, anywhere.McKinsey Research also established A mixed workforce can increase productivity and allow greater access to talent.

With the new working model, things can easily slip through the cracks. When chasing employees around the office is not an option, a strong tech stack is the best solution. Implementing technology that removes workflow bottlenecks is key to maximizing the success of a mixed workforce.

Teams can coordinate high-value projects, delegate tasks through written records, and set appropriate deadlines to hold team members accountable. Digital resources help define goals and tasks, set accountability standards, and facilitate processes so employees can better meet deadlines.

3. Boost your tech stack and productivity.

Digital transformation in finance should be about implementing better technology to improve employee morale and retention. The right technology can automate manual and mundane tasks, simplify workflow complexity, and reduce repetitive work.

To find the right technology tools for your finance team, focus on three key goals: assessing processes, finding solutions, and streamlining operations.

First, assess the process to find potential bottlenecks in the workflow. If you want to expose these bottlenecks, go directly to the source. Create surveys to uncover employee pain points and barriers.

Gathering employee feedback is the fastest way to find the best solution with the least amount of trial and error.

Research the vendor to determine the right software solution. After you’ve selected and implemented a solution, it’s time to look at metrics like project completion time and employee retention rates to see if your chosen technology tool can help you the way you want. . If not, it’s time to go back to the drawing board.

An employee-first approach

No one is immune from a big resignation; however, if you take the right steps to make a meaningful finance department transformation, you can do your part to improve your company’s finance employee retention rate. Try new methods, communicate with your employees, and be open to new ways of working.

No matter what digital transformation approach you decide to implement, the first step to success should be understanding the needs of your employees.

Image source: provided by the author; thank you!

Amit Chen

Co-founder and CEO, Tipalti

Chen Amit is the co-founder and CEO of Tipalti, a payment automation software that helps businesses manage all of their vendor payments operations.

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