How digital transformation can propel firms forward

The last few years have been a tumultuous time for businesses everywhere, defined by the after-effects of the Great Resignation and the ongoing pandemic, but that’s why it’s crucial the next pivot is your greatest pivot and relates to your firm’s technology.

The effects of the Great Resignation have been widespread. In November 2021 alone, 4.5 million people quit their jobs, according to data from the Bureau of Labor Statistics.

Further data shows the finance sector has experienced more employees quitting the sector paired with an increase in job openings. The finance sector saw the most workers quit in September (113,000), November (84,000) and December 2021 (78,000), and the number of job openings has also drastically peaked, reaching new highs in September (322,000), October (324,000) and November (407,000).

As more workers leave the finance sector and workforce, competition to fill vacancies has increased and has led companies to reevaluate benefits packages, remote work arrangements, and policies related to emotional intelligence to attract, retain and empower employees.

Efficiency has always been critical to operational success, and what’s become apparent in the later stages of the Great Resignation is that many workers prefer working remotely and believe that pandemic-related functional changes are here to stay. As companies redefine what work looks like, tech enablement and digital transformation are crucial to facilitating a remote workforce and essential for empowering employees.

Changing workforce needs different technology

According to a recent survey of 400 nonprofit professionals, tech stacks have become oversaturated, and as a result, efficiency is suffering. Only 33% of professionals said their current use of systems is very efficient, despite 36% saying systems management is an important aspect of achieving their organization’s mission.

Managing these different tools results in lost efficiency, with 78% of nonprofit professionals saying they spend at least a quarter of their workday managing multiple systems.

The good news is employers recognized the need for change and have responded appropriately. Pandemic-related changes, like pivoting to a remote workforce, have emphasized the importance of cloud-based computing. According to the research, 75% of respondents said their organization was more likely to adopt a cloud-based solution than when compared to the beginning of the pandemic, with respondents in IT (86%) and HR departments (84%) acting as the driving forces behind the change.

This year alone, 34% of respondents said they’d upgrade to cloud-hosted software, 31% said they’d upgrade data security software, systems or protocols, and 28% said they’d invest in cloud computing.

Digital transformation has already arrived  

Addressing the needs of your employees to improve job satisfaction and talent retention can start with implementing multipurpose, cloud-based technological solutions. The days of using multiple systems that serve a single purpose passed a decade ago. Yet, according to research, some organizations are struggling to modernize.

Using multipurpose software eliminates the lost efficiency spent switching between different tools. For example, when a person spends 25% of their day working between six siloed systems, it equates to 522 hours of lost productivity during the work year. Companies that use a dedicated tool with multiple purposes can recapture that time.

As more companies look to empower employees and retain the great talent already there, examine the technological solutions your organization offers and evaluate whether they meet the needs for your employees.

According to Gallup, the percentage of engaged workers in the U.S. dropped for the first year in a decade. Disengaged workers cost a company around $2,246 per person, according to PeopleMetrics’ analysis of Gallup’s findings. Workers are more likely to identify as disengaged when they lack the tools needed to properly do their jobs. Employment is a two-way contract, and both parties need to be satisfied with the outcome. If your employees don’t have the proper tools to do their job, invest in them and the technology around them. When employees are empowered, their work shines and the company benefits.

While the lingering effects of the Great Resignation will continue to ripple through the industry, the companies that pivot today will realize success tomorrow.