As the job market grows more competitive, it's no surprise that job-hopping has become a trend that just won't go away. And as more people switch up jobs, the tougher it's becoming for business leaders to find and keep the best talent out there. In fact, if you look to industry predictions for 2024, you will consistently see that finding people with the right skills to staff departments will continue to be a top organisational challenge.
So, the question is – how do business leaders not only attract top-tier employees but also create an environment that fosters loyalty and encourages staff to invest their skills and dedication for the long haul? While compensation is an important factor, it's not the only thing that matters. Talented employees also want meaningful work, opportunities for growth, supportive teams, and digital tools that make their working lives easier.
This is a critical moment for the c-suite. It’s a time to reconsider the way they cater to and support their employees at an individual level and opens up new opportunities to transform departments from legacy to legendary (in the eyes of their staff, in particular). In this blog, we explore the relationship between technology and talent retention and share some technology-driven strategies that align with the evolving expectations and preferences of today's workforce.
Catering to new tech-expectant generations
Millennials and Gen Z are a big part of the workforce now, and they have high expectations when it comes to technology. Outdated systems can be frustrating to digital natives who were raised with smartphones, apps and touchscreens. On the flip side, digital tools that better reflect the efficiency and user-friendly design of consumer tech can make a big difference in whether someone decides to take a job or stay with a company. In fact, demonstrating that your department is innovative, flexible, and tech-focused could well be the recruitment tipping point you need.
Freedom from tedium with automation and AI
Automation can be used to free up staff across all areas of a business. But let’s take a look at a finance professional. It’s fair to say, their days have traditionally been filled with manual tasks - building spreadsheets, exporting and importing data, crunching numbers, the list goes on. These types of tasks are ripe for automation. By handing tedious tasks – think report generation and cash disbursement - over to automation and AI, employees can be refocussed on high-value work that they find more fulfilling. For example, giving people the chance to work on strategic planning and business development can really improve how satisfied they are with their jobs.
The tools for more satisfied staff
A variety of technologies can be put to work enhancing collaboration, teamwork, and productivity. To begin, cloud ERP platforms can act as the foundation, centralising data, streamlining processes, and facilitating real-time access to critical financial information. This not only fosters collaboration among different teams within the finance department but also enables seamless communication and data sharing across the wider organisation. Often cloud ERP comes with advanced modules and capabilities to further enhance efficiencies.
For example, project management solutions can provide a structured framework for managing tasks, timelines, and resources, promoting efficient teamwork and ensuring projects stay on track. AI-powered expense management tools support real-time tracking, analysis, and optimisation of expenditures, saving time and minimising errors. Then there's streamlined invoice processing via Robotic Process Automation (RPA), which eliminates the need for manual data entry, accelerating workflows and ensuring accuracy. Such technology-driven enhancements not only enable finance professionals to focus on strategic initiatives but also create an environment that appeals to modern workers wanting to collaborate effortlessly, share insights, and collectively drive innovative financial strategies. Head to the warehouse and integrated Warehouse Management Systems (WMS) use technology like barcode scanning, RFID, and real-time inventory tracking to streamline the movement of goods within the warehouse. For staff, solutions like these make their jobs less stressful while also improving overall customer satisfaction due to faster and more accurate deliveries.
Getting team buy-in for digital transformations
Collaborative apps and user-friendly tools are great, but only if everyone uses them. Before deploying a new technology, it's important to get input from the people who were be using them. Engaging employees in the decision-making process not only empowers them and creates a sense of excitement around the changes, it also helps identify pain points and specific needs that the technology should address. By involving the team from the outset, leaders can increase the likelihood of technology adoption, nurture a sense of ownership and investment in the project's success and align the technology with their actual workflows, enhancing its value and making the transition smoother.
Are you ready for a future filed with tech?
It's clear that tech-enhanced workplaces will continue to be a critical and expected component of any successful business. However, it's equally important to balance any tech-driven solutions with a human-centric approach. Technology can help streamline processes and improve efficiency, but ultimately, it's the people behind the technology that makes a company successful. By finding the right balance between technology and human interaction, businesses can create a workplace culture that attracts and retains the best talent for years to come.
Experts in Cloud ERP
As leading NetSuite providers in ANZ, Annexa are experts in business systems and integrations. To chat about your own business requirements, please reach out to sales@annexa.com.au
Annexa is a leading NetSuite partner with extensive experience designing and implementing comprehensive and customised business systems, including payroll solutions, financial management, warehouse management and ecommerce solutions.
