Retain Your Finance Team with the Right Technology

A healthy work-life balance is any successful company’s top priority. Overworked, disgruntled employees eventually find employment elsewhere if they feel their efforts are taken for granted.

According to a survey conducted by the independent research company CFO Dive, 77% of CFOs believe having an advanced tech stack retains existing talent and attracts new talent. 

To prevent wear and tear—employee turnover—CFOs implement best-in-class technology to complete tedious, manual tasks. By reducing banal procedures, employees can shift their focus to more empowering duties within their roles. 

Outdated Processes are a Pain Point for Employees

An employee’s stress impacts their productivity, ability to focus, and overall engagement. In this sense, finance leaders need to design thoughtful strategies to boost employee satisfaction. Organizations that encourage manual, archaic processes are not attractive features to prospective talent. Top finance leaders adopt new technology or update their current solutions to help combat this. High-achieving leaders know employee engagement diminishes when outdated processes slow down their actual workflow. 

Addressing pain points with technology improves work culture and sets a roadmap toward mending your overall employee experience. Since the digital age and the pandemic have moved employees to virtual workplaces, you’ll want to invest in solutions for smooth operations within your database and business workflows. 

The right technology can provide your employees with the solutions they need to be productive—harmoniously. Your team trusts that your company is investing, implementing, and upgrading software without conflicts arising. Solutions should be so efficient that employees aren’t even disrupted and can focus solely on their strategic projects.

New Technology Boosts Employee Morale 

When COVID-19 pushed the workforce into the virtual universe, employee stress inflated. Missed deadlines, unclear assignments, and poor project management heightened emotions. According to the survey, 80% of CFOs strongly agree that reducing manual, time-consuming, and error-prone processes is a priority for their organization. By streamlining these tasks into your business processes, you’re eliminating superfluous nerves that spread in workplace culture.

Companies that are at the top of their industry attract new talent. They’re actively implementing robust tech stacks that streamline all workflow processes, which showcases their operational efficiency. CFOs understand that the new normal is fully remote workplaces. Due to COVID-19, entire businesses went virtual, which invited many challenges—internet connections, manual work increasing, and setting up meetings that fit each team member’s schedule. Based on the survey, 48% of CFOs are enabling a remote or hybrid working model to optimize business operations, and by embracing these solutions, they’re one step ahead of their competitors. 

CFOs who ignore or downplay the power of technology do so at their peril. The Millennial and Gen Z generation—who represent nearly half of the workforce—expect digital tools to do mundane tasks efficiently. Innovative business leaders agree that outdated and inadequate technology impacts their ability to retain skilled employees.

Having best-in-class financial operations retains employees due to the elimination of tedious, manual tasks that don’t fit their job description. New technology attracts new talent because they recognize the company’s innovative and dynamic aspirations. 

Innovative Technology Improves Productivity and Wellness

The most innovative leaders want their employees to have a healthy work-life balance to perform to their full potential. These finance leaders enhance the company’s work culture to drive value and results within the team and across the organization. In addition, to achieve business goals and objectives, CFOs are investing in hiring new talent and adding technology skills to their list of wants.

According to the survey, 75% of CFOs regularly distinguish solutions to improve reporting, planning, analysis, efficiency, and accuracy. Automation drives value and provides real-time data, which is why high-achieving CFOs are hurrying to implement the right solutions. More importantly, prospective talent is attracted to innovative, efficient approaches to business.

Employees are the lifeblood of any organization, which is why you’ll benefit from implementing efficient technology today. The right technology will future-proof your business operations and, most importantly, retain your finance team.