Even in an increasingly digitized world, the importance of human capital hasn’t diminished. Companies are finding it difficult to hire talented staff that can manage new challenges and business models with every new innovation, product, market opportunity, and consumer demographic. While continuous learning is becoming a regular phenomenon among the current generation and mid-level professionals as well, the skills that workers come with is still limited in scope and helps solve only a set number of business challenges. Added to that is a dynamic workforce that is changing jobs as they would their wardrobe. These aspects of human capital are posing difficulties for companies in that they are unable to retain employees for long and induct them into their long-term growth strategies.
What is needed is a culture of nurturing within companies that will ensure employee satisfaction and engagement at all levels. Technology and infrastructure play a huge part in enhancing employee experience — that’s right. Employee experience is a real thing and is quickly becoming a critical aspect of company longevity and standing in a fiercely competitive corporate landscape.
In big tech companies, employees are encouraged to make use of the infrastructure to the fullest. There are also in place facilities that help germinate and sustain an environment of learning. Learning is one of the factors that determines an employee’s stay at a company. Only when there are opportunities for an employee to learn and grow within a company will he/she make the decision to remain there for the long-term. When it comes to small and mid-level corporations, these opportunities come in piece-meal form as the resources to support big infrastructure and training are limited.
This begs the question what can SMBs do to retain employees in the long-run and establish a sustainable workforce for the future? The answer again lies in technology. Big structural capital may be out of the question, but what businesses can do is deploy technology for definite processes within the company that’ll help employees perform tasks easily. Working conditions within the company and the ease of engaging with processes, management, and the larger corporate ecosystem are also factors that determine an employee’s stay at a company. By providing a conducive environment for working, where employees are not bogged down by the drudgery of performing tasks, but rather given opportunities to apply their critical skills and learning, companies would be setting the stage for employee engagement and retention.
This insurance company did exactly that to elevate their work environment to make it more employee friendly — medical claims processing is a routine headache that takes up a lot of time of workers and reduces their contribution to just sort, route, and manually enter data from medical bills and reports into their medical bill processing system. The insurer was burdened with processing around 4000 claims forms/month but could only manage 100-120 bills per day manually, given the time consuming, laborious nature of the task. Rather than chasing paper endlessly, they deployed an automated medical claims processing software built on a document process automation platform — this digital transformation platform streamlined claims handling from capture, classification, extraction, validation, and approval of claims data before entering it in their medical system for further business use. The net result is hastened claims handling where the company is able to tackle 300 medical bills per day. Additionally, their reimbursement cycle times have come done significantly from an initial 60-90 days to a quick 24-48 hours. The best part though is that employees at the insurance firm today are able to use their expertise more effectively to focus on oversight and compliance, being relieved of the back-breaking tasks of handling claims.
This is what technology offers companies and employees — a smart way of attending to work without losing sleep and countless hours on routine, repetitive processes. This is what will keep employees at your company for a long-time. Invest in intelligent process automation technology that will provide a conducive working environment for your staff and ensure high employee retention rates.