Many finance professionals report that they find their work to be tedious, repetitive, and mundane, which can lead to employees feeling distanced from their work.
Consequently, their productivity declines. Employees that are expected to utilize a diverse range of skillsets often feel more connected to their work, and are better equipped to thrive.
According to a 2013 Gallup study, about 77 percent of employees that are engaged in their work report that they intend to remain with their current company for at least another year, and about 47 percent claim they hope to remain with their company indefinitely.
The results are clear. If companies hope to retain their high-performing talent, they need to keep their employees actively engaged in their work by enabling them to minimize tedious labor and utilize a more diverse skillset. A recent whitepaper called "Holding On to Your Top Talent: Why Infrastructure Is Key" provides insight into improving employee retention among finance professionals.
How Spreadsheets Are Deterring High-Quality Employees
A majority of businesses are still relying primarily on spreadsheets to conduct their budgeting and forecasting. However, this is a fatal error from a business process standpoint, but is also problematic if you hope to retain your best employees over the years. Spreadsheets provide a number of limitations, which lead to incredibly tiresome work and inaccurate forecasting. This inevitably increases the frustration and dissatisfaction of employees. In addition to inaccurate numbers, spreadsheets make data sharing difficult. Spreadsheets are often shared via email, which can be confusing to organize and keep track of.
Is Legacy Software the Solution?
Recognizing the inefficiencies of Excel, many businesses turn to legacy, on-premises EPM software in hopes of streamlining budget management. Unfortunately, these systems are often equally tedious, leading employees to rapidly disengage from the task at hand, subsequently impacting productivity.
The Solution Is to Focus on Infrastructure
It's clear that in order to improve the work experience of employees, you need to provide staff members with all of the tools they need to thrive. To maximize engagement, consider the core sources of frustration your staff are experiencing.
- Your staff need easy data sharing. Sharing spreadsheets via email is complex and confusing. A cloud-based platform makes sharing data easy, while ensuring files remain organized.
- Your staff need a single source of truth. When they can't rely on the numbers, employees inevitably feel frustrated. With an EPM software solution that consolidates data, integrates operational and financial results, and links the processes of the budget cycle together, your employees can find a single source of truth that significantly enhances the accuracy of the numbers.
- Your staff members want software that's easy to use. Software that is confusing or requires a steep learning curve will quickly frustrate your team. They want a solution that is intuitive and natural. Find a software solution that can seamlessly guide employees through the budgeting process, while offering a spreadsheet-like user experience, so employees can acquaint themselves with the new software quickly.
- Your employees want streamlined reporting. Find a software solution that allows for efficient and multi-dimensional reporting that is interactive and accessible on all devices.
Where Does the Cloud Fit In?
The cloud enhances collaboration and data sharing.
To truly improve the work environment of employees, offering cloud-based forecasting and reporting solutions is imperative. Not only does it allow for easy sharing, but it can connect remote workers, be accessed from all devices, and eliminate the hassle and costs associated with on-premises software.
For a business to thrive, you need to be able to retain your best employees over the years. Statistics continue to reflect that workplace engagement and employee retention are strongly correlated. By providing your finance team with an intuitive, cloud-based EPM software solution that can improve the ease and accuracy of forecasting, they'll feel more engaged with their work.
To learn more, read Holding On to Your Top Talent: Why Infrastructure Is Key.