Why do some companies soar while others stagnate? The answer often lies in a resource that's as human as it gets: motivation.

In the pursuit of long-term success, investing in employee motivation isn't just good practice. It's a strategic imperative.

Methods for Motivating Your Employees

An inspired team is the linchpin of innovation and productivity. But fuelling that fire requires more than just a pay cheque. It demands a multifaceted approach, tailored to the unique tapestry of human needs and aspirations within your organisation.

So, before we look at why investing in employee motivation is so vital, let’s first look at some of the best motivation methods.

Forge Connections with Regular Feedback

Consistent and constructive communication builds trust and direction. Regular feedback sessions ensure employees feel seen, heard, and on track for personal growth alongside company goals.

Cultivate Growth Opportunities

Invest in your staff's future by providing opportunities for learning and advancement. A culture of development motivates individuals to grow their careers within your company rather than looking elsewhere.

Empower Through Flexibility

Flexibility in work arrangements acknowledges the diverse lives of employees, fostering loyalty through autonomy and work-life harmony.

Celebrate Achievements

Nothing spells appreciation quite like recognizing efforts with certificates, trophies or awards. So, consider getting custom awards online to capture the significance of individual contributions at award ceremonies.

Offer Financial Incentives with Purpose

While bonuses are standard fare, tying them to clear objectives makes the reward both motivating and meaningful.

Retention: The Bedrock of Longevity

Now, let’s turn our attention to why investing in employee motivation pays off in the long term. The cost of recruitment can cast a long shadow on the balance sheet. But when motivation takes centre stage, employee retention becomes your economic ally.

Motivated employees tend to stay longer, reducing turnover rates substantially. This stability not only saves recruitment costs but also preserves invaluable institutional knowledge within your team. A motivated workforce is likely to become more proficient over time, their growing expertise translating into efficiency and innovation that propel the business forward.

It's simple - by investing in what ignites employees’ drives, you build a community of dedicated professionals who don't just work for you; they grow with you, turning short-term gains into sustained success. 

Cultivating a Resilient Workforce: The Antidote to Burnout

A motivated workforce is synonymous with a resilient one. When employees are engaged and their efforts resonate with the company's vision, they're better equipped to navigate stress and change without succumbing to burnout.

This resilience translates into fewer sick days, sustained productivity during industry downturns or market shifts and more overall robust corporate health.

Consider motivation as preventive medicine for your organisation; it strengthens the immune system of your business, enabling it to withstand and adapt to external pressures.

By investing in employee motivation, you're not just boosting morale today—you're armouring your team with the grit needed for the long haul, ensuring that when challenges arise, they respond not with defeat but with determination and ingenuity.

Innovation: Unlocking the Door to Future Markets

A motivated employee is more than a cog in the machine; they are a potential innovator whose ideas could be key to unlocking new markets.

With stakes in the game and the encouragement to think boldly, team members are more prone to challenge the status quo, suggesting improvements or pioneering products that could lead your company into uncharted territory – lucrative markets awaiting discovery.

Consider that many industry disruptions arise not from solitary genius but from empowered teams working harmoniously towards shared goals. By investing in your employees' motivation, you're essentially planting seeds for future harvests - rich with innovative solutions that satisfy emerging customer needs and keep your business agile in a competitive landscape.

Customer Satisfaction: The Ripple Effect of Enthusiasm

Motivated employees often become the embodiment of a brand, and their enthusiasm has a far-reaching ripple effect. When staff members are engaged and invested in their work, they deliver exceptional service, leading to increased customer satisfaction and loyalty.

Satisfied customers are not only more likely to return but also to spread the word about their positive experiences - effectively becoming a low-cost, high-impact marketing tool for your business.

In this way, employee motivation directly fuels the engine of long-term revenue growth through organic advocacy and repeat business.

So, it stands that by fostering a vibrant workplace culture, you're not just nurturing your team; you're cultivating an expansive garden where every interaction can blossom into long-term commercial success.

Conclusion

In conclusion, the strategic investment in employee motivation is not just beneficial; it's imperative for the sustainable success of any business. The long-term advantages are clear:

• Lower turnover and associated costs.
• Enhanced customer satisfaction and loyalty.
• A surge in innovation and market expansion.
• Increased resilience among team members.

These factors combine to create a formidable competitive edge, showcasing that the path to enduring growth and profitability is paved with motivated employees.

Everyone likes to feel appreciated for their hard work, especially employees. Despite this, acknowledgement and appreciation seem to be lacking in the workplace. In fact, according to one survey, 37% of employees confess that more personal recognition would encourage them to be more productive.

What can we learn from this? Well for one, that many employees feel underappreciated at work, and two, that when you go out of your way to recognize employees for their efforts, their productivity rises.

But how can you create a culture of appreciation that drives engagement and ultimately improves productivity? That’s precisely what we discussed in today’s blog post.

Why Employee Appreciation Matters

Before we get into the “how,” let’s talk about the “why”: why should every company, including those in the financial sector, find ways to appreciate and recognize its employees? Because when done right, the benefits are numerous and significant.

• Increased employee engagement,
• Improved productivity,
• Enhanced customer satisfaction,
• Higher likelihood of attracting top talent,
• Better retention rates,
• And as a result of all this, increased profits.

In short, employee appreciation and recognition make your team feel better while making your company operate more efficiently.

But which makes the most difference: appreciation vs recognition? So appreciation is about acknowledging the value someone brings to your team on a personal level, while recognition is more formal as it’s about recognizing the hard work an individual or a team has done for your company. 

While these are two different things in theory, in practice, they’re similar and often go hand in hand, and so both matter for employee satisfaction and retention. This is because appreciation makes your employees feel valued as individuals, and helps foster a sense of belonging and loyalty. Recognition, meanwhile, reinforces desired behaviours and motivates employees to continue performing at their best.

Practical Ways to Show Appreciation

With that out of the way, let’s talk about some practical ways to put these concepts into action.

Personalized Thank-You Notes

If you want a simple, completely free, but highly effective way to show appreciation and gratitude to your employees, write a personalized thank-you note to each person deserving of one.

Why is this an effective way to show employee appreciation? One, because in this increasingly digital world, it’s a tangible token of gratitude so it’s bound to mean more than a generic email. Two, because taking time to write a personalized little card adds a heartfelt touch to the occasion and shows that you genuinely value your employee(s)’ efforts.

Employee of the Month Awards

Want to celebrate excellent work and reinforce positive behaviour? Implement an employee of the month program. While pretty simple, this can ensure you keep your best people on the team, plus help create an environment where other people feel inspired to excel at their roles.

Who should get employee of the month awards? This depends on your company and what you want to encourage. For example, you can nominate employees with exceptional work ethic or those with the most innovative ideas. 

Then, you recognize the winners publicly during team meetings or company-wide announcements and highlight their achievements while thanking them for their hard work. Rewards can include things like gift cards, extra time off, or even a reserved parking spot to add excitement to the program.

Flexible Work Arrangements

Long hours and tight deadlines are more common than not in the finance industry, so why not offer flexible work arrangements to your top performers as a way to show you respect their autonomy? This can greatly improve their work-life balance and job satisfaction, which is something you absolutely should want to nurture in your top people.

So, what are some of your options here? If possible, you can allow your employees to work remotely part-time when it suits them. You can also offer them flexible work hours to accommodate their commitments or preferences. 

This way, you show appreciation for your team’s individual needs and responsibilities outside of work, and as a bonus, you may also boost your team’s overall productivity – some research shows that employees with flexible work arrangements experience the highest productivity.

Customized Gifts and Incentives

Finally, giving gifts or bonuses is a surefire way to show appreciation for your employee’s hard work – but you don’t want to give your top performers generic fruit baskets or tiny bonuses. No, what your employees want, and you should therefore give, are personalized or customized gifts that are meaningful and relevant to them. That, or hefty bonuses – they always seem to work.

On a more serious note, personalization is important because it adds, well, a personal touch, and shows that you value your employees’ unique contributions to the team. Alongside gifts, consider offering monetary bonuses or incentives when your top talent achieves specific goals or milestones.

Running a successful small business is much harder than it looks: everything you do, every decision you make ultimately affects your bottom line. One of such important choices you’ll face early on is deciding whether to hire employees or enlist the services of independent contractors.

Like most business decisions, this one also comes with financial and legal implications. While both employees and independent contractors have their advantages (and disadvantages), the question remains: which one is more cost-effective for you?

Employees: Pros and Cons

There’s a reason why most big companies hire full-time employees: they bring stability and predictability, and not only in the sense that you know they'll always bring their A-game to the table because they're paid for it. Hiring employees also means having a fixed cost structure.

Salaries, benefits, and taxes all cost money, but they compose a predictable monthly outlay, allowing you to plan and manage your finances accurately. This predictability can be a big plus for some industries, but it’s not without its drawbacks; for example, what if your business encounters a downturn?

Layoffs and pay cuts are never pleasant but are especially complex in turbulent times such as these, as they can lead to lower employee morale, reduced productivity, and even damage to your brand reputation. On top of this, reducing the number of employees might mean navigating various legal requirements and unemployment claims. Any mistake in this process can be costly, not just in monetary terms but, as we mentioned, in terms of your business reputation, too.

Furthermore, employees come with overhead costs beyond their salaries. They need a workspace, equipment, and, depending on your industry, training. Office supplies, utilities, and other incidental expenses can also quickly add up. While having an in-house team fosters collaboration and a sense of unity, it may not be the most economical choice for all small businesses, especially those with a lean budget.

Pros:

• Cohesive and motivated team dynamics
• Steady and committed workforce

Cons:

• Fixed financial commitment
• Rigidity in adaptation (especially problematic in turbulent times)

Contractors: Pros and Cons

If you prefer flexibility over stability, engaging independent contractors might be a smarter move for your business.

With contractors, it's all perfectly transparent: you pay for specific services rendered without the overheads associated with full-time employees. Plus, contractors handle their own taxes, insurance, and benefits.

Of course, this flexibility has its own set of challenges. The IRS and Department of Labor are strict when it comes to misclassifying employees as contractors, so if you cross the line here, you might find yourself in hot water with hefty fines. But properly classifying workers is often a complex task, and it demands a nuanced understanding of taxes and labor laws.

Additionally, if you’re looking to foster a collaborative work culture and loyalty, you’ll find it hard to work with contractors. After all, in most cases, they're not invited to training, team-building exercises, or motivational events that their employee colleagues enjoy. This kind of separation can, and often does, lead to contractors viewing their work as “just a job.”

Pros:

• Operational agility and flexibility
• More transparent cost structure

Cons:

• Legal challenges
• Lack of team culture and integration

Tax Tangles

When it comes to employee vs independent contractor taxes, the terrain is not only complex but crucial for your financial health.

Employee Tax Responsibilities

Hiring employees means that you, as the employer, have to withhold Social Security and Medicare taxes from their paychecks. The burden of compliance rests squarely on your shoulders, and any mistakes here can incur penalties and lead to a bureaucratic headache.

Contractor Tax Autonomy

Contrastingly, with independent contractors, the tax responsibility shifts to them. Since they are considered self-employed, they're responsible for their own income taxes and self-employment taxes. This hands-off approach can make things much easier for you as it frees you from the meticulous record-keeping and tax withholding associated with employees.

Navigating the Middle Ground

In certain scenarios, a hybrid approach might be best where you hire employees for core functions and contractors for specialized short-term projects. 

For instance, if you suddenly need web development expertise, you can quickly hire an experienced independent contractor without the long-term commitment and overheads of hiring a full-time developer. Once the project concludes, so does your financial obligation.

But ultimately, it all comes down to the daily operations of your business and, of course, your budget. Are the tasks at hand more suited to a cohesive, in-house team? If yes, hire employees. But if the nature of the work lends itself to project-based endeavors, consider enlisting the services of independent contractors. What we're trying to say here is that the best way to figure out what type of workers you should hire is to reflect on your operational needs and short- and long-term budget.

Bottom Line

Choosing between employees and independent contractors is no black-and-white decision. Both have their pros and cons for small businesses, so it's a decision that requires thinking about your business needs, financial constraints, and operational requirements. Employee stability versus contractor flexibility, hidden costs versus transparent pricing - weigh the scales carefully.

Introduction

It’s no secret that businesses in all industries are increasingly becoming competitive. They need to manage their time better to remain competitive in their respective industries. A business can only increase its profits faster if employees do their daily tasks within the shortest amount of time.

That is why business owners are increasingly investing in employee time tracking tools and services. In this detailed article, you’ll find the top three benefits of employee time tracking. Let’s find out more.

Ensures Accountability

With a top-rated time tracking system in your workplace, project managers can quickly and straightforwardly monitor:

• The amount of time an employee puts in a given job
• When individual employees complete their tasks
• Which worker completed a specific job

Workers can also easily access the time tracked. This enables them to complete their tasks with enhanced efficiency, hold themselves accountable, and avoid procrastination.

Most time-tracking solutions allow managers to access their workers’ timesheets. This encourages workers to take responsibility for completing required tasks and meet deadlines.

Boosts Productivity

Another major benefit of employee time tracking is that it enables your staff to work more productively. Managers need to assign specific jobs and timeframes to every worker. As a result, they’ll have a clear and focused workflow that’ll keep them on track and motivated. Also, time tracking enables individuals to optimize their time spent working.

By breaking projects down into manageable tasks and measuring the time required to execute each one of them, workers can discover when they’re more productive. Worker time tracking is primarily a way of holding up a mirror to how your employees work.

It allows business owners and managers to gain insights, which help them to make data-driven, positive changes to their workflows. Schedules are the key to a productive staff, and worker time tracking provides you with the data and techniques to achieve that.

Improves Employee Well-Being

Regarding remote and hybrid working, most individuals fall under the umbrella of overworking. With no in-person contact and physical office, it can be challenging to identify workers overexerting themselves.

Overworking, in most cases, is closely associated with high levels of stress and burnout, so identifying this early enough is incredibly beneficial for your team’s well-being. Tracking how long every worker spends working daily can help quickly highlight anyone who's putting in more time than is recommended.

And what is more? Time tracking allows flexible and remote workers to communicate when they aren’t working and establish clear boundaries. This helps them effectively work around each other.

Tracking individual time off can also encourage workers to take enough time away to de-stress. Doing so benefits the well-being of your staff and boosts the productivity levels.

Employee time tracking is a vital tool for companies of all sizes, especially those that hire contractors and remote/flexible workers. Partner with the right employee time-tracking service provider to boost your workers' productivity, increase profits, and expand your business.

The data shows that average total pay, including bonuses, was up 5.1% between April and June, while regular pay excluding bonuses grew by 4.7%. 

However, when accounting for inflation, which reached 9.4% in June, total pay dropped 2.5%, with regular pay down by 3%. The decline, which is the quickest since records began in 2001, has hit many UK households hard.

In a comment, ONS director of economic statistics Darren Morgan said: “The number of people in work grew in the second quarter of 2022, whilst the headline rates of unemployment and of people neither working nor looking for a job were little changed. Meanwhile, the total number of hours worked each week appears to have stabilised very slightly below pre-pandemic levels.”

“Redundancies are still at very low levels. However, although the number of job vacancies remains historically very high, it fell for the first time since the summer of 2020.”

“The real value of pay continues to fall. Excluding bonuses, it is still dropping faster than at any time since comparable records began in 2001.”

According to a new report from McKinsey and Co, approximately 40% of employees in the US are considering quitting their current roles over the next 3-to-6 months. McKinsey and Co surveyed over 6,000 US employees between February and April.

“This isn’t just a passing trend or a pandemic-related change to the labour market,” commented Bonnie Dowling, one of the report’s authors.

“There’s been a fundamental shift in workers’ mentality, and their willingness to prioritise other things in their life beyond whatever job they hold […] We’re never going back to how things were in 2019.” 

As well as speaking to employees in the US, McKinsey and Co also spoke to people in Australia, Canada, Singapore, India, and the UK.

“Respondents across the six countries showed a consistently high desire for work that is better paying, more satisfying, or both, as well as a conviction that they can find better jobs elsewhere,” the report said.

“To navigate this new playing field successfully, hiring managers can look beyond the current imbalance in labour supply and demand and consider what different segments of workers want and how best to engage them.”

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According to new findings on jobs from KPMG and the Recruitment and Employment Confederation (REC), the average salary awarded to new permanent employees went up more last month than at any point since records began in October 1997. 

The jump reflects the huge pressure soaring prices are putting on employers as inflation sits at a 30-year high. According to the findings, overall vacancy growth reached a six-month high.

Typically, sharp wage increases would be a point of celebration for employees, but soaring energy prices and inflation mean that most will still suffer as the cost of living continues to spiral. 

"We can clearly see that labour and skills shortages are driving inflation in these latest figures," commented Neil Carberry, chief executive of the REC. 

“Starting salaries for permanent staff are growing at a new record pace, partially due to demand for staff accelerating and partially as firms increase pay for all staff in the face of rising prices."

The survey, which polled 9,658 US employees between December 2021 and January 2022, found that 44% of workers are “job seekers”. Of this figure, 33% are active job seekers who looked for new roles in the fourth quarter of 2021. Meanwhile, 11% of this figure planned to seek out new roles in the first quarter of 2022. 

The Great Resignation has proven a significant issue for US employers since spring 2021 when the economy began to recover as the worst of the coronavirus pandemic passed and demand for workers grew. In January 2022, 4.3 million Americans quit or changed their jobs, while employers reported 11.3 million job openings for the month.  

“It is, by many measures, the tightest labour market ever,” said Julia Pollak, chief economist at ZipRecruiter. “Employers are having to play tug-of-war to get half an employee.”

“Flexibility and remote work are becoming more important [...] We’re already seeing that when asked to come back to the office, people are bolting to the exits in search of fully remote opportunities.”

Amid spiralling inflation, over half of  the workers surveyed cited pay as a top reason for seeking out a new job. The survey revealed that 41% of employees would leave their current position for a 5% pay increase.

How To Boost Your Employees Productivity And Connectivity

Companies take several steps to increase their productivity and connectivity. However, only a few of them have been successful. Let us take a look at some smart ideas that help improve employees' productivity and connectivity.

Open Communication

Employees always want to feel valued and appreciated. Open communication between employers and employees is the first step towards achieving this. The company must set up several platforms that allow employees to directly communicate their views to the management. There are several ways by which this can be done, one of them being setting up an anonymous suggestion box where staff members are free to submit an idea or opinion they have regarding work-related issues. TeamSense, a Fortune 500 industrial technology company, fully acquired by Fortive, uses brilliant products and services that connect your workforce and help you work more productively. Through its scientifically proven, cloud-based technology platform built on real science, Fortive's TeamSense helps companies drive accountability and engagement across their global workforce.

Another way of promoting open communication is by holding regular town halls where staff members can directly pose their queries or ask any question they might have in mind. This will create a more relaxed environment and help staff members build stronger relationships with employers.

Handling Distractions

Distractions from work are something that every employee suffers from. It ranges from gossiping with co-workers to checking out social media accounts or even just getting up for a cup of coffee. These little distractions might seem harmless, but they do have a very negative impact on employees' productivity and concentration levels. The best way to handle these distractions is to instil a strict no-distraction policy at your workplace, which applies to all staff members. You can even go one step further and implement a reward system where staff members get awarded for completing their work without any distraction.

The company can also put a rule where employees cannot use their mobile phones or check social media during office hours. You can even implement a cell phone policy where you ban mobile phones from 8 am to 5 pm. This will give them quality time with family and friends post-work hours, which is beneficial for both employees and employers.

Structure Of Working Space

Another important factor that influences the productivity of your employees is the structure of their workspace. A workplace where employees are exposed to distractions throughout the day will harm their concentration and the number of hours they put in for work. A study was taken up by an Australian research company on this matter and clearly shows how open spaces such as coffee shops, libraries and even common rooms affect employees' productivity. This is why it is of utmost importance that you allocate proper space to each employee to work comfortably without being exposed to distractions.

Taking Breaks

Employees are not machines who can work continuously for 7-8 hours non-stop without any distraction or break. They require breaks between their work, which will help them re-energise and put in maximum effort when they resume their task. These little breaks also reduce the chances of employees getting stressed out. For instance, a study conducted by an online news agency shows that employees who take five minute breaks every hour are 46% more productive than those who do not take any breaks at all. Productivity is directly proportional to the number of hours employees put in for work. Employees must be given tasks according to their abilities, and more importantly, they must be able to complete the task with full efficiency and satisfaction.

Encouraging Teamwork

Working in a team will increase your productivity because you will draw inspiration from your co-workers. One way of increasing teamwork is by increasing the physical interaction between employees. The company should organise activities that encourage face to face interactions between employees. Such activities do not have to be related to work at all. They can be as simple as organising a picnic or a potluck dinner where everyone brings something different. This will enhance team-building and increase productivity levels because ideas are exchanged easily in such an environment, which leads to increased creativity among staff members.

Offering Rewards

Rewards do not mean money or time off. Employees who are appreciated for their work will put in extra effort to reciprocate that appreciation. There are several ways through which this can be done, one of them being offering bonuses based on the performance of individual employees over a while or setting up monthly prizes for employees who demonstrate maximum productivity. This will encourage other employees to strive for excellence and increase their performance. Therefore, managers should take care of their employees and praise them when due. They must also show that they value their workers by rewarding them on special occasions like birthdays, anniversaries and even a job well done. The rewards can be anything from a small token gift to a personalised message.

Encouraging Learning

Employees are constantly looking to learn new things. They are always on the lookout for up-gradation in learning something new, something that will increase their knowledge base. This is why there must be a clear policy that encourages learning amongst employees. Employees should be encouraged to attend conferences or seminars that have nothing to do with work so they can broaden their horizons concerning knowledge. This will increase their job satisfaction levels and allow them to work efficiently at high rates.

Final Thoughts

High employee productivity will reflect on the results of work done by them, which will fetch good profits for the company. The effectiveness of the suggestions mentioned above depends largely on the person who has to use them. Hence, managers need to adopt these suggestions as per their requirements and effectively implement them to be motivated and enjoy a healthy work environment.

Some employees are now saying they want their bosses to embrace the metaverse to enable more effective hybrid working, a survey suggests. 

US technology company Owl Labs recently surveyed 2,000 people in the UK, finding that 52% of participants backed the call for more virtual technologies to be used to support hybrid working.  

Just over a third of participants said they believed an “office metaverse” would help reduce bias in favour of those who regularly attend the office. Meanwhile, almost two thirds (65%) of participants said they felt that an “office metaverse” would boost flexibility within their organisation. 

“With hybrid work firmly cemented in our work culture, the need for technology that makes the remote working environment more immersive has never been more important,” said Frank Weishaupt, CEO of Owl Labs.

“Through our own experience, we already know how innovative technology can create an environment where everyone feels like they’re in the same room regardless of location. As hybrid work can present potential challenges around presentism and a divide between the in person and remote workforce, immersive technology – like the Meeting Owl, AR and now the metaverse – can be effective tools to boost inclusion and create a more united workforce.”

In London, the new hourly rate will stand at £11.05, while the new wage outside the capital will be £9.90. 

The Living Wage Foundation, responsible for setting the rates, said that almost 9,000 employers in the UK now pay the wage which is higher than the statutory National Living Wage of £8.91 per hour for adults. This will increase to £9.50 in April 2022. Since the launch of the Living Wage Foundation’s campaign two decades ago, employees receiving the higher rate have benefited from over £1.6 billion in extra wages. 

The foundation confirmed that new employers signing up to pay higher rates to staff include companies such as Fujitsu, Taylor Wimpey, Persimmon Homes, and Capita. Since the onset of the Covid-19 pandemic, over 3,000 employers have been accredited with the Living Wage Foundation. However, the foundation said that 4.8 million jobs in the UK still pay less than the Real Living Wage. 

The challenges of adjusting to the reopened economy have placed financial services under significant strain. Budget cuts, the great resignation and post-Brexit recruitment problems mean that many employees are spending disproportionate amounts of time grappling with mundane operational tasks to simply keep businesses afloat. Innovation and strategic planning run the risk of being left behind as energy is spent on resource-sapping back-office complications.

This stagnation can be costly - in more ways than one. A study has found that office workers in the accountancy, banking and finance sectors spend on average over three hours a day on manual, repetitive tasks which are not part of their primary job. As well as being slow and demoralising, such high levels of manual processing can lead to inconsistent results and financially damaging errors.

Tactical solutions are needed to ease the burden on teams and free up staff to focus on more challenging, qualitative endeavours. This is where automation comes in. By transforming monotonous work into streamlined automated processes, businesses can reduce costs, drive productivity and efficiency, and foster a happier workforce culture.

The need to automate

Rapidly accelerating digital transformation has created a wealth of opportunities for financial services. However, invoices still need to be processed and payrolls need to be generated. Currently, these day-to-day tasks form a significant chunk of employees’ time, adding to the pressure they are already under to juggle a variety of repetitive administrative processes. The use of innovative IT solutions to automate these tasks can offer precious time back to teams, allowing them to focus on the more stimulating, value-adding activities that drive business growth.

When it comes to time savings brought about by automation, the figures back up the promise PwC’s Finance Benchmarking Report found that automating finance tasks can save 30%-40% of the time spent on doing the same tasks manually. Not only does this point towards vast efficiency improvements, but it also suggests a reduction in costly instances of human error.

The benefits of automating mundane but necessary tasks can be transformative and empowering -both for employees and for the business itself. Crucially, it allows individuals to channel their energy into more creative and strategic tasks, where they can exercise their autonomy and problem-solving skills to achieve tangible results for the business. Reducing the time taken up by onerous administrative tasks will give employees more time to concentrate on the ‘bigger picture’ initiatives that are so vital to boosting revenue.

Finance departments across the country have been forced to downsize following the Covid-19 pandemic. As a result, many have accrued a formidable backlog of invoicing and payroll tasks – and are relying on much smaller teams to handle them. For these organisations, the use of streamlined automated technology to reduce the administrative burden can help them overcome a significant hurdle on the road to recovery. It is a strategy that will also safeguard them against human error and other internal administrative crises that can cause damaging financial loss. The high level of accuracy and efficiency that automation brings will prove a key factor in the future success of businesses across all sectors.

Long-term benefits

As financial companies vie to attract talent and remain competitive in a post-Covid world, it has never been a better time to embrace smart, expertise-driven IT solutions. A recovery informed by automation will allow businesses to get the most value from their workforce and avoid piling the pressure on overburdened employees to pick up mundane tasks.

It can also be an opportunity for businesses to transform their workplace culture. Employee satisfaction visibly manifests itself in greater productivity, innovation, commitment, and other tangible benefits to the business bottom line. As organisations look to differentiate themselves and retain employees, being able to reassign individuals to more creative, strategic, and value-adding tasks goes a long way to increasing staff morale and retention.

Clearly, tech has a major role to play in the survival of businesses beyond the pandemic. Automation is a versatile solution that can revolutionise the way financial organisations operate without the need for cumbersome, time-draining manual checks.