Leaders must be part of the debate about where investment needs to go and make sure that they are thoughtful and meticulous about their choices. Investing in employee experience always pays off in the long run as it enables your organization to attract and retain top talent, outlast the competition, and maximize the return on your budget.
To ensure you’re investing wisely in every part of your organization’s employee experience, here are some tips for evaluating different types of investments before you make them.
INVESTING IN TECHNOLOGY
Artificial intelligence and machine learning have been redefining the business landscape by making jobs obsolete while creating new ones in the process.
Data from Deloitte’s 2020 Global Technology Leadership Study showed that while the numbers varied per industry, there were substantial spending increases in technology. The pandemic in turn has further compelled organizations to rapidly shift to remote or hybrid operations and speed up technology investments to meet current challenges.
The impact of AI on businesses has been evident with its ability to automate processes and make workflows more efficient. For example, AI-powered chatbots are already being used by big companies for customer service, reducing costs and improving customer satisfaction levels.
INVESTING IN TALENT
Your business is only as good as the people who make it run smoothly.
Technology is what makes a business run efficiently. It’s the grease that keeps the gears moving and the wheels turning. But technology is only part of the picture. The other half is people—the people who create, use, maintain and repair technology. These are the people who make your business run smoothly when things break down, and who help you innovate so that your business can grow and thrive.
When we talk about investing in talent, we’re not just talking about hiring new employees or training existing ones; we’re talking about cultivating a culture that values these kinds of workers as essential to your success. That means making sure they have all the tools they need to do their jobs well, but also making sure they feel valued for their contributions to your organization. It means encouraging them to learn new skills so they can continue growing with you into the future!
Take care of the people who make your business successful. Your employees will take care of your needs and concerns if you take care of theirs.
INVESTING IN DIGITAL SKILLS DEVELOPMENT
Companies need to adapt to changing business conditions and explore new ways of working. They must also ensure that employees have access to the right tools and training to perform their jobs effectively. It’s no longer enough to just be familiar with new technologies—employees need to be able to use them confidently and effectively.
As organizations navigate new challenges of technology rapidly evolving, they can benefit from investing in digital skills development. They should offer training programs that help employees build confidence using new technologies and adapt quickly to changes in the workplace.
With digital skills, companies can increase productivity, drive innovation, improve customer experience, reduce costs and increase profitability. Companies who want their employees to be productive will train them with the right digital skills so they can work more efficiently and effectively.
There’s no one size fits all approach when it comes to deciding whether an organization should invest more in talent, tech, or digital skills development. In most cases, it should be targeted investments in all of them.
Business performance depends on both IT and organizational capital. Organizations will not get the return they want if they spend heavily on technology without adopting digital workplace practices. Similarly, changing a company’s work practices adapting to the digital age won’t work if leaders don’t make technology investments that are fit for purpose while minimizing noise and app-switching.
Aside from recognizing the importance of their people, organizations also need to provide the right digital skill training and technology that will empower their employees to thrive in the ever-changing world of work.