One of the main focuses of the self-service industry is customer satisfaction. It’s clear that providing an outstanding experience and meeting the needs of your clients are major factors that determine the success of your business. But what about employee satisfaction? In this article, we will explore the direct impact that satisfaction has on employee productivity and engagement. We will also discover strategies you can use to increase employee satisfaction and revenue through self-service solutions.
To understand the importance of employee satisfaction, let’s take a look at one of the things that can happen when the people who work for you are dissatisfied and disengaged: employee turnover. Turnover can mean many things for a business. While some level of turnover is natural and even healthy, excess turnover should always be avoided. Especially during times of global uncertainty such as the current pandemic situation, it is important that jobs and businesses remain as stable as possible, and for existing employees to remain productive and motivated.
The true cost of turnover
So, what is the true cost of turnover? On average, it costs 50% of an employee’s yearly salary to replace that employee, depending on that person’s position within your company. This cost can be broken down into different items, starting with the expenses required to find a potential replacement. This step usually involves hiring a recruiter, taking out employment ads, and conducting interviews.
Added to this are the training costs for the new employee, a process that can take months, depending on the nature of the role and their position within the company. Furthermore, it is estimated that it takes at least one year for new recruits to reach the same level of efficiency as existing staff. This lost productivity translates into lost revenue. As if that weren't enough, it also results in a greater workload for senior staff, which could lead to higher turnover.
In order to avoid a negative impact on your business, companies must avoid excess turnover whenever possible. The best strategy to achieve this is to create a positive and productive workplace environment which encourages talent to invest in the future of your company. One strategy to help increase employee satisfaction and productivity is the introduction of self-service tools to the workplace.
That said, a question again arises: In what areas of my company could the inclusion of smart devices be useful? To answer this question, it’s important to remember that today’s customers are not the only ones who are digitally focused. A whole new generation of workers are also native users of digital technology. If you want to keep your current staff engaged and attract new talent, it’s important to take full advantage of these tools in order to create a healthy workplace environment.
One area in which self-service has been shown to benefit large businesses is human resources. Under the traditional model, employees must contact human resources in order to do something as simple as check their vacation balance, view their schedule, or update their personal information. When organizations are very large, these types of activities can be exhausting for HR staff and cause errors due to the simultaneous handling of data for hundreds of employees. The larger your company, the more prudent it is to automate these processes through the introduction of self-service tools.
Giving your employees the power to manage their own information, in secure spaces dedicated to that purpose, puts them directly in charge of their work lives and increases their ability to generate value for your company. By choosing to make these daily processes more efficient and simple, you demonstrate a willingness to invest in the productivity and success of your workforce. They, in turn, will be more willing to invest in the future of your business.
There are also other options for companies to improve working conditions through technology. These solutions, while they seem to be geared towards customer satisfaction, also improve business processes and are optimal for staff retention. The implementation of self-service solutions such as ATMs and kiosks can contribute to a more dynamic, efficient and secure service.
These solutions also reduce the workload on employees during peak hours, allowing their talents to be put to use in other activities. Automating certain tasks frees staff from repetitive transactions. This helps to free up their mental load and allows them to focus on aspects of their work that are more important, engaging, and rewarding.
As we have seen, the power of self-service to make our lives easier does not stop with the consumer. Industries, business owners and workers benefit from innovations that help make their tasks easier, increase efficiency, and enhance productivity. Most companies are already using some form of automated service to improve their processes, but there is always room for growth.
At Interlogic®, we help companies like yours reach their fullest potential. We develop intelligent solutions which fit the needs of your business , your customers, and your workforce. Does your company already integrate smart kiosks, ATMs, safe deposit boxes or software solutions? Let us help you discover how you can use our technology to improve your business.