Every year companies waste billions of dollars, sacrifice customers and lose workers from the wrong internal communications strategy. Employers tend to focus on the long-term career path, reputation, and financial performance, but for employees focus on work environment, meaningful jobs, and immediate advancement opportunities. While pay and work hours play an important role in retaining employees, meeting employee expectations is key. When not addressed appropriately, this can widen the gap between employers and employees resulting in loss of trust, control, and productivity.
There is a big disconnect between how employers and employees think about work wellbeing. According to a recent study, almost 1 in 2 (48%) employers think their company communicates the wellbeing solution they have well, but almost a third (29%) of employees don’t know what wellbeing programs their company currently offers.
Most employers realize that they need to redesign their workplaces, but employers spend just 1% of corporate technology expenses on these changes, and it’s costing them billions.
It’s not always easy to build really great employee experiences that help people live better and feel better, but the cost of not going digital are catastrophic.
Why companies need to go digital
In this blog post, we lay out the barriers and challenges to not going digital and advice on how to solve the issues.
- Lack of reliable tech results in low retention. According to the New York Times, companies suffer from extremely low retention when they don’t utilize good technology for corporate communications.
- Employee departures disrupt workflows and it takes an average of 41 days to fill an open position. The average cost of replacing an hourly worker is between 16% and 20% of their annual wages.
- Employees are more likely to move on to another job when they feel there is a disconnect in employer communications. Almost 50% of workers say they don’t have a clear sense of their company’s direction, 84% don’t believe they get enough information from management and 75% felt out of the loop when it came to hearing about policy changes.
- Low engagement results in low productivity. Lack of engagement costs companies $450 billion every single year.
- Without a digital workplace, there are too many workflow interruptions. And while paper pushing and emails can be helpful for memos, they become outdated quickly.
- Miscommunication comes with a big price tag. Every year, companies lose $37 billion simply from miscommunication.
- A lack of collaboration (and sometimes fighting) between internal teams like IT, Human Resources, Marketing, etc. makes it hard to get everyone working together, resulting in lower productivity.
- Companies with frontline workers face the highest turnover and thus the highest cost in employee replacement and training. This is because frontline workers are disconnected and receive the least investment in digital workplace technology and are often left out of internal communications.
- Your customer or business data is certain to be duplicated or lost when employers fear of replacing a legacy system. If your data is scattered across your enterprise, then Data is collected and assimilated into systems in multiple ways across departments, and businesses are still stuck in this segmented way of functioning.
Going digital is not an option
Reading this list of barriers may be overwhelming. There are definitely a lot of obstacles in the way of a digital transformation, but the bottom line is that these barriers are all rooted in a fear of change, and change is inevitable.
Going digital isn’t really an option. It’s a necessity. It’s the businesses that adapt and adopt that are reaping the benefits in today’s business landscape. A digital workplace can revolutionize an organization, save money, and make a company more competitive. Productivity, engagement, and experience all benefit from a digital workplace, and the success and savings ripple out to the rest of a company, all the way to the customer.
It does not take a significant investment to begin your company’s wellbeing program and to improve your staff access to company resources. Bottom line, you don’t want your employees taking time away from their jobs to find answers when you know this time is costing you in productivity.
Do you want to learn more?
Contact us for a free evaluation of your needs and the best strategies to address them.