There are no two ways about it; replacing talent in the UK financial services sector can be a costly and time-consuming process. According to recent studies, the average expenditure of replacing a full-time employee in the sector can be upwards of six to nine months’ salary, not to mention the significant investment into onboarding, training, and managing the transition.
On top of this, those with job roles in financial industries are amongst the most likely to move jobs, especially those in management and leadership positions. And with workplace trends such as the Great Resignation still a very real risk, employers are looking for the best ways to reduce attrition and keep their staff happy. Automation presents a viable solution to think about.
Improving employee retention through automation
The benefits of automation for businesses are well-established. Time-saving, resource efficiency, and cost reduction are just a few advantages that virtually every industry recognises. However, automation can also serve as a powerful instrument for retaining employees and minimising turnover. Here are four ways it can accomplish this:
1. Eliminating tedious tasks
A lack of motivation and a feeling of being overworked are the two primary reasons why employees hand in their notice. After all, many workers in the sector are faced with the burden of tedious, repetitive tasks, which can leave them feeling frustrated, demotivated, and unfulfilled.
Automation can free up these workers from mundane processes, leaving them with more time and energy to pursue more creative and meaningful tasks, which as a result can help increase productivity, morale and job satisfaction.
2. Minimising human error
In the highly regulated UK financial services market, making mistakes can be quite costly for businesses and cause significant stress for many employees. Automation is great for alleviating this stress, as machines can take care of more precise and arduous tasks with higher accuracy and fewer errors. This leaves employees feeling confident and secure in their roles that their ‘digital assistant’ is there to support them.
For example, automation can be used to monitor regulatory compliance in the financial services industry instead of manual checks which are labour-intensive. This can help to ensure that employees remain compliant and have confidence in their work, reducing the pressure on them in their day-to-day tasks.
3. Making way for professional development
Since automation can lead to greater productivity, output, and improved profits – some of this could be used to invest in employee training and development. By offering staff the opportunity to learn new skills, or gain qualifications in nascent technologies, employers demonstrate their commitment to employees’ growth and development. This in turn can lead to increased job satisfaction and ultimately a lower turnover rate – all without hindering productivity.
4. Creation of more desirable job roles
Automation can also create new and more attractive job roles – giving employees the chance to move up in their careers or to move sideways into a new field. This could be in the form of fintech engineers, automation developers, or robotics programmers – all roles which allow staff to gain new skills and experience without having to leave their current organisation.
Could automation solutions be the catalyst for the Great Retention?
For a while now, the status quo when it comes to employee retention in the UK financial services sector has been to throw money or benefits at the problem. But with automation, businesses now have the ability to meet the needs of their staff in a more meaningful way.
Instead of fearing automation as a potential threat to job security, almost 70% of employees agree that automation will allow them to qualify for higher-paying jobs and realise their true potential. By eliminating tedious tasks, reducing human error, and freeing up resources for professional development opportunities, automation could be the catalyst for the Great Retention – helping UK financial services companies retain their best and brightest for longer.
It is vital that organisations embrace Automation and AI to remain relevant in this new world. Do this by providing relief to staff’s pain but ensure they don’t fall subservient to the technology by using the power of AI to support and augment our staff/human abilities that make us unique in our proposition and service outcomes.
If you are wondering how to get started on your automation journey, get in contact with us today and we can help you find the right solutions for your specific business needs.
Global Director of Innovation