Since 2011, there has been an increase in employee turnover which has largely affected the retention of talent in corporations. The biggest priority and concern for employers since 2017 is, according to Fortune, retaining employees. This may be partially due to young professionals looking for rapid career development and willing to move internationally but a recent survey from NINTEX has shown that the employee retention crisis is mainly due to inefficient IT and administrative internal processes. In fact, 86% of employees surveyed who were actively looking for new jobs stated that their company’s broken processes were the factor behind their decision to leave. This lack of collaborative and efficient tools impedes their growth and prevents them from maximizing their potential.
In order to avoid becoming the workplace that potential candidates see as a career path way station where they can stay for a couple of years before moving to the next opportunity, it become a priority for companies to put in place internal processes that minimize administrative work (emails and vast amounts of folders and documents) while promoting knowledge sharing and collaboration across teams and departments which avoid double work on many tasks. In this sense, Elqano as a pioneer in the smart knowledge management industry can help organizations avoid high monetary costs linked to the employee turnover crisis: lack of continuity in projects and clients, recruitment and selection costs, reputational impact or on-boarding of new comers.
Nintex study provides a clear example of the daily problems that employees face when there are not efficient and smart knowledge management tools in a company:
“Charles, an experienced salesperson, is talking to a longstanding customer and is in the final stages of making a sale on a new product. The deal is almost done, all that Charles needs to do is send over a contract to be signed. His first task is to generate the document. He begins searching for the relevant information about the new product and the customer’s details (every customer’s purchasing history and personal info is saved on the company’s CRM) so that he can fill in the relevant information on the contract.
But Charles cannot locate either the product information or his client’s details. Time is of the essence. The longer it takes to finalize the deal, the greater the chance it could fall through. On top of this, Charles is anxious about failing to meet his weekly target. He needs to make this sale. Every minute that goes by, all that time spent searching for information, is deeply frustrating.”
The above example clearly illustrates the top broken IT processes that employees mentioned in the survey: access to tools and documents that enable good job performance (55%).
This is due to both to the inability to locate the right document but also the difficulties in sharing them. Elqano uses Machine Learning algorithms and Artificial Intelligence to create an effortless interface that extracts all the documents of a corporation, classifies them and pushes the right knowledge to the employee that is more likely to need that information in the future.
This newly created network across teams, departments and countries increases productivity, boosts the bottom line and improves employee satisfaction.