Links Between Employee Retention and Business Process Automation
Losing a valued employee is a blow to any business. Nowhere is this truer than in departments like accounts payable and procurement. So many key business processes happen in these finance departments that it can take quite a while to get new hires up to speed on how everything works in your organization, not to mention the expense of recruiting and training new employees.
So the question becomes, how do you retain key talent? While many factors contribute to an employee’s decision to stay with your company, business process automation (BPA) can be a valuable tool for supporting retention efforts.
The Cost of Replacing Employees
There are many reasons for your company to want to retain good employees. You’ve already trained them, they’re familiar with how your company works, and they’ve gained valuable skills while working in your business. You don’t want to lose that.
There’s also a monetary reason for retaining employees. One study by the Society for Human Resource Management found that it costs an employer about six to nine months of an employee’s salary to hire and train a replacement. This means it would cost $30,000 to $45,000 to replace an employee making $60,000 a year.
Another study by the Center for America Progress shows that the cost can range from 16% of salary for hourly employees to 213% for highly trained employees. With these numbers, it would cost $9,600 to $127,800 to replace an employee making $60,000 a year.
Supporting Employees with Process Automation
Sometimes, people assume that business process automation involves replacing human employees. But that’s not what it does. Rather, automation is a tool that your employees use to complete tasks more efficiently. It also frees up time for employees to focus more on strategic, value-added tasks than routine data entry and paperwork.
Having a BPA system in place can make transitioning between old and new employees easier, but it doesn’t take away the need for people working in the office and/or remotely. If you’re implementing a new BPA system, make sure to clearly communicate that it’s a tool to help your employees rather than a way of replacing them.
Boosting Morale and Making Work Engaging
Business process automation from NextProcess supports employees by making their jobs easier. Automating repetitive tasks like data entry and filing paperwork means employees can focus on tasks that require their talents and expertise. That makes work more satisfying and engaging. Plus, our software is very user-friendly, so it’ll be a helpful tool rather than a source of extra frustration for people trying to work with the new software system.
It also helps your company support efforts to boost employee morale. Depending on the requirements of your industry, BPA can make it easy to offer flexible/remote work options. Software-as-a-Service (SaaS) systems are cloud-based, so employees with the correct authorization can access it from any location with internet access. The system also makes it easier to transparently enforce policy compliance, which makes things easier for your employees and benefits your company.
Automating business processes is one way to support retention efforts in your organization. To learn more or set up a free software demo, contact NextProcess today.