Why a digital workspace is vital in 2018
Sponsored by Passageways
In the blink of an eye, it seems, we’ve witnessed immense technological change in how we communicate, collaborate and get things done at work. Effectively managing this change has become a key source of every organization's competitive advantage. What makes change management so difficult is often user resistance.
Today’s younger workforce, encompassing Gen X, millennials and Gen Z, have new—sometimes conflicting—expectations about how technology must be integrated into the workplace. But make no mistake, focusing and deploying resources to implement a digital workspace that improves communication and collaboration can be a key driver of success.
Let’s explore three ways digital workspace communication tools can bridge the generational and technological gap and ensure your whole team stays on the same page.
1. Higher Productivity and Increased Purpose
Millennials and Gen Z have grown up with social media, baring witness to a daily stream of likes, shares and comments. It has given them a platform to be valued and listened to, and has helped them gain a sense of belonging. By deploying a system that provides transparency to an organization’s shared goals, each individual can see their direct impact and value as a team member.
Simplicity Credit Union, Marshfield, Wis., is an excellent example of how a robust communications platform can drive a sense of purpose and, as a result, increase productivity. The $250 million CU sought to get the word out about their new Signature Loans campaign without sending staff an endless volume of emails that would be ignored. They leveraged their intranet as an internal communication platform. Instead of simply promoting their Signature Loans campaign once at a staff meeting, it became a constant presence on their network. It became a shared mission—the topic of conversation. By innovating and leveraging the intranet communication platform to reinforce the program’s importance, they achieved 90 percent of their goal within 90 days.
2. Create an Engaging Work Environment
By providing employees with tools that match their expectations, organizations foster a better work environment. That translates into a better employee experience and improves engagement, resulting in a lower turnover rate that helps attract new talent. A recent Gallup report showed that employee engagement can reduce turnover by 59 percent, even in traditionally low-turnover organizations.
Let’s look at the numbers: A popular rule of thumb cited by William G. Bliss, author of one of the most widely cited articles on the topic of turnover costs, the cost of turnover is roughly 150 percent of an employee’s annual compensation, that figure is even higher for managerial and sales positions, ranging from 200 percent to 250 percent. This estimate accounts for all hidden costs, including knowledge loss, recruitment costs, training expenses, lost productivity and costs of lost sales.
By providing tools to offer valuable feedback and creating an environment that promotes culture and engagement, organizations improve morale and reduce churn. When employees feel connected in a shared mission, they rise to the occasion and beat expectations. Investment in digital collaboration provides a clear ROI for any organization seeking to improve employee engagement.
3. Open Communication and Enhance Transparency
Communication does not stop at 5 p.m. It’s not a single company event or even a series of emails; it’s an ongoing effort. Up-to-date, open, realistic and sincere communication goes a long way toward rallying employees, encouraging collaboration and fostering teamwork.
By equipping employees with a digital workspace, organizations can ensure that they are in control of the message, that goals are articulated in real time, and that important information is never lost in a deluge of emails.
Organizations need to establish fast and reliable channels to reach all employees at once. That’s why investing in tools like the modern-day intranet that creates an open environment of communication and collaboration should be a top priority for credit unions.
Effective communication is a pivotal force that can lead to competitive advantage through increased productivity and profitability, increased customer satisfaction and a substantial decrease in turnover. Internal marketing through effective communication is as important as external marketing and is a key business function that can drive success. Internal communication and employee engagement need to be at the top of any company’s priority list.
Paroon Chadha co-founded CUES Supplier member Passageways, Lafayette, Indiana, in 2003 and continues to lead its business strategy, as CEO. He serves on boards at Passageways, Big Brother Big Sister of Greater Lafayette, Indiana University Simon Cancer Center, and TechPoint. He was a founding member of Youwecan.org, and is an angel investor in several technology companies. Recently, Paroon was accepted as a member for Forbes Technology Council.