Written by Christin Spigai, Chief Human Resources Officer, Synechron
Hybrid work models mean we now engage and interact with colleagues differently.
This change has necessitated more digitization and automation. The outcome of this is that we now demand efficiency in our workflows and analytics, so that we can focus on more meaningful and impactful outcomes. We want our work experiences to be more like our online shopping experiences – simple, with no job aids required.
This digitization of the workplace has created a number of opportunities for everyone.
So, what is workplace digitization?
Workplace digitization means different things to different people, but often focuses on areas such as:
- Transitioning from analog tools to digital ones
- Adopting digital tools and maximizing their adaptability
- Embedding digital workflows into everyday business processes
- Embracing a digital mindset and a positive attitude towards new technology
And what does this mean in practice for advice firms?
The jobsite, Lifeworq defines the digital workplace in practice as “a central work platform that is available to employees and organizations digitally and regardless of location.”
This means that all tools, technologies, and data exist for collaboration, independent of location or time zone. This also means the automation and prioritization of many tasks – meaning work processes can be streamlined and targeted. Lifeworq also sees the digital workplace as one that serves as “an information hub that provides employees with knowledge about various corporate processes or their daily tasks, and access to their documents and applications.”
Deconstructing the workplace
Digitization leads to freedom in terms of where people work. The workplace now exists virtually and globally. 9am on-site meetings in local locations are fast becoming a thing of the past. Teams communicate across time zones and without local constraints.
But, in order to make the most of workplace digitization, advice businesses need to think differently. A Business Reporter article, sponsored by Everest Group, states that the future of work is here already. And that reality “will require us to question well-established paradigms. It will need us to rethink the framing of work in our lives. It will push us to redesign and reconstruct. Enterprises that move the needle now stand to gain a lasting competitive advantage.”
So flexibility is essential
It’s vital for the financial services sector to realize that the flexibility enabled by workplace digitization is not just desirable but necessary in order to attract new talent – and to retain the talent they already have. In 2023, the workforce expects hybrid working and demands the fluid practices it offers. Employees don’t want to be tied to a physical workplace – so enabling a truly digital working environment allows businesses to stay ahead of the competition. And, with office space still so expensive in big cities, this also presents money-saving opportunities for firms.
But a coherent strategy is vital
A Eurofound study surmises that management decisions play an important role in how digitization technologies impact on work organization and job quality. It recommends a phased digitization strategy, based on experimentation, with a high level of employee involvement in the innovation process. This will likely lead to positive outcomes for both workers and organizations.
The same study highlights again the importance of taking employees along on this journey, pinpointing the critical role that social dialogue plays in digitization of the workplace. It cautions that: “At company level, a digitization approach that disregards employee participation and engagement will amplify negative impacts on working conditions.” It further states that: “In the context of technological change, social dialogue encourages greater acceptance by employees of new technologies.”
Is there risk in digitization?
The Eurofound study pinpointed the Internet of Things (IoT) as the technology raising the greatest concern for employees in this digital revolution. Because of its propensity to be used for employee performance monitoring, greater safeguards are likely required to protect workers’ fundamental rights. At a European level, the study concludes that one avenue to address the issue of employee monitoring could be the EU Social Partners Framework Agreement on Digitization.
Businesses need to remember
There is always a concern in the workforce that digitization may lead to job losses or an erosion of privacy. That’s why an open dialogue between employers and employees is crucial to outline the benefits of a flexible, technology-oriented approach – highlighting the advantages for both the business and its people. It’s important also to ensure there are safeguards in place for employee data protection and privacy – and that people know what’s happening and the reasoning behind it.
Synechron is already seeing the benefits of a digital workplace. Along with greater flexibility and agility, simplified work processes improve the flow of information – increasing employee engagement. Productivity has increased, as has satisfaction (in 2022 alone, we were the recipient of six Great Place to Work certifications). These new, fast intuitive ways of working are an excellent way for financial services employers to drive collaboration and increase the flow of knowledge between individuals and departments.
