Dec 15, 2022
Technological change and increased competition are pressuring professional and business services (PBS) organizations to adapt and evolve. A critical determinant of the success of PBS organizations is their people, so the most important way that companies can maintain a competitive advantage is with a focus on empowering talent and building a strong digital employee experience. According to a recent Workday study, “Closing the Acceleration Gap: Toward Sustainable Digital Transformation,” only 23% of PBS firms say their digital strategy helps them to stay on pace or exceed the needs of the organization. Staying ahead of the technological curve can bring great growth to PBS organizations and set employees up for success.
The benefits of strong talent management and creating a positive digital employee experience include improving employee retention, strengthening efficiency and productivity, enhancing internal communication and employee engagement, and boosting workplace culture. Digital transformation and the tools provided as a result ensure that organizations in the professional and business services industry have more satisfied and engaged employees along with a deeper talent pool to source from.
Workday Professional Services Automation (PSA) is a cloud-based solution that helps organizations efficiently manage projects from start to finish, encompassing financial management, human capital management (HCM), and planning. There are numerous benefits to PSA, including the ability to adapt quickly, achieve deeper insights, and automate processes to free up time and reduce costs, all of which lead to more satisfied and engaged employees.
How to Strengthen Processes and Boost Employee Satisfaction with Workday PSA
The PBS sector is highly segmented and comes with unique challenges across a broad range of services. Here are some ways to strengthen employee satisfaction, improve processes with automation, ensure efficient HR and finance operations, and unify the organization on a desired strategy and direction moving forward.
Streamline and Unify Human Capital Management: Reasons people quit their job include boredom and inconvenient hours, and with a growing number of employees leaving their role in professional services, it’s critical to engage and communicate with existing talent. Workday Human Capital Management (HCM) is a unified system that helps enable organizations to make faster decisions, gain operational visibility, prepare for future talent shifts, and build effective teams. Organizations can leverage data from Workday HCM to help staff salaried, hourly, contingent, and outsourced workers based on things like skills, availability, job profile, performance, and more. Once talent is better understood and their roles more clearly defined with the support of Workday PSA to automate tedious processes, employees will become much more engaged, satisfied, and productive.
More Efficiently Manage Projects: Workday PSA helps employees in project management by offering the opportunity to quickly staff with intelligent resource management and forecast for future projects, helping companies become more proactive. Using Workday PSA with Workday HCM, employees can be assigned to projects that best match their skills and workload. Digital transformation helps deliver technology that provides a holistic look into staffing needs, defines roles, and manages project timelines, milestones, and status updates from anywhere at any time. By making project management easier at the leadership level, giving talent more of a defined scope on their role on projects, and automating tedious or repetitive processes, employees are more fulfilled and engaged in their careers.
Gain more Informative Reporting and Analytics: Another useful tool for talent satisfaction and development is modern, cloud-based software that offers organizations insights and analysis of their projects, workforce, and finances. With built-in analytics across the entire suite, employees and other users can collaborate and troubleshoot in real-time. Decision-making becomes more targeted and informed, helping move the organization toward its goal with efficiency. In addition, it is critical that talent can access important information from anywhere, such as financial, operational, and talent reporting. Implementing cloud-based solutions ensures that data can be analyzed and reported from anywhere in a timely, easy-to-understand manner.
Simplify Financials and Billing: In the professional and business services industry, it’s critical to have an accurate and comprehensive understanding of financials at any given moment. Costs to operate and move business goals forward are increasing, making it important to keep a close eye on how to reduce and optimize spending. With digital transformation and cloud-based software, organizations are able to forecast, budget, and bill projects using one system to enable collaboration. Users can create, edit, and analyze expenses from anywhere to reduce project overrun and can even scan and submit receipts on the go. As a result, PBS organizations can access complete, real-time information on revenue, costs, and project profitability.
How to Keep Employees at the Center of a PBS Digital Transformation
Giving your workforce the technology that they need to make their jobs less tedious and more accessible is what will define the future success of a PBS organization. When embarking on a digital transformation, it’s crucial to keep employees in mind and prioritize their needs during the transition. This can be done through proactive and continuous communication as well as collecting and listening to feedback in an actionable way. In addition, to develop and nurture your talent, organizations should set an engaging digital employee experience strategy that has continuous learning and guided career trajectories.
Due to the importance of prioritizing and listening to your workforce, one of the biggest determinants of success for PBS organizations after choosing to embark on a digital transformation is change management. Embracing change management with an implementation partner such as Collaborative Solutions ensures that organizations can effectively modernize processes and digitize their workforce. In the unique and broad professional and business services industry, an implementation partner can help align the front and back office of the business, ensure that new technologies are embraced by employees, and bring in stakeholders along the way.
To learn more about how Collaborative Solutions can support a digital transformation for your organization, check out our Professional and Business Services page.
Popular Articles About Professional and Business Services