Retaining talent: The power of live data and enhanced digital experiences

Enterprises are struggling with attrition, according to a large staffing solution provider in India. The attrition rate, or the percentage of employees who leave an organisation over a specific period, increased to 8.3% between October to December 2022, from an average of 7.8% in the preceding quarter of the same year. 

Several factors have contributed to this. The solution provider found demand for hot skills in technology, risk, assurance, and areas such as environmental, social, and governance. 

According to the Digital Radar 2023 survey, three factors are crucial to achieving success in enterprises: innovation, net zero, and digital experience. Although innovation and digital experience are linked to better brand perception, digital experience is also associated with employee retention

Digital technology isn’t a holistic solution

In the past, organizations relied on people to create scale and technology to create value. However, this equation has now flipped, and enterprises achieve scale through technology and value through people. Therefore, it is crucial for companies to prioritize employee engagement.

To succeed in today's world, companies need to not only adopt new technology but also continuously adapt their businesses to maximize the benefits of these investments. This enables them to grow even in the face of challenges such as inflation, economic slowdowns, and supply chain issues. Enterprises that effectively engage with their employees and customers through digital technologies are more likely to achieve favourable business outcomes.

Live, high-fidelity data can amplify experiences

In the 21st century, digital technology, and the data it generates and operates on are essential to businesses. Good data also enhances digital experience initiatives. Companies that prioritize high-fidelity data — data that is comprehensive, accurate, reliable, and secure — are up to 60% more likely to improve post-sales customer engagement and loyalty compared to those that don't.

If a product or service fails to meet customers' expectations, they are likely to switch to alternatives that do. Therefore, companies must maintain their data's accuracy and security while ensuring that it is always up to date. Organizations should rely on reliable data to provide engaging user experiences that tap into behavioural and social factors.

Better digital experiences can improve employee engagement

Digital friction, which results from poor digital experience, can significantly slow down productivity. Today, experience is measured by how much friction a company can remove from people's lives. A few examples of digital friction may include difficulty booking flights, complex analytics dashboards, or even screen fatigue. Possible solutions include designing for various enhancing digital experiences and improving chatbots through better data.

Effective use of digital experience not only enhances brand perception and employee retention but also boosts profits. To achieve this, companies oversee both customer and employee experiences, and rely on live data more than others to enhance post-sales customer engagement and loyalty.

Enhance digital experiences with digital tools

The global data analytics market is set to grow by over $21 billion between 2023 and 2027, at a CAGR of 13.8%. Automation of digital tools through data correlates with a more resilient business environment, the research identified. Managers must thus be equipped with data analytics software to understand their employees in a remote or hybrid operating model. 

At present and in the future, successful companies will be characterized by agility, efficiency, and a willingness to experiment. However, the organization's structure plays a crucial role in leveraging data-driven insights. Companies must operate on live, accessible, and high-fidelity data that drives their operating model. This model prioritizes agility, speed, customer and employee satisfaction, and outpaces the competition in terms of growth.

The article has been written by Narsimha Rao Mannepalli, EVP, Co-head of Delivery and Head – Cloud, Infrastructure and Cybersecurity, Infosys