3 innovative ways to boost efficiency in the finance sector

by | Jun 3, 2020 | Blog, Finance, Remote working

Did you know that, over the last decade, the number of UK remote workers increased by 25 percent?

This is because, beyond the current lockdown due to covid-19, remote working has been gaining momentum for years. Yet, too many companies were caught on the back foot and had to instantly go fully remote to maintain continuity.

Your financial firm may be the same. After all, historically, the financial sector has been reluctant to embrace remote working.

Whether the lockdown has forced you to become remote capable or you’ve been doing it for years, we’re here to help you make the most of it.

It may sound too good to be true, but financial firms can improve overall efficiency while working remotely. All you need are the right strategies, tools and support.

1. Track what’s working and what isn’t

Every business is unique. Different people work in different ways, and so have different software requirements. For example, when collaborating remotely, some will rely on video conferencing software, like Skype or Zoom. Yet, others will prefer to use instant messaging tools like Microsoft Teams.

Regardless of what ‘normal’ looks like for your business, it’s important to identify which tools staff are using and how effectively they’re using them.

Monitor what software, apps and other products your staff prefer to use. Then, integrate them with your preferred analytics software. This way you can balance employee preference with overall performance.

This will both highlight inefficiencies and what tools or software you can afford to be without. So not only do you become more productive, you save money.

2. Make the most of your technology

On average, 64 percent of enterprise application features are either ‘rarely’ or ‘never’ used.

Yet, moving to remote working means having to rely on your software more than ever. The efficiency and efficacy of your collaboration, productivity and project management is reliant on your technology.

Getting the most out of applications is therefore critical to driving employee efficiency. And the best way to do this is through training and skill sharing processes.

Here are some ideas on how to drive this forward:

  • Share and discuss ideas in each department on how you can better leverage your software. This can be a weekly or monthly one-hour workshop.
  • Invest in external training to ensure your staff know each software and app inside out.
  • Record tutorials and classes where your most efficient team-members record how they use software to get their work done. Not only does this show best practice, but it can help improve new hire onboarding.

3. Promote employee morale and happiness

The lockdown will inevitably put new challenges and stresses on employees. So, you’ll need to work to promote employee morale and happiness.

Even before the pandemic, employee burnout was on the rise. In fact, figures suggest Britons are working harder than at any time in the past 25 years. Combine that with a period of worldwide economic and social upheaval and you’ve a perfect storm of stress that can impact your bottom line.

After all, burned out employees represent a significant cost to your business. They are more likely to call in sick or look for another job, increasing your rate of employee turnover and decreasing overall efficiency as a result.

It’s therefore critical to do what you can to protect your staff and keep them happy. During the lockdown, perhaps set-up regular games nights or ‘virtual drinks’ so that everyone can relax and unwind together.

Then, once it’s over, continue promoting your healthy culture to retain your top talent and reap the long-term benefits of a motivated and happy workforce.

The smart approach to improving efficiency in the financial sector

The move to remote working is a challenge for many organisations. Yet, as we’ve discussed, with the right approach and technology you can boost your long-term business efficiency.

So, when it comes to remote working, you should speak to the experts.

Here at Chalkline, we have the experience and know-how to help you make long-term business improvements while remote working.

If you’d like to find out more on how to make a success of remote working, get in touch today, or download our checklist below.

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