Business Process Outsourcing

Why leading with people is the key to technology success

Published on September 19, 2024

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In a world where technology comes first and tends to take centre stage, companies risk any form of technology success if they don’t prioritise their people and guide them through the transformation process. According to McKinsey & Co, businesses that embrace a people-centric mindset while applying new technology solutions are 4.2 times more likely to outperform their peers, achieving an average of 30 per cent higher revenue growth.

The good news is that more and more leaders are recognising the significance of balancing technology with a people-first mindset. A recent report by Deloitte highlighted 8 out of 10 executives cited that if they focused less on extracting value from their people and more on positively creating value for their employees, they would improve their company’s ability to attract talent, appeal to clients, and increase profitability.

While many modern business leaders employ a people-first approach, some go even further by fostering an environment where employees and innovation can thrive together, leading to greater business opportunities and a stronger competitive advantage. But how? The People and Culture department is key in enabling employee-technology synergy.

The crucial role of HR in tech success

People & Culture plays a crucial role in promoting and deploying emerging technologies, and this is expected to become even more significant in the upcoming year in the face of accelerated AI adoption. According to Deloitte, 96 per cent of surveyed leaders are in the process of implementing GenAI.

People & Culture executives recognise that integrating GenAI is essential for business and people success, as shown in recent Gartner data. The data revealed that 76 per cent of HR leaders believe that failing to adopt AI solutions within the next two years would have a negative impact on the organisation’s growth, potentially putting them at a competitive disadvantage.

As technology and innovation continually disrupt workplaces at an unprecedented level, CHROs (Chief Human Resource Officers) and people teams hold the key to ensure a smooth path forward. A recent Forbes article supports this notion, highlighting the influential capacity of CHROs in instilling confidence and guiding staff through the ongoing workplace evolution.

The value of adopting people-first strategies

Leaders transforming their workplaces face significant challenges, particularly when it comes to behavioural change management, which centres on people. Yet, savvy CHROs understand that when you take people on the change journey that surrounds technology adoption, you get better business results. This includes stronger employee engagement, higher productivity, improved retention rates, a positive work culture, and enhanced customer satisfaction.

National Australia Bank (NAB), one of the country’s “Big Four” banks, exemplifies this approach by ensuring people are at the core of its operations. The financial institution also leverages ‘people analytics‘, which combines analytics, employee experience, and HR technology, to support its workforce and enhance client relationships. NAB’s strategic focus on employees and clients has driven their share value to a nine-year high, following a first-quarter cash profit that beat market estimates. By advocating for innovation and a human-centric approach, NAB demonstrates its ability to foster a thriving business environment and achieve enduring success.

How to foster a people-first workplace while embracing innovation

Businesses that prioritise their employees unlock a multitude of benefits. However, realising these gains requires a strategic people management strategy that supports engagement and promotes innovation. Here are the top five elements to include in your people-first strategy:

Human sustainability

Human sustainability is a movement that ensures leaders commit to improving employee well-being, engagement, and growth. By upholding this philosophy, businesses can not only foster a thriving workforce but also positively influence other strategic objectives, such as the seamless adoption of innovative solutions.

Nurturing employee strengths

In recent times, Forbes has reported that some companies have forgone job titles completely and instead played to people’s strengths by matching the right employees with certain projects. This is an opportunity for organisations to centre their operations around people, and then utilise technology in areas where the team lacks expertise.

Manageable employee workloads

Applying automation to boost productivity and promote reasonable workloads for employees with the aim of reducing employee burnout and prioritising quality work.

Flexibility

Workers highly value flexibility, especially since the pandemic. A contemporary workplace will continue to offer hybrid working arrangements and flexible hours to allow both employees and businesses to thrive.

Continuous learning

Providing learning opportunities and skill development directly supports employees and ensures their long-term viability. It also promotes the implementation of advanced technologies and ensures employees have the skills to use them.

By incorporating these five elements into your people management strategies, People & Culture teams not only help deliver a higher business performance, but also help develop a stronger workforce culture.

Embracing innovation with your people

Emerging technologies have the power to transform industries, but their true potential is unlocked when driven by and for humans. By adopting a people-centric approach, businesses can inspire, support and cultivate communities where innovation thrives and individuals flourish. The CHRO and people teams play a crucial role in this and will continue to do so.

At Experteq, we aim to continually drive people-first initiatives, innovation for our clients and our community. Please visit us here to learn more about our services.

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Featuring
Rachel Day
Group People and Culture Director at Experteq
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