2021 fuelled the “Great Resignation,” which is now happening in full force as one in four workers are considering changing their jobs. Employers today, therefore, need to understand how they can meet employees’ expectations of what they want in a job in order to retain them, especially in an increasingly hybrid workforce-dominated environment.
As a result, in 2022, we’ll see more employers focus on areas such as employees’ health and mental well-being, transformational leadership, technology enhancements, employee engagement, and social and environmental concerns in the “Year of the Employee.” Marc Ramos, CMO at SplashBI, discusses how the importance of employee engagement will catch the attention of the corporate board room in 2022, thus putting pressure on CEOs & CHROs to effectively address recruitment and retention.
What Employees Want
It is no secret that employees are a company’s most valuable asset, and so, especially within a hybrid workforce environment, it is increasingly important for managers to look at their employee experience beyond the traditional expectations. Driven by Covid-19, workforce expectations are increasing (and evolving), and employers should look to offer additional support to strike the balance between work and home life.
The need for transformative leadership will become increasingly key within workforces as employees develop more control over their work processes, reinvent workflows, and design systems that reflect the way their team thinks and operates. Traditional leaders who consider being in the same pre-Covid physical location to be the best strategy for developing their teams will be most at risk of losing their best people, thus incurring potentially unnecessary costs in employee turnover.
Employers who are in touch with their employees and offer this support will further create trust and respect. It is critical for businesses to understand the direct relationship between employee experience and productivity. At the moment, organisations cite employee satisfaction, talent retention, increased productivity, and higher revenue per employee as valuable factors driving their interest in increasing employee experience. And this should be a top priority for companies as we move out of the pandemic.
Engagement through Technology
Modern workforce analytics management software and consumer-grade platforms are critical for employers to better support their employees’ engagement and satisfaction in the workplace.
Companies that are adopting hybrid work models, placing an increased emphasis on employee experiences, and prioritising today’s multigenerational workforce must invest in these consumer-grade technologies. This means that data can be leveraged in this way to make it easier to gather employee feedback frequently, identify where there is a potential problem, and assist managers by taking action in real-time.
Benefits of a workforce analytics system include supporting employees, for example, employers can monitor the number of hours worked, tasks performed, breaks taken, and holiday requests. This type of data can flag to managers when employees are at risk of burning out or being overworked. Also, using real-time employee data to create temperature and pulse checks can support employers and keep them informed on employee performance and wellness – especially while COVID-19 cases are still uncertain at present.
By leveraging modern communications systems, businesses can enable employee-employer interactions that use data to streamline, automate work and gather immediate feedback from employees within the context of their roles. This provides business leaders the opportunity to view and share relevant information which assists employees in their career development / upskilling and future success.
Finally, retention goals and retention strategies can be easily tracked with the proper leveraging of people analytics data. Which managers are doing a great job of developing and retaining top talent? What are they doing differently? Can their practices be introduced company-wide? These managers should also be utilised as mentors for other leaders. By utilising data for creating actionable retention plans, employers can put their best foot forward to achieve their retention goals.
2022 is the “year of the employee”, pushing companies to better understand how to prioritise their workforces, treat them kindly, and create better experiences in the workplace that increase their satisfaction.
These types of perks will highlight to workers that their employers can cater to their needs and/or preferences and that they trust their abilities outside of a traditional work environment. With appreciation and loyalty, the company will be able to reward and retain long-term employees.
Rivery Raises $30M B Round of Venture Funding from Tiger Global
With data needs growing and data talent scarcity, there is huge demand for Rivery’s 100% SaaS solution to create an efficient scalable data stack.
Rivery, the SaaS ELT today announced a new funding round of venture capital led by Tiger Global Management alongside existing investors State Of Mind Ventures and Entrée Capital. This financing follows from last year’s A round, bringing the total venture capital raised to date to $48 million. Rivery’s product-led growth has significantly accelerated since the launch of the Pay As You Go program in December 2021, which is growing at a rate of 50% month over month. This new pricing model complements the existing Self-Service experience plan, which opens the door to any type of company that would like to immediately get started with Rivery.
Rivery provides a single end-to-end ELT solution which covers key processes to create the optimal data stack: Ingestion, Transformation, Orchestration and Reverse ETL. Teams can choose from the different modules to build their ideal data infrastructure. Before Rivery, companies had to rely on legacy ETL platforms that were not built for cloud, and lacked the flexibility to scale. By streamlining and unifying how data stacks are built, maintained and automated, Rivery helps companies to unlock data value with a complete SaaS solution suitable for companies that need to scale fast. Besides helping data teams remain lean and agile to grow, it avoids the costly and complex issues that come with managing fragmented data stacks that rely on multiple disjointed tools.
Used by over 300 customers globally, Rivery’s approach to data management is a generational technology leap that incorporates automation and actionable logic into the traditional data ETL/ELT (extract, transform, and load) processes. Some of the world’s fastest-growing cloud-native companies including EMAAR, Bayer, Webedia, BuzzFeed, Papaya Global, American Cancer Society, NEXT, and WalkMe use Rivery as the core engine to power their data stack.
The new funds will help expedite the growth of the company across all teams in New York and Tel Aviv HQ including R&D, Product, and Sales, as well as expanding on EMEA where a London office has been launched to focus on the regional market. In addition, Thibaut Ceyrolle, who founded Snowflake EMEA Division, has joined Rivery’s Board of Executives to lead and define the company’s growth strategy across EMEA.
Itamar Ben Hemo, CEO of Rivery said: “Companies have to scale faster than ever before, which means data teams need to achieve more with less. By offering a fully SaaS end-to-end solution as the core to their data stack, Rivery plays a pivotal role to provide unlimited scalability. This funding is a great milestone that will help us grow our global presence, making Rivery a de-facto tool that empowers businesses to unlock the unlimited power of their data.”
How to reignite your store with streamlined operations and a distinctive customer experience
Colin Neil, MD, Adyen UK
Retailers know that prioritising customer experience is vital to success today. This, amongst the management of complex supply chains and the cost of living crisis is a lot to oversee.
Further, the pandemic has accelerated technology’s role in building a relationship between store and customer. Consumer adoption of digital, cashless payments has accelerated. PwC’s ‘Payments 2025 and Beyond’ report predicted that cashless transactions could triple in volume by 2030. This trend aligns with our own experience of 2021, in which we’ve witnessed a 70% jump in transaction volumes. It demonstrates the rapid digital transformation of retail as pandemic trends amplified the role of ecommerce in online and offline sales.
Operationally, there’s a lot for retailers to think about. The question is: Which are the technologies that will allow them to truly transform the customer experience?
Consider Android mPOS
Traditional mobile POS (mPOS) terminals are a great way to unshackle sales from a static cash-desk, helping to reduce queues and improve the overall shopping experience. However, they’ve also presented some operational challenges. These devices only take payments; they’re unable to scan barcodes or check stock, meaning that sales teams become burdened with a utility-belt’s worth of additional devices to fulfil these needs.
But recently, the entrance of the new Android mPOS terminal has caused a stir since it’s an all-in-one solution that can manage a multitude of functions, via installed apps. This includes: checking a customer’s previous orders and eliminating the need for separate cash registers, barcode scanners, and even customer facing displays.
These devices represent a fundamental change in the role of the payment terminal. Thanks to its app management system, retailers can manage the functions they use every day in a single hand-held device, from inventory management, to loyalty programmes, returns and more.
Palisis, a provider of sales and operations solutions for tourism and transportation businesses, and Immfly, an in-flight digital services provider, are among the first of our customers to roll out the terminals. In doing so, they’re simplifying the management of their business and freeing up staff to focus on the customer experience. Here’s how:
- Streamlining operations
Android mPOS terminals let you consolidate your store’s business functions into one device. This is a big benefit for your bottom line, since managing multiple systems and hardware can lead to high costs, from set up to ongoing maintenance. Furthermore, customisation from a centralised location gives an overview of all a retailer’s terminals. Adyen’s Terminal Fleet Manager, for example, is capable of multiple configurations – including terminal location, logo, refunds, receipts etc – remotely.
Consolidating these systems reduces cost of ownership, helping you free up budget for other investments and innovations. It’s also simpler for staff to use the one system, making their jobs much easier, especially during busy periods.
- Flexibility to grow
When systems are consolidated on a single device, it’s easier to update and scale technology as your business evolves. For example, if you process payments on a centralised platform, like Adyen, the same software and end-to-end encryption can be quickly rolled out across all your stores, anywhere in the world. You can also cater to customers’ preferred local payment methods, as well as the major global ones, without needing additional terminals or worrying about local acquiring headaches.
On top of that, if all customer-facing channels and backend systems are connected via one platform, you can monitor online and in-person payments in one place. You can recognise and reward loyal customers in real-time, future-proofing the customer experience with invaluable data insights.
- Convenience for customers
Mobile devices allow customers to make purchases from anywhere. This has led some retailers to consider doing away with the till area completely. Tesco’s entered this space last year, and Sainsbury’s partnered with Amazon to introduce the experience too. With no cash desks, the store is given over completely to product and service.
Getting your roll out right
Take a look at what our customers Immfly and Palisis have been able to achieve with their roll out. Immfly needed to be able to create and process drinks and snack orders during flights, without involving any extra hardware for air stewards to handle and manage. Its Android S1F2 devices integrate cash register systems directly onto WiFi-enabled terminals via an app, which sync stock levels throughout the flight. Payments can also be taken while offline on both long and short haul flights. These capabilities also mean leading ticketing and reservation tech provider Palisis can use them in many different weather conditions, from ski slopes to tour buses in the world’s biggest cities.
The best customer experiences are convenient and modern payment terminals can help retailers deliver this. Just remember, when you’re looking to roll out any new in-store tech, it’s important to research and pilot the scheme thoroughly. In that way, you’ll be sure to have the best possible impact on your customer experience and ultimately your revenue.
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