ActionWorks® Solutions for Financial Services
Increasing Employee Productivity and Reducing Costs
How much does it cost your organization when an executive doesn't have all the tools needed to be productive, including everything from a computer and phone, to access to the company's information systems? Worse yet, how much is this costing your company annually when you consider all of your employees? Many of Action Technologies' Fortune 1000 customers have found employee provisioning costs an average of $2,000 per new employee in lost productivity, which translates into more people than truly necessary. Particularly if a company's turnover rates is high, lack of timeliness and completeness of provisioning can cost tens of millions of dollars per year.
...:: :: :: :: :: ::...
The process of bringing a new employee into the company, or upgrading resources for existing employees, seems simple enough. Typically a detailed list of all procedures, and the documents a new hire needs to sign, is created to ensure the details for every new employee are complete. Sometimes this list is stored in an application, or more frequently, in a document management system. Yet, if this were entirely effective, why do companies continue to face issues with employee provisioning? It's because, in spite of the list, there is no clear accountability and visibility for who is to deliver what by when. Moreover, employee provisioning is a decision-process, meaning machines don't decide what type of computer configuration an executive gets or what access to specific information systems one employee receives over another—people do. Unless the ability to negotiate due dates and deliverables, and capture commitments by individuals to meet those dates and deliverables, are functions of the employee provisioning process, then the process will surely fail. The result: unnecessarily long cycle times, decreased productivity, and significant costs for the company.
Suppose an executive in a firm earns $325,000 annually. Research shows that if that executive doesn't have the appropriate tools the necessary tools in the first three weeks, then he or she is only 60% productive, costing the company in excess of $7,500. The costs increase exponentially beyond three weeks. Now consider all of your employees. Suppose the average knowledge worker earns $60,000 in total annual compensation. Not having the proper tools in the first three weeks on the job means an individual may only be 40% productive, resulting in a productivity loss of $2,160. In a medium-size company with 4,000 knowledge workers and an annual turnover rate of 20%, this adds up to an annual loss of $1,700,000—all from a single support process.
One of our financial industy customers saved $45 million per year—$0.04/share annually!—by reducing provisioning time for tellers from 36 days to 5 days.
On average, Action Technologies is able to make our customers 80% faster in their employee provisioning process. And because their employees were able to get back to doing what they were hired to do, instead of waiting around for equipment, the end result is a savings of millions of dollars a year in lost productivity, representing a ROI of well over 100%.