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Turning the 'great resignation' into the 'great retention' in financial services

Turning the 'great resignation' into the 'great retention' in financial services

The ‘great resignation’ – otherwise known as ‘The Big Quit’ and ‘The Great Reshuffle’ – has been a cause of great concern in many industries since it started during the pandemic.

Possible causes following the wave of furloughs and layoffs caused by Covid include wage stagnation amidst a cost-of-living crisis and previous long term job dissatisfaction, coupled with a desire for a better remote working policy.

Financial services hit by the ‘Big Quit’

Financial services are among those hit as they face the double whammy of staff retention and adapting to widespread hybrid working models, while ensuring the quality and security of their communications.

This is particularly due to the need for an especially high-level solution for remote working, given the IT and cybersecurity requirements for home workers in the financial field, and the capacity of any chosen communications solution to offer seamless service to clients.

Upskilling for the future of work – getting the right tech

Remote work requires the adoption of technologies that can create risks like cybersecurity threats, and meanwhile there's also a clear need to upskill and reskill workers for the future of work. This was an issue prior to the pandemic, as organisations planned for digital transformation.

Those plans were both disrupted and accelerated by the pandemic, which has shone a spotlight on how employees' roles are changing, where they need to upskill or reskill, and where there's a shortage of skilled talent, especially in senior roles.

Enabling seamless communication, and improving efficiency and productivity

Organisations like Conversant Technology exist to make this process smoother. Many financial services organisations still retain some elements of legacy PBX phone and other communications products which are not really fit for purpose in our brave new world.

When combined under one roof, harnessing the native power of Microsoft Teams and adding the solutions most financial organisations need within that platform under a single sign-on, the benefits to both users and clients are significant.

Skills based call routing and contact centre – never miss a call or an opportunity

However, Microsoft Teams isn’t just about internal calls and meetings. Geo and non-geo (on- and off-site) can all be bundled together by Conversant Technology, ensuring complete consistency in call quality, with all internal users having the same access to the same information.

Meanwhile inbound and outbound calls can be managed, queued, directed and supervised as appropriate on the same system. This is especially important in financial services, where agents often have specific areas of knowledge, and where a lost or misrouted call is an opportunity cost.

Compliant call recording and transcription

This is one of the singular most important elements in financial services communications solutions. Compliance standards are non-negotiable, and all organisations are required to be MIFID II compliant. Conversant offers the very latest in compliance recording technology, with the capability to stop/start recording for ease of use, transcribe and also flag up exceptions within calls for escalation.

Integrating all your data into your CRM

Conversant also offers an integrated CRM as part of its unified communications bundle, which keeps all stakeholder data in one place, ensuring continuity, accuracy, and saving considerable amounts of time and effort in coordinating vital communications.

Ensuring future-proofed scalability – maximising ROI on the Microsoft investment

Financial organisations also need to be very agile, and often go through processes of growth by acquisition. Conversant’s embedded solutions grow with you, adding and enabling users on request, while constantly updating the technology for the best possible interface, security and user experience. This also ensures an optimised return on Microsoft licence investment, saving money in the longer term.

In short, investing in the right tech is an investment in an organisation’s staff, customers and future – helping to turn ‘the great resignation’ into an upskilled and agile ‘great retention’.

For more information: Finance | Conversant Technology

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Jenni O'Connor

Jenni capabilities include marketing strategy, copywriting and editorial, PR, design management, project management, promotional development and events.

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