Did you know that according to Gallup Corporation (2008, 2010), in the average company only 1/3 of employees are engaged in their work AND almost 20% are not just non-engaged but actively disengaged? Wow. Does that sound like your company, your department, your team? Where do you fit? Now, layer a change initiative on top of this and what do you get? Another reason why about 70% of change initiatives fail without effective change management attending to the people part of the equation.
World-class companies, on the other hand, have almost a reverse profile with a 67% engagement level and only 7% active disengagement. Engaged employees are more productive than their counterparts. Not a surprise there. Some research suggests a link between openness to change and job satisfaction. So it seems reasonable to me to incorporate facets of employee engagement into your change management efforts. Who knows, in addition to making it easier to adapt to and maintain the AR Optimization initiative you’re implementing, you might just be strengthening employee engagement. And, adding even more profitability to the bottom line.
There are different theories of engagement, each with their own definition and the specific factors which support it. I’m just going to pick a few factors that I think are particularly important to change initiatives that are fairly consistent across the definitions. I have also offered suggestions on how to incorporate them into your change management strategies.
By complementing your change management efforts with these principles of employee engagement, you should not only reap the productivity increases that leveraging a Receivables Management platform brings to bear, but also enhance performance by having a higher percentage of the employees truly producing results.
What is your change engagement level? Does your department executive the above-mentioned strategies when implementing change initiatives?
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HighRadius Integrated Receivables Software Platform is the world’s only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Integrated Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway – covering the entire gamut of credit-to-cash.