How Tech Investments During Downtimes Lead to Quicker Growth in Boom Times

Discover how Workday can help Canadian businesses make smarter decisions, improve employee retention, and support a remote workforce.

In today's turbulent economy, Canadian companies are bound to face challenges. What sets great companies apart is the decisions they make during times of uncertainty. 

Many business leaders will choose a perceived path of safety: they’ll put their heads down, avoid investment opportunities, cut as many corners as possible, and ultimately remain stagnant. This can be especially true of medium-enterprise businesses, as they don’t have the budgets of larger companies. 

Yet forward-thinking companies understand that investing in an enterprise platform for finance and HR during downtimes can help support their workforce and business, and position them in an even better place to pursue new opportunities when the economy swings back. 

In this article, we’ll explore how investing in enterprise software, including human capital management (HCM) and financial management software, can help Canadian businesses of all sizes grow and thrive.

Enterprise software helps businesses make data-driven decisions that set themselves up for success during boom times.

Make Smarter Business Decisions

When business is slow during economic downtimes, it’s an opportunity for companies to assess their trajectory and make needed changes. The right enterprise software can help businesses make data-driven decisions that set themselves up for success. 

Data is a valuable tool in today’s digital age, and companies should take full advantage of it. Access to the correct data can save companies time and help them make important decisions faster. According to McKinsey & Company, a lack of data can cause employees to spend significant time on non-value-added tasks. 

Workday enables organizations to view finance, workforce, planning, and operations data in one, unified system. This data can then be used to make better, more informed decisions around workforce costs, supplier performance, forecasting, employee engagement, and more. Data helps businesses stay agile and prepare for what’s next, no matter the economic landscape.

Manage Remote, Hybrid, or In-office Employees

Working environments for businesses have changed dramatically since the global pandemic. Many companies continue operating on remote and hybrid working models while others have instituted a full return to the office. Businesses need software that improves agility and allows them to manage their workforce no matter where they work.

For fully remote companies, congregating at a water cooler or in a conference room aren’t an option for employees. These companies need new, intuitive technology for connecting with and managing employees.

With Workday Everywhere, employees can access Workday tasks from Slack or Microsoft Teams, eliminating the need to switch between apps and saving valuable time. According to Harvard Business Review, this is important because employees spend just under four hours every week toggling between applications.

Implementing a robust, easy-to-use enterprise system during downtimes will also help attract top talent and strengthen your workforce during better economic times.

Improve Employee Experience and Promote Engagement

It’s essential to the health of your business to keep employees inspired and engaged at work. However, disparate tools and depersonalized email threads don’t cut it in today’s technology-forward society.

Workday helps improve the employee experience from the first day of onboarding to the day an employee decides to leave your company and all that develops in between. 

Every employee’s career path is unique, and their employee experience should be too. That’s why Workday Human Capital Management (HCM) provides individual tracks for every team member to progress at their own pace. Workday also offers a continuous listening platform, Workday Peakon Employee Voice, to better understand what employees want and need at work. Businesses can use this data to make changes and improve the employee experience in real-time. 

Building an inclusive and welcoming workplace—whether in an office or virtually—is a huge aspect of employee engagement and satisfaction. A positive employee experience improves well-being and boosts overall productivity, which will help your business flourish in any economy.

Transform Your Business With Workday

In uncertain economic times, it’s tempting to freeze up and not make any investments in your business. But sticking to the status quo may hurt your company when the economy swings back.

The smarter choice for Canadian companies is to invest in software, like Workday, that can help you make better business decisions, manage your workforce, and provide a stellar employee experience.

More Reading