The growing wave of digital transformation in the title industry is not eliminating jobs. Far from it. Instead, it will go a long way towards improving employee retention rates as the Great Resignation (now being called “The Great Migration” by some) marches on.
But don’t just take our word from it.
Our friends at UIPath recently surveyed over 5,000 office workers (around the world, and not just in title insurance). The goal was to determine the most common workplace frustrations and motivations for leaving their jobs. It’s a good read and worth a few moments of your time. We believe the reported results only support our contention that automation—be it AI, RPA or other forms of automation—helps employers support, thus retain, their employees.
For starters, it appears the Great Resignation is now helping to fuel itself. The survey found that one-third of global office workers are currently applying for new jobs. Office employees in the United States were the most frustrated, with 60% of Americans surveyed indicating that they’re considering leaving their current employers in the next six months (contrasted with 45% worldwide). Many suggested that the fact their employers were being forced to operate short-handed because of prior resignations has only made the remaining employees’ workload less bearable.
If you’ve been following us for any length of time, you won’t be surprised to learn that 30% of the workers surveyed also cited “spending too much time on administrative tasks and processes as a reason they are looking to quit their jobs.” Tasks and processes that, by and large, could be delegated to technology.
The survey further painted an interesting picture as to what officer workers, in general, do want. Twenty-two (22) percent said they were most fulfilled when they were having personal interactions with colleagues and customers. Opportunities to work on new ideas were a primary motivation for 17% of those surveyed. And the opportunity to plan and strategize motivated another 16%.
A whopping 71% of those surveyed by UiPath felt that automation could help them to put more focus on more creative and fulfilling work.
We don’t operate in a vacuum in the title industry. If anything, the fact that we are service oriented and have a greater tendency to rely on manual processes likely means our employees are even more inclined to support automation so that they can spend more time and effort on things like client service, marketing or sales. The numbers will eventually bear this out.
In the meantime, in combination with declining order volume, a competitive (and demanding on the service side of things) market and the risk of margin compression, it seems nearly a no-brainer not to at least be considering a strategy of digital transformation. Based on what we’re seeing and hearing out there, most of you agree.
Contact us at firstname.lastname@example.org to learn about our process automation services for the title industry.
Photo credit – https://unsplash.com/@marius