Get the most from man and machine. To get the most from IT systems and the workforce, pension systems can use analytics to identify which transactions can be automated. Transactions where humans add no value, usually because there is no subjective decision or element, should be pushed straight through to no-touch processing.
Pension systems surveyed agree that no-touch processing can help improve internal efficiency (81 percent in the US, 86 percent in the UK and 96 percent in Australia) and help with handling basic transactions (78 percent in the US, 87 percent in the UK and 97 percent in Australia).
Upskill and reskill the workforce. Moving to no-touch processing reveals opportunities to equip employees with new skills that enable them to better support the mission. For example, while no-touch requires a tech-savvy workforce, people also need soft skills as their roles evolve from transactional processing to coaching.
Pension systems in Australia (77 percent) believe that as they adopt more no-touch processing, the skill set needed among employees changes significantly. Across Australia, the UK and US, 52 percent believe employees will need to specialize in handling more complicated circumstances, such as sickness and bereavement.4
Lay the groundwork for nurturing human capital. As the pensions workforce evolves, so must the training and operating model to support that workforce. Specifically:
Training – Talent management and training should support the agency mission, and also the needs of employees.
Operating model – The shift from transactional to coaching roles for staff requires a corresponding shift in the organization, roles, management and quality metrics for an organization.
1 2015 Accenture No-Touch Processing Survey