I wouldn't know what to expect from that hardware, but generic investigative steps would include firing up resource monitor to assess utilisation of gpu and cpu during transcoding. You'll see if one of them is a bottleneck.
Also worth looking at storage speed and memory.
It depends on the GPU model, I have an AMD Radeon and it shows close to 0% utilisation when encoding as the media engine uses a different part of the GPU. Storage speed and memory will make almost no difference to encoding, even the slowest HDD will feed the encoder fast enough.