As a boss, one of your most valuable resources is the workforce under your command. Keeping them happy and motivated is of paramount importance, in order to ensure that they are willing to put in the required effort into their tasks.
Whole teams can fall apart if employee morale dips, and managers try various different strategies in order to ensure this doesn’t happen. Team building activities, one on one discussions, and performance related bonuses are some of the prime examples. While these are all viable strategies, there is one glaring omission: Easier expense reporting.
The Current Process & the Problems Employees Face:
Just to give you an example on how difficult the current process is for employees, over 40% of them would rather spend an extra hour commuting to work than file expense reports.
The root of these issues can be traced back to the current process of expense reimbursement. Employees are required to pay for business expenses through personal means, and then follow an arduous process to gain reimbursement for an expense that should not have incurred in the first place.
It’s easy to see why there is a mounting sense of frustration, as expense reimbursement is one of the most cumbersome processes right now. Employees are required to collect receipts, manually file expense reports, and then wait to see if the report is going to be approved by their managers, and finance teams, before they are reimbursed.
Any issue with the report leads to a rejection, and they are forced to go through the whole process all over again. Research shows that over half the employees surveyed underwent a personal loss of money instead of filing an expense report.
It’s a boss’ job to ensure that his employees are never faced with these issues, and there is a dire need for a more proactive effort to make the lives of employees easier, especially considering the effort they put in towards the advancement of their employers.
If this doesn’t convince you that it is the time to act, nearly 2/3rd of employees say that they would prefer to look for new employment when faced with constant delays in reimbursement.
The Better Alternative & Why it Works:
Luckily, there are alternatives that offer exactly what is needed to remedy this situation. Automated expense management solutions are the perfect answer. In fact according to Paystream Advisors, nearly 40% of organizations have reported higher employee satisfaction by shifting to an automated solution.
So, why exactly do automated solutions work so well? There are a few key reasons:
- The expense reporting process is streamlined and simplified, making it easier for employees.
- By giving employees access to company funds, they are afforded a sense of responsibility and respect.
- Managers have complete control and visibility, while at the same time they are able to empower their employees.
- Analytics and insight into employee expenditure.
In a nutshell, you are able empower your employees, ease their pains, and at the same time gain complete visibility and control. It’s the perfect solution that offers something to everyone involved.
As a bonus, here are 5 nifty tips to be the boss everyone loves.
Happay is an expense management solution that offers you all of the above, and you need just 15 mins to get set up.
We are committed to providing the perfect automated solution, and you can click here to schedule a call with our experts.
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As a boss, one of your most valuable resources is the workforce under your command. Keeping them happy and motivated is of paramount importance