There are digital tools available to enable easy management of expenditures by the employees. In what ways do they help the HR? Read on to find out.
In today’s digital era, an organization’s competitiveness depends on its talent readiness, skill-sets and how it uses technology for organizational growth and excellence. A business today often relies on numerous cloud-based technologies to help it succeed. Cloud-based solutions can help with everything from recruiting, marketing, sales, expense management, accounting and more. It’s always a good idea to pay attention to what options you have available in terms of technology to improve current business processes, boost productivity and efficiency across the board.
Digital expense tools for employee satisfaction
Employee satisfaction and productivity have become the central focus of any well-oiled, performance-oriented organization and even more for their HR functions. Automation in HR not only allows the HR managers to take faster and better decisions using key insights, it also reduces or eliminates all the paperwork required to be done by employees to a great extent; a win-win for both HR managers and employees!
Although most of the core HR functions like recruitment and payroll have seen automation, a function that still remains the least automated is the management of employee claims and flexible benefits. In this day and age of digital wallets and mobile payments, employees are still handed out meal vouchers to be used within a time limit; employees still have to produce physical bills and file them manually every month to claim reimbursements. Not to mention the tremendous tax saving opportunities they have been missing out on all these years. That’s not all, HRs have to take up the daunting task of distributing these benefits that are given out in different formats. Simply archaic we say!
With a unique integration of a prepaid card interlinked with a powerful dashboard, we are reimagining management of employees’ claims and flexi-benefits. Employees can manage multiple flexi-benefit wallets through a single card and manage expenses and claims right from their mobile app. They can easily switch from one wallet (food) to another (travel) based on their spend requirement. They can track card balances and spends in real-time on the app as well. Employees can use the cards anywhere – at both POS and online merchants in India. This means zero loss to employees. If a wallet is not in use or if an employee loses his/her card, they can simply deactivate it from the app. For ease of recording expenses, they can simply take a photo or auto scan medical and mobile bills via the app. With all claims and allowances being handled digitally, claiming tax savings is easier than ever.
What is in it for HR?
HRs have a fully loaded control panel that can push benefits through the corporate payroll system directly (if required) onto cards through a simple API integration – think one click disbursement of benefits directly to employee cards. HRs can decide at which outlets and organizations the employees’ meal and medical benefits can be availed, using MCC code configuration. They can track all transactions from their passbook summary and export data in the format they need.
With modern expense management solutions, day-to-day life becomes easy for employees. You can see an increase in both productivity and efficiency. Both employees and employers have control over expenses and transparency throughout the process. In short, taking the initiative to invest in flexi-benefit automation is something that can drastically improve employee experience, especially that of today’s millennials. With a wide range of features and functions, the expense management solutions of the modern day can help you take your business into the future.
Originally published in: People Matters