Your employees are one of the most important components of your organisation’s success, and it is critical to ensure that they are happy. Companies use different employee satisfaction programs, offer incentives and bonuses to make an employee’s work life better, but there is one aspect that while not obvious, creates substantial job dissatisfaction, and negatively impacts employee retention: Expense Reports and Reimbursements.
A recent survey conducted by Wakefield Research shows that expense reporting and reimbursements is a major concern for a majority of employees, and here’s how expense reports are costing your employees and your company:
Delays in reimbursements lead to higher attrition rates.
Delays in expense reimbursement can lead to employees becoming highly unsatisfied, and when delays become the norm instead of an exception, it can cause employees to even consider a change of job.
Over 70% of employees have said that they would prefer to look for a new employer when faced with constant delays in being reimbursed for expenses incurred on behalf of the company.
Longer the reimbursement duration, greater is the impact on employees’ personal finances.
The longest average amount of time taken for reimbursements is 5 weeks, and this is a major issue for employees, considering that a typical credit card billing cycle is 30 days, and employees also have various other personal obligations to fulfil.
In the face of the above statistic, it is easy to see how 60% of employees have had issues with paying a personal bill, due to an extended reimbursement process.
Employees would rather do their taxes than file expense reports.
Here are some truly staggering statistics, indicating a dire need for a change in the current expense reporting process.
- Over 50% of employees would rather do their taxes than file expense reports.
- Over 40% of employees would rather spend an extra hour commuting to work, rather than file expense reports.
- Over 50% of employees have actually undergone a personal loss of money for an official expense, rather than file expense reports.
Employee development is compromised on due to lacklustre reimbursement processes.
The current expense reporting and reimbursement process is damaging to the development of employees, especially amongst the younger ones, who need it most.
Over 50% of employees have said that they did not attend a development opportunity because the expense reporting processes in place, and the reimbursement periods made it difficult for them to attend.
Luckily, there is a simple, cost effective answer for all the expense reporting problems faced by you and your employees: Automated Expense Reporting Solutions.
Automated solutions like Happay, are the way forward, and here’s why:
Every time a Happay card is used, expense reports are automatically generated. No more manual reporting.
- Just click a photo of the receipt with your phone, attach it to the respective report on the Happay app, and submit – simple as that.
- Report your expenses on the go with the Happay app. Any time. Anywhere.
- A simplified approval process for managers and finance teams.
- Accounting integration ensuring no issues with reconciliation, as well as a quicker, more efficient reimbursement process.
Switch to an automated solution today, and ensure higher employee satisfaction.
Your employees are one of the most important components of your organisation’s success, and it is critical to ensure that they are happy.