The role of HR has evolved tremendously in the last century. Companies are moving away from the traditional HR departments and are introducing positions such as Employee Engagement Manager, Mindset Coach, Diversity officer etc...
These new titles embody a shift in mentalities. Companies are realising that talents are not a commodity and are adopting more employee-centric approaches to attract and retain the best ones. Employees can make or break a company and having engaged and talented ones is a priceless competitive advantage.
The 21st century human resources need to be forward thinking and embrace new responsibilities that go being hiring. The need to introduce new technologies and ensure productive, engaged and happy workforce is becoming the priority. In a study conducted by workplace trend, 83% of HR leaders said "employee experience" is either important or very important to their organization’s success.
Luckily, technology is here to help.
To create a sustainable employee experience, a company needs to provide meaningful work, supportive management, transparent work environment, growth opportunities, and trust. While these are the pillars of the experience, it requires significant resources to ensure the consistency across all the company and departments.
One quick and easy way to impact an employee quality of life instantly, no matter their role in the company, is expense management. This is where Xpenditure can make a difference and this is how.
It creates a frustration-free work life
We all know that traditional, paper-based expense management is a frustrating process within any company. Employees are spending their own money for their employer and undergo a torturing process to get reimbursed: Scan receipts, staple them, enter information manually, wait a few weeks for approval and reimbursement.
Such process is not only frustrating; companies are losing money because of inconsistent control & non-compliant expenses. 14% of all asset misappropriation fraud schemes within companies come from expense reimbursement.
Introducing a mobile, real-time expense management platform will allow employees to submit their expense on the go, anywhere and at any time, directly from their smartphone. The expenses can be managed and approved instantly, decreasing the processing time from weeks to minutes or hours. Xpenditure clients experience on average a 75% decrease in processing time.
Offering an intuitive and easy solution like Xpenditure will allow your employees to get reimbursed more easily and get rid of low value tasks to concentrate on what really matters.
According to the Great Place to Work Institute, organizations that provide a meaningful work environment outperform those that don’t by four times.
It helps you be transparent with your policies
Every company has a set of rules when it comes to travel and expense. Whether your policy is complex or permissive, it doesn’t really matter but not having it apply to everybody may cause some issues.
Let’s take an example: two colleagues travel for work and submit their lunch receipts - with almost the same amount - for approval, one gets approved and the other one rejected. This scenario can happen in any company, approvers' personal judgement can differ and have an impact on the decision. This seems highly unfair and can create a hostile environment.
By having the expense rules and controlling automated, companies can totally avoid patronage and increase employees trust.
Xpenditure's fully integrated rule engine, automatically scans and analyses expenses for compliancy before approval - no more arguments or misunderstandings. The policies can be applied per group or individual and will be automatically be enforced when an expense is entered.
Increased transparency in a company can contributes to a positive employee culture and promotes integrity.
Last but not least, it saves you money
Let's be honest, every business is looking for ways to reduce costs while keeping the activity growing. It is not an easy equation but with the right tools and decisions, such equation can create value for the company.
Expense management is again one of the processes that, if optimised, can save companies a lot of money:one single expense report will cost a company 53€ if filed manually. A cost that can be cut by 4 with Xpenditure. Companies also experience a 125% increase in compliancy when using a digital expense management platform.
Technology, if used as an HR tool, can be a real competitive advantage — it allows for increased productivity and efficiency, while also eliminating frustrations that come with using old, inefficient systems. Do yourself and your co-workers a favour, supercharge your HR today.