Employees are Happy. Finance is Happy. Is it Something in the Water?
When you talk about tightening up the budget and reining in costs, the conversation doesn’t usually end with smiling employees. For the most part, trimming spend doesn’t improve anything for your workforce – let alone job satisfaction.
But in the case of travel and expense spending, cutting costs actually eliminates headaches and hassles, improving the employee experience and driving up productivity. Let’s say that again: You see savings, employees are happier, and productivity soars. Seriously?
It's true. Companies who deliver exceptional employee experiences typically see 17% higher productivity, 21% higher profitability, and 24% lower turnover according to the 2017 Gallup study, State of the Global Workforce.
When your company can control the quality of these experiences – and the costs that go with them – you’ll be able to make smarter, quicker decisions based on more accurate, timely data. It’s all outlined in this 7-step checklist, and it’s not as complex as you might think.
It’s not magic. It’s not even tricky.
Here’s how a better T&E solution works, in three easy steps.
- You give employees a simple app to manage mileage, business travel, and all of their expense details.
- They snap photos of receipts and toss the paper.
- Charges are automatically uploaded to their expense reports, so they don’t have to fill anything in.
It cuts menial, manual tasks out of an employee’s day. That makes them happy. But what does it mean for the folks in finance?
- Every itinerary detail is captured and policies are followed automatically.
- All your travel and expense spend is automatically (and accurately) categorized and itemized, so there’s no waiting until month’s end to find out what’s left.
- You get to set spend controls before the money goes out the door.
- You know where your employees are – based on booking details and corporate card data – so you can keep them safe wherever they’re working.
Choice and control is not an either/or.
It seems counterintuitive, but giving employees more options about how and where to book their trips actually gives you more of their booking details and, ultimately, more control over what they’re spending. Add in a little AI, machine-learning, and other technical wizardry, and you’ll not only stay on top of policy, you’ll stay ahead of regulatory requirements. Without any of the hassle.
But only if you have the right systems in place.
If instead, you’re relying on legacy software and hands-on oversight to police booking behaviors and spending decisions, hidden spend is almost a guarantee. The only question is how much. Sticking with the status quo is also a pretty good way to keep employees bogged down with busywork.
And sure, you want your people to be doing the work that matters, but how much does their overall enjoyment of it really matter? Well, according to a 2019 Gartner employee survey, employees who are satisfied with their experience are:
- 60% more likely to report a high intent to stay at their current organization.
- 52% more likely to report high discretionary effort.
- 69% more likely to be a high performer.
Unfortunately, only 13% of employees indicate they are currently fully satisfied with their experience at work.
Keeping them satisfied, in other words, isn’t really an option. It’s a requirement. And if you want to know how you measure up, take a look at this quick checklist.
A great user experience, wherever the user happens to be.
“Out of the office” used to mean “not at work” or, in many cases “they don't want to take your call.” Now, it means working from home, where the employee experience is just as important.
Again, the technologies that make it possible to control spend and improve experiences when someone is out on the road are the same technologies that control spend and improve experiences when everyone is out of the office. It works to keep people safe and happy wherever they’re working – and it reduces administrative burdens while increasing control over costs.
You’re happy. And you know it.
This isn’t about a positive work experience thanks to less work – it’s about making it easier to get more done. It’s about automating manual processes and eliminating error-prone data entry. It’s about intuitive apps that let people manage expenses and travel the way they want to.
When you give employees that kind of simplicity, they’ll have more time for more valuable work, and they’ll feel better about the work they’re doing.
It’s an easier, more enjoyable process that gives you more control. So employees are happily following policy, and you’re seeing all your spend. And when you’re seeing more, you’re saving more.
Who wouldn’t be happy about that?
Find 7 ways to create a more resilient company by controlling costs, improving experiences, and uncovering savings: read the checklist.