Expenses and staff retention: The unanticipated link
When it comes to attracting and keeping staff, expense management is a blind spot for HR teams. But Soldo is an easy way to make expense management an asset, rather than a liability.
Acquiring and retaining the right talent is critical to the success of any business. And developing a company culture in which employees both place value and feel valued is a big part of doing that. It’s about ensuring your people have everything they need to stay motivated and inspired – creating a more productive business.
If you’re in HR, you already know that. But the idea of using the right expense system to keep employees engaged might be something you haven’t considered. The truth is, when it comes to employee experience, expense processes have a tangible impact. And for millennials – who’ll form 75% of the workforce by 2025 – outdated paper-based processes just don’t cut it.
Expenses by numbers
Recent studies reveal that expense reporting and reimbursement is a serious cause of frustration for employees. It’s an emotive issue, because the initial expense often comes out of their own pocket. Employees also tend to put off reporting because it’s such a tedious, admin-heavy task and paperwork often cuts into their own time – another cause for resentment.
Key stat: Over 50% of employees are more worried about filing expense reports than taxes.
But the frustration doesn’t end with submitting expenses. Employees are often kept waiting for reimbursement, too. Expense reimbursement delays can lead to terminal dissatisfaction. In fact, around 70% of employees state they would start looking for a new job after constant delays on company’s behalf. The same complaints come up time and time again:
47% say expense reporting is too time-consuming
38% complain it takes too long to receive reimbursements
36% think expense management processes are outdated
35% worry that the procedure wastes too much paper
Providing a fast, flexible way to manage expenses helps to create a company culture more attuned to today’s expectations. So, above and beyond the speed and efficiency advantages, there are a diverse range of direct benefits provided by the combination of digital and mobile expense management. It can also be a motivation for employees.
How Soldo can help
With Soldo, every staff member can have a prepaid Mastercard® card for expenses. It means, no matter what your team needs to buy on the job, they never have to fork out the funds themselves. Giving your team controlled access to company funds is great for morale – employees feel empowered to do their job, and trusted to be responsible.
Soldo also makes expense reporting easy, allowing cardholders (who can be employees, contractors or entire departments) to add transaction details and attach receipts or invoices on the spot. The entire process takes seconds, and the report is done. So, there are no more lost evenings to expense reporting – something for which your team will thank you.
You may not be an expert in financial management, but your finance team will love Soldo too. Soldo makes it easy to take control of spending with intuitive real-time controls that enable pre-emptive management of who’s spending what, where and when. And it makes their life easier by connecting the dots between expenses and the accounts – automatic data entry will save them hours.
Over 40,000 businesses already trust Soldo to manage their spending and expenses. So, there’s bound to be a business just like yours that’s already benefitting from smarter spending and simpler expenses. If you’d like to know more about what Soldo can do for your business, explore our website or speak to a member of our team.
If you’re interested in exploring this subject further, the below articles are referenced above, and are a great place to continue your research.
Show Me the Money: The ROI of Employee Engagement
Employee Engagement Strategies Save Thousands of Dollars
The Impact of Reimbursement Delays on Employees