Managing a multi-generational workforce is becoming more complex as younger employees (known as Millennials) bring a different set of expectations to the workforce. These younger workers are digital natives: they expect to be able to work from anywhere, on any device, at a time that suits them. And, as they fill revenue-generating roles, they are often required to travel more, creating a whole new set of challenges.
Matt Goss, managing director – Australia and New Zealand, Concur, said, “Often, younger employees leave a role not because they receive a better offer necessarily, but because they are frustrated with daily processes including, for example, travel booking and expense reporting. These small headaches add up, and the resulting turnover can have a big impact on the organisation’s bottom line. And, since CFOs are under increasing pressure to reduce costs, this translates to a significant business challenge.
“For CFOs looking for ways to reduce revenue-generating employee turnover, travel and expense management software solutions that fit with the mobile workstyles of today’s employees can be a piece of the puzzle.”
Purpose-built cloud and mobile travel and expense management apps are easy to access from any device and typically can capture data from paper receipts, then automatically populate expense reports. This lets managers approve expenses from mobile dashboards, dramatically reducing the time it takes to submit and approve expenses.
Further, working with a travel and expense management partner with an ecosystem of third-party apps increases the organisation’s ability to recognise overall spending patterns in real time.
Matt Goss, said, “Because of this value, using a set of cloud- and mobile-based apps is quickly becoming table stakes for companies looking to retain top-performing staff, particularly those in the younger age group.
“In the past five years, the workplace has changed dramatically. Employees expect the flexibility to access company resources anytime, anywhere. As a result, organisations need to modernise business processes to meet these expectations, or risk high performers leaving the company. As a bonus, using automated, mobile travel and expense management apps improves spending visibility and compliance, further reducing costs.”