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Utilizing T&E Technology with Millennial Employees
Aberdeen Group’s report “Young & Talented But Lazy? Not So Fast – Millennials are the Real Deal” predicts that by the year 2025 the millennial generation will comprise nearly 75% of the global workforce. Understanding this generation’s priorities is key to making the most of their abilities in the workplace and keeping them with your company.
By and large, millennials are a tech-savvy group that values work-life balance. They also view job-hopping as the norm, with 91% expecting to stay at a job less than 3 years. More than any other generation, millennials want to control their own schedules and manage their time and money directly. Working with a cumbersome travel and expense reporting system doesn’t fit their expectations for straight-forward time management and control, but an automated T&E system does.
Use Technology
Millennials are the most technology-reliant group in the workforce. They don’t want to deal with paper receipts or worry about turning physical copies of their expense reports in on time. They want a mobile, responsive, intuitive user interface that lets them feel in control.
NextProcess’ Travel & Expense automation software features a user-friendly interface that’s quick to learn and easy to use – something that’s important to a generation that feels they shouldn’t have to rely on tech support. It’s also mobile friendly, allowing users to upload information via smartphone or email from any location.
Define Rules Clearly
Establishing clear reimbursement guidelines is a best practice whatever generation you’re dealing with. This not only makes it easier for employees to follow the rules, but it ensures your company’s process is in compliance with IRS guidelines.
For millennials, who are used to scanning through online agreements quickly and pressing the “Accept” button, it’s especially important that the rules be easy to access and follow. No one likes it when they can’t get paid because of a rule they didn’t understand or even remember reading. With NextProcess software, rules are automatically enforced and in-application management tools let you keep travel policies up to date.
Emphasize Transparency
Millennials want routine tasks to be as simple and transparent as possible. Employees in the United States lose about 9.7 billion dollars in unclaimed expenses per year, and fully 1/4 of the employees blame cumbersome claims procedures for their failure. If it’s too much of a hassle to turn in expense reports and they can’t control the outcome, millennial employees are likely to become frustrated.
Automating the travel and expense report process removed much of the hassle that keeps employees from filing expense reports. It also makes the entire process transparent so employees can stay “in the know” by accessing report data anytime, and anywhere. Millennials, and most other employees, will appreciate the ability to track the status of their claim, as well as the fact that automatic processing means faster payment.
Your company also benefits from a simpler expense reporting process. Employees making claims aren’t distracted by frustrations with a cumbersome claims process, and employees professing the claims have an easier time of it, too, leaving them free for other tasks. It’s a win-win for everyone! Contact us today to schedule a demonstration or to get more information.
