NEW APPROACHES IN HRM

17 Source: Accenture Strategy, HR/Employee Experience study, 2017 Today, every business is focusing on improving its customer experience. However, without great employee experience, companies won’t be able to serve their customers in the best possible manner. The trend is changing now and companies have started focusing on employees equally. Indian enterprises are moving towards the era of automation to improve on job experience of employees which leads to increased employee satisfaction and ultimately greater customer loyalty. One big example of automation is the provision of an expense management solution to employees which removes the hassles of tedious reimbursement processes. In a consumerization-focused and progressively millennial- dominated era, employees need to feel as empowered in their professional lives as they do in their personal lives. Ignoring this fact will only result in inevitable employee disinterest, frustration, and churn. Moreover, traveler-focused user experience is central to ensuring a successful travel program. It all starts with a strong employee focus and a very real interest in saving them the agony of chasing processes that are merely meant to support their core responsibilities. This makes expense management system central to an organization’s business activity. Companies which have deployed expense management solutions are not only able to improve employee productivity but are also able to save a good amount of money. A rough estimate suggests that most Indian enterprises lose around 5% of their revenue to employee frauds. Companies have started to take note of this now! Properly managed, employee expenses are considered the second most controllable expense after payroll and benefits. But still, Indian organizations have struggled to impose control over this significant cost center. It’s ev en more inconvenient for employees when it comes to spending their own money while on a business trip or doing purchase for official purpose. Whether they’re buying a plane ticket for a business trip, ordering food for a company meeting or handling any other expenses, employees sometimes have to use into their own personal money. Only a handful number of companies offer advances to their employees to incur cost on behalf of the company. After spending their own money for official work, employees even have to go through the hassle of manually filing of expenses and then wait for reimbursement to get cleared, with employees of 50% companies’ having no visibility into approval cycle. their talent management practices, they can create more relevant, personalized EX that drives business outcomes. Empower workers to give their all.