Advantage in Digitising the Reimbursements
Millennials strive for efficiency at work. For them, a process should not take multiple steps or require days to be accomplished because they need to be routed through several channels. Hence, they endorse workflow automation. Meanwhile, a question arises on are the employers are living up to the expectations of the tech-savvy millennial?
Ramki Gaddipati, co-founder and CTO, Zeta said, technology is not only something millennials expect at the workplace for the sake of their convenience, they need it to save time and be more productive in the process. A bangaluru based startup Zeta-, offers digitized enterprise solutions for employee tax benefits, automated cafeterias, and digital payments. Zeta was founded in 2016 and since then has come a long way in terms of its growth and success.
With the onset of the festive season, employees all across the country are looking forward to receive gifts from their employers. SoZeta did a survey with the employees to understand what do they truly feel about corporate gifting. Please find attached the infographic for your perusal that sheds light on what employees feel about the gifts they receive from their companies.
Some key insights from Zeta -Survey:
* 48% of employees find sweets and dry-fruits least desirable
* 9% of employees pass on the gifts they receive to someone else
* 44% organizations do not even have the concept of corporate gifts!
The fact is Corporates too face the paper-push problem. Managing paper bills submitted for reimbursement pose some big challenges - 47% corporates don’t know what to do with invalid and illegible bills, whereas 19% face issues with bill storage and 15% with bill verification. And, not to forget the processing time for these reimbursements. At least, 71% companies take more than 8 days to process a reimbursement. One of the most interesting revelations in the study was that while processing time is voted as the least concerning factor for companies, it is the #1 reason for employees to opt out of reimbursements.
The other side of the story is, the Millennials strive for efficiency at work. For them, a process should not take multiple steps or require days to be accomplished because they need to be routed through several channels. That’s why, they endorse workflow automation. Things that take days should be completed in a few clicks. The employee benefits survey validates this mindset clearly -- a staggering 90% employees surveyed have said they would prefer a digital filing process for tax-saving reimbursements over a physical process that involved paper-based claims.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.