To Ease With The Cloud

Growth in cloud-based, mobile-first technology is altering the way the new-age workforce is operating. By 2020, the average workforce will consist of nearly 50% tech-savvy millennials that will be producing greater volumes of work while being on the move. It is no secret by now that the world is in the midst of great changes, and, many of them are driven by coming of age millennials.

 

Technology has predominantly been an enabler in optimizing and automating mundane and recurring back-end processes that have affected organisational efficiencies as a whole. This is something that is finally taking a huge turn. Adoption of newer technologies such as cloud-based solutions is now beginning to be more employee oriented. Employee satisfaction has found a new meaning thanks to new-age office-team collaboration tools, productivity tools etc. PWC’s Human Resources Technology Survey, 2017, suggests that management now sees up to 8 weeks of enhanced productivity amongst employees apart from driving a positive workplace experience.

 

Employee satisfaction and productivity has become the central focus for any well-oiled, performance-oriented organisation, and, even more for their HR functions. Automation in HR not only allows the HR managers to take faster and better decisions using key insights, it simply reduces or eliminates the required paperwork to be handled by employees to a large extent. A win-win for both HR managers and employees! Although most of the core HR functions like Recruitment and Payroll have seen automation, a function that still remains the least automated is management of Employee claims and allowances. In this day and age of digital wallets and mobile payments, employees are still handed out meal vouchers to be used within a time limit; employees still have to produce meal and medical bills and file them manually every month to claim reimbursements. Not to mention the tremendous tax saving opportunities they have been missing out all these years. Besides this, HRs have to take up the daunting task of distributing these benefits that are given out in different formats. In the wake of technological disruptions, this seems primitive and archaic.

 

The cloud-based solutions of the day provide a unique integration of a prepaid card interlinked with a powerful dashboard through which employees can manage multiple flexi-benefit wallets through a single card and manage expenses and claims right from their mobile app. They can easily switch from one wallet (food) to another (medical) on the basis of their spend requirement. They can track card balances and spends in real‑time from the app as well. Employees can use the cards anywhere - at both POS and Online merchants in India. If a wallet is not in use or if an employee loses his/her card, it can be deactivated from the app. For ease of recording expenses, employees can simply take a photo or auto scan medical and mobile bills via the app.

 

HRs have a fully loaded control panel that can push benefits through corporate payroll system directly (if required) through simple API integration or a single click disbursement of benefits directly to employee cards. HRs can decide the merchant meals and medical benefits that can be availed using MCC code configurations. They can track all transactions from their passbook summary and filter and export data as per the parameters they need.

 

With the usage of such expense management solutions, day-to day lives become easy for employees and increased productivity and efficiency is evident. Both employees and employers have control over expenses and transparency throughout the process. In short, taking the initiative to invest in flexi-benefit automation is something that can drastically improve employee experience, especially that of today’s millennials. With a wide range of features and functions, the expense solutions of the modern day can help you take your business into the future.

Varun Rathi is the Co-Founder & COO, Happay. He has previously worked with Tata Power and has been recognised as one of the “50 Most Influential Payment Professionals” by World Payments Congress, on 14th February, 2018. Varun has graduated from IIT Kharagpur.

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