Retaining millennials a complex task, are cloud apps the answer?
Managing a multi-generational workforce and retaining millennials is an increasingly complex task, according to Concur, the travel management software company.
Younger employees who are part of the millennial generation are bringing a different set of expectations to the workforce, Concur says. 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, which creates a whole new set of challenges, says Concur.
Matt Goss, Concur managing director Australia and New Zealand, says, “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."
Purpose-built cloud and mobile management apps are one solution organisations can consider, according to Conur, as they can be accessed from any device and typically can capture data from paper receipts, then automatically populate expense reports. This lets managers approve expenses from mobile dashboards, 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.
Goss says, “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," he says.