A New TriNet Survey Outlines How Your Expense Reporting Process May be Hurting Your Retention
If you’re like most businesses on the fast-track to success, you care deeply about your employees and understand the importance of providing healthcare benefits and wellness programs, offering competitive pay and creating mentorship opportunities to aid in their professional development.
According to a new TriNet survey, however, there is an additional area where you may not be doing your best to retain quality, long-term employees: expense reporting.
Throughout May and June, Wakefield Research ran a survey of 1,000 business travelers age 23 and older for TriNet. The results show that, when it comes to employee job satisfaction, expense reporting is no trivial matter. Unfortunately, many things about your business’s expense reporting tactics could be costing you – in time, money and your most highly valued employees.
Your expense reporting process may be driving your employees away
The TriNet Expense Survey found that 71 percent of respondents actually said they would look for a new job if their employer were constantly late in reimbursing their business expenses. This number becomes less surprising, however, when you consider the other burdens employees face when it comes to submitting expense reports.
Personal out-of-pocket costs can be staggering
With the longest average wait time for reimbursement taking five weeks (exceeding the typical credit card billing cycle of 30 days) and the largest reimbursable expense averaging more than $2,600 (nearly triple the median monthly cost of housing in the U.S.) it’s no wonder that three out of five business travelers have had problems paying a personal bill because they were waiting for an expense reimbursement from their employer.
Most people already know that lending money to friends and family can negatively impact your relationship. Yet, these same people are continuously asked to float loans to their employer – at the expense of their own personal financial security. If this situation can drive a wedge through friends, imagine what it can do to the employer/employee relationship.