To employees, benefits are a deciding factor on a lot of aspects: whether they should quit their job or stay, whether to accept a job offer or not. HR managers agree that benefits help keep employees motivated. However, a key component of employee benefits, tax-saving reimbursements, a.k.a. flexible benefits, remain popular even though they’re riddled with inefficiencies. Since employees willingly jump through several hoops to claim them, it’s pretty obvious that time of the month when it’s time to make claims is party time!
Here are all the things about employee reimbursements that employees just love.
Saving up bills
Want to know what employees simply love about making reimbursement claims? Saving up bills till the end of the month, of course! Every employee has an innate desire to care for things — akin to a maternal or a paternal instinct, if you will. And caring for their to-be-reimbursed bills gives them all the fulfillment even the best job in the world can’t give!
Filling up forms
The next step is also the most fulfilling — form filling. This section of the employee reimbursements process begins with fully filling up a reimbursement form, sometimes a separate form for each bill being submitted. By the end of it, employees may be fully fed up and are beginning to wonder why they signed up for flexible benefits in the first place, but trust us, deep down, is a feeling of fulfillment.
Once the forms have been filled, the next step is approvals. In some cases it’s a simple process and approvals are taken care of by HR or by Finance, but in others, employee have reach out to up to four people. While the task may seem unappealing to you, trust us, employees simply love following up and getting approvals for reimbursements that are a part of their CTC.
Knowing how much is left to claim
As the year comes to a close, it’s natural for employees to feel unsure about how much of their reimbursements have been claimed and how much is left. This feeling makes employees feel immensely satisfied, especially when they overspend and realise that their employee reimbursements have already been fully claimed.
We are almost certain that the current process of making reimbursement claims makes employees feel good. Why else would they still continue to jump through hoops, put up with rather absurd procedures, especially in an era of digitisation?
With Budget 2018 making e-assessment of tax-paying individuals and institutions mandatory, the pressure would soon be on to digitise employee reimbursements as well. While the digital claims solutions available to you may be perfectly compliant, they may not necessarily make the process convenient for employees.
If you’d like to make your employees feel happy about making reimbursement claims, give them a fully digital claims solution that makes claiming employee reimbursements easy, and also frees HR managers from the hassles of manual verifications, logistics and more.
If you’d like to know more about what to look for in a digital claims solution that works for your employees and for you, keep watching this space for an update.