Great Resignation. The Big Quit. Whatever name it goes by, the recent increase in employee turnover is part of a major shift in the way employees see their jobs. These changes are across role and function – from summer interns to the C-suite, from HR to finance and IT.
The best-prepared organizations have optimized processes needed to keep the organization running smoothly, offer benefits and training that employees value, and are ready for the next shift in employee expectations. Unprepared organizations, with less resilient operations, face compliance and cybersecurity risks, as well as retention and recruitment challenges.
Oxford Economics and SAP Concur business unit of SAP recently conducted a worldwide, cross-industry survey of 851 finance and IT executives and 851 employees in the finance and IT functions at companies with more than 1,000 employees. Some key findings include:
60% of employee respondents agree that the pandemic caused them to re-evaluate what they value in a workplace – but executives are slow to understand this re-alignment or its broader implications.
No doubt that flexible work is here to stay but only 38% of employees agree that their company’s policies and technologies effectively enable flexible work.
When looking into different business operations, effectiveness is low for a wide range of travel and expense (T&E) and related processes, from collecting, processing, and paying vendor invoices (only 34% of executives say they are effective at this) to managing cash flow (29%).
Only 42% of survey respondents agree that their organizations use formal surveys to gauge employee sentiment and less than 50% of executives say they use employee feedback to influence updates to T&E policies.
Download the free report today to gain more insights into the changing nature of work and employee expectations and get recommendations from experts on how executives can jump-start the flexible workplace and empower your employees.