If you follow the #TBT hashtag on Instagram, you're likely to find pieces of nostalgia that pay homage to the past. There's a reason we're fascinated by the old school concepts — it's because it shows us how far we've come. This is never more evident than in the business world, where today's standards have revolutionized how we manage and care for our employees.
TBT: When Was the Last Time You Sent a Fax?
Fax machines still exist, but they're far more silent than they were a decade ago. It's just easier to scan a document into digital form and shoot it to the recipient as an email attachment. Not only is email faster, but it also doesn't respects sustainability efforts that many companies are adopting.
Older electronics and tools have been phased out by the dozens. When you walk down your office corridors, you probably don't see many Palm Pilots, calculators, or tape recorders. In fact, if you did see one of them, the millennials in your office might not know exactly what it does.
TBT: The Magic of the Virtual Payday
It's the first of the month, which means you can pull up your mobile banking app to check the updated balance. Your employer didn’t distribute a paper check, so you’re not driving it to the bank, and standing in line until a teller can accept your deposit form. Now we have direct deposit, which would have seemed to be from an episode of the Jetsons a couple decades ago.
In fact, you probably don't see much paper floating around the office at all. Memos, sticky notes, physical files, and even performance evaluations have gone the way of typewriters and Rolodexes.
TBT: Saying Goodbye to Pages of Forms
Renewing the registration on your car or signing up for a business's loyalty program no longer promises a hand cramp. Instead of filling out physical forms, you're typing answers into form fields online. Of course, when you're given a paper form at the doctor's office or the post office, you wonder why you're forced into such drudgery.
Businesses have converted other processes to digital alternatives. From paying for purchases to ordering food from restaurants, consumers can speed up their interactions with companies and get faster service. It's a win-win for everyone involved.
TBT: Elevating Expenses to a New Level
If your business still uses traditional expense reports, you're a beeper living in a smartphone world. Modern companies are switching to prepaid expense cards, which offer both flexibility and control when it comes to managing employees' expense accounts.
Employees don't have to reach into their own pockets to fund company purchases, but employers can set limits on how and when workers can use those cards. Why bother with expense reports after the fact when you can pre-approve spend locations and skip the hassle?
It's fun to post #TBT photos and anecdotes, but when it comes to your business, you want to use the latest processes and technology. The faster you update to current standards, the better your company is set up for growth — and the more grateful your employees are.
Learn more about updating your expense management options by downloading the PEX Fact Sheet.