For many organizations, invoice volume is increasing, but this creates challenges for teams with reduced headcount due to layoffs and/or attrition over the last 12-18 months. With invoice volumes picking up, there’s a lot of churn on the staffing side of things. IOFM offers tips for getting and keeping capable AP team members to handle increased workloads and how to transition into a new management role.
Metric of the Month: The Aging Workforce
According to recent IOFM benchmarking data, many organizations are dealing with AP teams approaching retirement age. In the coming five-year period, it’s expected that more than one in five organizations will see significant turnover due to retiring staff, and 10 percent of respondents expect to lose more than half their teams during that period.
Hiring the Best
Finding and hiring the best candidates can be challenging, and the costs of employee turnover are high. However, taking a measured approach to the selection process can help you avoid hiring mistakes and bring the best-fitting candidates into your organization. Solid training and support can ensure they stay.
Hourly or Salaried?
Something to consider when looking to hire or keep valued staff is whether they should be classified as hourly employees or receive a salary. Those who are salaried are usually compensated more, which makes recruiting and retention easier. It’s not an arbitrary designation, however, and you need to do your homework first.
Your AR Questions, Answered
Tune in for a Virtual Town Hall amongst top industry experts as they offer advice and proven best practices to your toughest invoicing, receivables management, and collections challenges.
If you’re fortunate enough to get promoted to a manager role from a hands-on one, after the excitement may come worry—are you up to the challenge? If you’ve never supervised a team before, there’s a learning curve, but it’s controllable if you approach your new job in the right way. We offer some tips for the transition.
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