Metric of the Month: Burnout
As IOFM reported last month, more than half of all AP managers and directors are reporting feeling burned out. Burnout is a significant factor in driving staff members to leave their AP departments, according to initial findings of IOFM’s Great AP Places to Work survey.
This month’s Metric of the Month shows that those experiencing burnout are more than twice as likely to leave their organizations than those who say they are not burned out (24% vs. 10%).
Members Talk About Burnout
Are you trying to maintain efficiency while avoiding burnout? IOFM asked members to share their experiences with current working conditions. While burnout is a serious issue for many, respondents also offer thoughts about how to improve AP’s culture.
What Is Efficiency?
While it’s easy to get the terms efficiency and effectiveness mixed up, they mean different things. Efficiency is about the process — doing things quickly and with minimal resources. Effectiveness is about getting accurate results. It’s a balancing act to maximize both.
Timely Invoice Receipt
In order to generate timely payments, you need to get your invoices on time. That can be challenging, especially with mail delays due to the pandemic. The IOFM Advisory Panel offers some suggestions to improve receipt and boost AP efficiency.