Legacy, manual-based processes can make AP a grind, and lead to low job satisfaction and morale. And it can make it harder to hire new, tech-savvy employees. Turnover within accounts payables departments is making it more difficult to fully staff finance teams, and one in five AP employees is approaching retirement. To make matters worse, one in five accounts payable employees are approaching retirement age in the next five years,1 which could lead to an overall shortage in the industry.
Fortunately, managers have an expanded toolset that they can use to keep employees happy. By offering more benefits, a streamlined workflow, and better technology than competitors, managers can minimize the impact of employee shortages and reduce turnover.
BILL’s new eBook “How to attract and retain AP talent” provides actionable steps that finance managers can take to improve retention and attract new hires over the coming years.
1 IOFM AP Benchmarks Survey
