Succession Plans in the AP Department
Having a solid plan to replace AP professionals who retire or move on to a new career opportunity is just common sense. With baby boomers retiring and many younger workers planning to job hop in their career path, there’s never been a greater need for a good succession plan.
In the rapidly changing modern workplace, job hopping is the new norm. The average worker spends only 4.4 years at any given job, according to recent data from the Bureau of Labor Statistics. Younger workers from the Millennial generation move through jobs even more quickly, with 91% most expecting to stay at a job less than 3 years.
Rapid turnover in the workforce can have quite an effect on your AP team. It takes time to train new people and familiarize them with your system – and that’s after all the time that goes into interviewing applicants for an available job.
AP Succession Plan
Even if your company is one that attracts long-term employees, it’s a good idea to have a solid succession plan for when employees retire or choose to leave. Many members of senior management are getting ready to retire after 20 to 25 years in the AP profession, and you’ll need someone to fill those positions. Better to have a plan in place than be caught in a hiring crisis.
Ideally, you’ll identify possible successors and have them in place throughout your organization, ready to step into a new role as others in your AP department move on. However, maintaining a job-ready pool of employees can be hard with so many new employees seeing job hopping as part and parcel of their career path.
Automating Accounts Payable
One of the best ways to deal with potential HR problems in response to employees leaving the AP department actually doesn’t have to do with hiring new employees or cultivating talent within your organization. Those steps will help, but there’s also a software solution to help your company weather any HR problems related to the AP department.
Switching to automatic AP software keeps your AP policy and procedures memorialized and documented in an automation workflow tool that is easy to use, even if members of your AP department retire or leave the organization. NextProcess’s Automatic AP Software is tailored to your process, and immediately reduces costs, provides oversight for everyday invoicing, and streamlines your accounts payable system. By adding Accounts Payable automation software to your strategic management tools for succession planning, your business will be prepared to smoothly transition during planned or unplanned departmental turnover.