According to a survey of 31,000 workers, 41% are considering quitting their jobs this year. So, the figures show the workforce’s apprehension and dissatisfaction with returning to work. The Great Resignation, as it’s being dubbed by experts.
The feeling is similar across a variety of industries, including accounting, where 82 % said working from home reduced their stress levels.
Whether or not the “Great Resignation” has already struck your organization, there are steps you can take to reduce turnover and prepare for a post-pandemic employment future.
Remote working: what happens next
What does the workplace look like now that many of us can work from home just as well? Employees were questioned in a Prudential study in March 2021 what the primary benefits of not having to go into the office were in their opinion.
How do you retain talent– and how to keep them motivated?
The big dilemma for CFOs is how to adjust to this new normal while still attracting and retaining top employees. How can you keep your prized employees from leaving for greener pastures in an environment where the employee can call the shots? The good news is that it isn’t merely a financial issue. You can keep your employees satisfied and avoid the risk of them looking elsewhere without increasing wages in a number of ways:
- Automate your accounts payable (AP) process.
- Flexible timetables should be embraced.
- Encourage peer-to-peer acknowledgment.
- Make employee well-being a top priority.
Why AP automation?
You are probably aware of what is AP automation. So, let’s answer WHY…
Accounting departments that implemented AP automation were able to accept remote working and become more productive. According to a poll done shortly after the pandemic began, 63 percent of companies using AP automation believed they managed the impact of COVID-19 well and had a smooth transition to remote work.
AP automation for remote working and employee engagement
AP automation benefits:
- Get critical data from a centralized cloud system.
- AP operations, such as invoice approval and submission, are managed.
- Online or through a mobile app, expense reports can be submitted.
- Make payments from afar.
AP automation success stories:
Here’s an example of a company that used AP automation and saw an increase in productivity as a result.
Radisson Hotels: 90% of time spent on invoices saved with AP automation
Radisson Hotels was still employing a time-consuming paper-based technique to invoice approval at the onset of the pandemic. Employees spent up to three hours per day on AP-related duties, accounting for a third of their workday, with delays growing as they migrated to remote working. In order for invoices to be processed, employees had to physically hand them over to the accounts payable team. They sought to discover a means to get invoices through their system and paid as soon as possible. And yes, During a difficult period for the hospitality industry, the hotel company also needed to save money.
Department heads were able to save 50% of the time they previously spent on AP activities using Automation Software. There’s no need to go to the AP office to file an invoice, and if they forget to approve one, it sends them automatic reminders. Meanwhile, the AP teams were able to save up to 90% of the time they had previously spent processing invoices. They have saved costs and improved the accuracy of the data in their accounting system now with the AP automation workflow time-consuming manual procedures have been eliminated.
Convinced? Let’s talk!
So, if you are looking forward to automating your AP department and moving from paper invoices or manual data entry to the point that automates invoicing, let’s talk. AP automation Gartner researches are one proof of the successful implementations and we think it also pretty much clarifies the answer of; can accounts payable be automated. So, get in touch with the team of DHRP and never worry about employee retention again.
