Accounts Payable is a candidates’ market right now. There are more AP jobs than there are qualified candidates to fill them, leaving many employers struggling to fill vacancies. Things aren’t likely to improve any time soon either, as experts predict significant churn in the post-pandemic job market.
More than 40% of people who responded to Microsoft’s Work Trend Index said they’re considering leaving their employer this year. And 46% said they’re planning to move so they can work remotely. So what can employers do to recruit and retain top AP talent? We teamed up with recruitment experts Hays to find out.
1. Sell yourself to AP job seekers
In the current market, high-calibre staff are getting snapped up fast. Employers can’t assume that they’ll have applicants falling over themselves to apply. Or that, if they offer someone a job, the applicant will take it. Recruitment experts Hays recommend you approach AP recruitment with a sellers’ mindset at all stages of the hiring process. Use every tool at your disposal to attract the best candidates – like video tours and testimonials. And don’t hang around if you do want to offer someone a job or you might find they’ve already been snapped up! Download the Xelix eBook to dive deeper into these topics.
2. Make your AP salaries competitive
It’s no surprise that money is a big factor when it comes to deciding which offer to take. But it’s not just a vanity project – salaries are increasing and employers need to keep up! Accounts Payable is an increasingly strategic business function. In today’s world, AP professionals offer employers specialist skills that directly impact their bottom line. It’s only right they get rewarded. In AP, salaries have been steadily increasing over the last five years. If you’ve not kept up, you leave yourself open to employees jumping ship. Our eBook contains highlights from Hays’ most recent salary survey. Explore the eBook now to see how your salaries stack up against the average in your area.
3. Boost your post-pandemic benefits
The pandemic has given us time to reflect on whether our work works for us. People are challenging the status quo and asking questions like: Why do we need to work from offices? Is the five-day week working? How do we improve employee wellbeing? Employers need to be sensitive to these new sentiments and assess whether their working practices and benefits still stack up. More flexible working is looking to be a key consideration going forwards.
4. Future proof your team
Another outcome of COVID has been accelerated technological change. The pandemic has forced businesses to implement decades of digital transformation in a matter of months. With such clear benefits achieved, many businesses will maintain momentum and implement further software solutions. Make sure your new hires are suitably tech-savvy to embrace the latest technology. And make sure you provide staff with up-to-date software that lets them deliver their best work for your business.
5. Retain existing employees
It’s cheaper and less disruptive to retain existing employees than to recruit new ones. Therefore, keeping current AP employees should be a priority too. One mistake Hays sees employers make is failing to articulate future opportunities for AP staff. This can leave them feeling like they’re going nowhere and give them little reason to stick around. Employers need to raise their game if they want to retain and develop their in-house expertise – consider offering a professional training budget, time off to study, professional body membership, and networking opportunities.
We have outlined just some of the steps you can take to improve your odds of snapping up the finest AP pros. Our eBook goes into more detail about the changing face of AP, what skills are growing in importance, and how to attract top-flight talent to your team.