While the economy isn’t out of the woods yet, many organizations have started thinking about how they are going to come out of the recession stronger and more competitive than when they went in.
Several business surveys making their way around report that businesses are planning to start hiring again soon. According to the Employment Dynamics and Growth Expectations Report, 53 percent of employers expect to hire additional full-time staff during the next 12 months. Meanwhile, 40 percent plan to hire contract workers, and 39 percent expect to hire part-time staff.
Perhaps your accounts payable department was hit by the layoffs of the last year, which saw more than 6 million people lose their jobs. While the prospect of new job hires may sound like a relief for your employees who have been increasing productivity to handle the decreased workforce, there’s a good chance your department has become more efficient in the process. Maintaining these efficiency gains will make your department – and organization as a whole – become more competitive.
This is easier said than done. The strain on employees remaining in your department after layoffs can be severe, leading many to become de-motivated and unattached to the company.
According to a recent USA Today article, a Monster.com survey found that 80 percent of employers believe that their employees are “just happy to have a job.” The same survey reveals that just 53 percent of employees share that view. Also, 17 percent of employees are planning to look for a new job within the next 12 months.
After layoffs began, many employees were assigned new duties in the organization, leading them to develop broadened skill sets. As a result, many feel confident in their ability to find new jobs once the recovery begins. In addition, according to Beth Carvin, CEO of retention-management consulting firm Nobscot, many employees feel betrayed by a lack of advanced notice regarding layoffs and by reduced pay and benefits.
With a majority of employers looking to make new hires and a sizeable portion of current workers looking for new jobs, this creates a perfect storm that could sap valuable human capital from your organization.
How can you keep valuable employees on your side without sacrificing efficiency gains made during leaner times? The most important thing is to have a coherent employee retention strategy. Hallmarks of a strong employee retention policy include providing employees with training to help them develop new skills, offering flexible work schedules, and – unsurprisingly – offering competitive compensation.
A survey by CareerBuilder.com reveals that half of all employees say a pay increase would prevent them from looking for new work once the economy improves. In fact, 28 percent of participants plan to ask their superiors for a raise.
Accounts payable departments may not have the money available for increased pay. However, there are a number of motivational techniques that can help keep employees happy and ensure your department is well-staffed when the economy turns around. Rewarding employees for performance with gift cards and time off, recognizing them in front of their peers, and offering frequent words of encouragement can all go a long way in motivating your staff.
"We're going to look for ways to reinforce that working in AP is about teamwork," says Lisa Cook, shared services manager for Sony Pictures Entertainment in a recent article on The Accounts Payable Network. "It's all about looking at our processes and finding ways to incorporate the staff in helping us reach our monthly goals and we'll continue to reward for results."
