The Aging Workforce: Career Development and AP Automation
- 15 Nov 2020
- Leadership in Business
Some workers over 50 love what they do, and others fear they will outlive their money. Regardless of the motivation, the growing aging workforce creates new challenges when working in accounts payable, primarily since the Bureau of Labor Statistics reports workers over 65 will have the fastest annual rate of labor force growth over all other age groups. Accounts payable career development is crucial for older workers to remain relevant in a constantly changing workplace.
Technology drives the modern business world, which often attracts employers to millennial workers. Older employees have the experience, education, and professional connections corporations need for a diverse workforce. With the proper accounts payable career development, the aging workforce gains a new lease on the future. Global corporations have discovered the need to attract and maintain members of the aging workforce who understand the evolution of business and how it works today. AP automation is easy to learn, makes advanced technology accessible to everyone, and helps workers of all ages communicate more effectively when working in accounts payable departments remotely.
Get the Facts
The 20thth Annual Transamerica Retirement Survey, published in October 2020, revealed the facts behind the growing aging workforce from 2019, along with COVID-19 specific concerns about retiring. According to the study:
- Employers are aware workers anticipate working beyond age 65 as 53 percent of workers do not plan to retire or expect to retire after age 65.
- Just 77 percent of workers feel their employer supports employees working past 65, yet 46 percent of employers state they strongly support employees working past 65, and 39 percent are somewhat supportive.
- Just one in five workers plan to stop working and fully retire. At the same time, 43 percent want reduced work hours or less demanding work with greater personal satisfaction, and 22 percent see themselves working until they are unable to do so anymore.
Despite these facts and the growing popularity of remote work arrangements, by 2019, only 38 percent of employers offered flexible work schedules, and just 30 percent allowed a shift from full-time to part-time, with 21 percent giving employees a chance to take jobs that are less demanding or stressful. Post-pandemic and the “new normal” that includes remote work, the aging workforce has an opportunity to embrace technologies and reframe their jobs, proving the importance of maintaining older, experienced workers.
Workers who anticipate working beyond 65 must adopt new skills to achieve their goals. Learning updated technologies and methods allows older workers to add these critical skills to their CV/resume. Coupled with their expertise, older workers with sharp skills can provide the cutting-edge approach companies need. AP automation supports older workers with flexible schedules because they can work anytime, from anywhere, in real-time. Invoice approval can be done remotely in seconds rather than sitting on a desk for days, changing the way working in accounts payable looks today and in the future.
Telecommuting for an Aging Workforce
Employers benefit from offering telecommuting positions to older workers because they maintained top talent and reduced overhead. Aging workers may want more flexibility in their schedules to enjoy life, rest, travel, and attend to medical issues. Companies around the globe successfully transition employees into remote workers by adopting technologies such as AP automation in the AP department. Instead of interacting personally and maintaining paper files, everything can be done on the cloud from any location. All pertinent data is updated in real-time and accessible to the AP department and the C-suite. Workers can do their jobs at home or on the road, and management has instant updates on their progress.
Experienced Workers Can Do It
Older workers are productive and offer unique advantages, such as insight into protocol and process, experience, and a network of professional contacts. Employers providing ongoing training to these workers gain the benefit of keeping them on-board with the essential skills they need to function optimally in the modern workplace. AP automation training creates a unified staff at any age, with everyone in the AP department following the same procedures. Everyone can work together seamlessly from any location, reviewing invoices, and getting approval for an efficient AP department. Employers have discovered older workers can definitely do it - and may even surpass the skills of their younger counterparts with the right accounts payable career development training.
Employers have found they need the aging workforce as much as these valued employees want to retain their jobs. Supporting workers of all ages through the adoption of technologies such as AP automation creates an efficient AP department and a more profitable business with happier employees.