Last year, the generation born between 1979 and 1995 surpassed GenXers as the majority of the American workforce. These tech-savvy employees, also known as Millennials, are just beginning their careers but will be the driving force of the economy in the decades to come. In fact, their arrival is already shaking up traditional business hierarchies.
According to Cisco CEO John Chambers, 40% of organizations that exist today won’t survive the next decade, due to their failure to harness the power of the digital movement. The key to survival is attracting and retaining Millennial talent, those who can wield technology to create e fficiencies and make better business decisions. But how do you get Millennials interested in corporate finance and accounts payable?
The New Identity of Accounts Payable
As reported by Paystream Advisors, one key to attracting Millennials is by embracing the new identity of accounts payable. By utilizing AP and payment automation technology to create efficient workflows and real-time visibility, organizations can transform their AP department into a state-of-the-art profit center – a place where young finance professionals can focus on creative, strategic tasks instead of mind-numbing data entry. With this newfound power, Millennials can devote their time to building the bottom line and driving growth in new ways, and they’ll view your organization as a place where they can make a real impact.
The New Expectations of Millennials
Millennials are more connected to technology than previous generations, the first to have had access to the Internet during their formative years. This unique relationship wth technology is discussed in a 2014 White House report:
“Since personal computers were introduced to schools in the late 1970s, technology companies have innovated at startling speed, often rolling out a groundbreaking new platform or computer model every year. Because much of this period of innovation coincided with Millennials’ childhoods, it has shaped the ways that Millennials interact with technology and seems to have affected their expectations for creativity and innovation in their own work lives.”
Ultimately, Millennials value staying close to family and friends, having free time for recreation, and working in creative, rewarding jobs. While they are sometimes characterized as lacking attachment or loyalty to their jobs, Millennials actually stay with employers longer than their Generation X counterparts did. This has significant advantages regarding job security and additional productivity associated with reduced turnover.
Put Paper in the Past, Join the Digital Revolution!
By utilizing AP and payment automation technology, accounts payable departments can attract Millennials with a culture that fosters innovation and makes them feel like part of something bigger. If your organization is still using an outdated, paper-based process, you may be part of the 40% that won’t around in a decade. Don’t get left in the past; get automated, and join the digital revolution!
In our 15-page Tech Savvy Buyer’s Guide to AP Automation For Finance Professionals eBook, we’ll cover how automating your AP and payment processes impacts every level of your organization. To download this free guide, click the button below!