An important aspect of managing any team combines understanding the individual team member’s motivation and drive; then, leveraging those factors to fuel their drive for continued success of the business. Managing an Accounts Payables team can be a challenging task, but it is essential for the smooth operation of any organization.
Oftentimes, the accounting team can fall by the wayside in terms of recognition. They can appear to be just one of the many cogs of the machine that churns during the daily operations. This is why it is important to ensure their manager is being deliberate with keeping the culture in the accounting department a pleasant one, and knowing how to reward the team. The Accounts Payable team is one of the most fundamental aspects of the business - paying the bills! One of the keys to keeping your AP team motivated and engaged is by providing them with appropriate rewards and recognition. Below you will find some effective ways to reward your AP team.
1. Professional Development:
Providing your AP team with opportunities for professional development is a great way to help their professional careers and foster commitment to their skillset. Professional development could include training sessions, conferences, or workshops that are vertically focused or skill centered to aid development of new skills and growth in roles. Encourage your employees to continue to grow their skills and foster an encouraging environment to do so with company backing as an incentive. Not only will this benefit your team members individually, but it will also help improve the overall performance of your AP team.
Other ways to offer professional development aside from conferences and workshops would be offering company sponsorship of continued education classes and certifications. Some accountants may be interested in accredited payables manager certification or a Certified Payroll Professional Certification. There are numerous certifications that would enhance a team member's knowledge and skills while continuing to work for your business.
2. Flexible Work Arrangements:
Offering flexible work arrangements is becoming increasingly popular among organizations, and for a good reason. Giving your team members the freedom to work from home, work flexible hours, or take time off when they need it can go a long way in improving their work-life balance and overall job satisfaction.
Not sure how your AP team can work from home? Check out this article here where we cover remote benefits and technologies that enable the accounting team to work from home.
3. Recognition and Appreciation:
Simple acts of recognition and appreciation can also be effective rewards for your AP team. This could be in the form of verbal praise, a handwritten note, or a public acknowledgement at a team meeting. It may seem small, but these acts of recognition can have a significant impact on your team's morale and motivation.
Knowing your employees’ personality types will help you determine what would have the greatest impact on each professional. No matter how you go about it, words of appreciation and positive encouragement for a job well done can make the manager-employee relationship stronger and employee satisfaction higher.
4. Team Building Activities:
Finally, organizing team building activities can also be a great way to reward your AP team. This could be anything from a team lunch or happy hour to a group outing or team-building exercise.
Perhaps schedule these activities after year end to congratulate a job well done or any other big project due dates. Fostering team members' bonding and giving them room to build stronger relations can ultimately improve their productivity and performance.
Overall, the manager of each team should know their team members well enough to understand what drives them and what de-motivates them. Rewarding your AP team is a critical component of managing a successful team. By implementing the strategies outlined above, you can help keep your team members motivated, engaged, and satisfied in their roles. Remember, when your team is happy and motivated, it will reflect in their work and ultimately benefit your organization.
5. Bonuses and Incentives
Reward your AP team by offering bonuses and incentives, which could be in the form of cash bonuses, gift cards, or other rewards. To keep it as incentive focused, you could set up a system that rewards your team based on their performance, such as meeting payment targets or processing invoices within a certain timeframe.
It is important to note that this reward system can be flawed- monetary rewards have been studied to be rather de-motivating when they are expected, and then not given. Where an end-of-year bonus is motivating at first, but the company cannot afford to do so a few years down the line, thus creating a negative reflection to the employee. This creates the opposite effect on the worker who now expects a monetary gift at the end of the year. If you are going to go this route, do so with caution and leverage it to encourage culture growth.
Bonuses and incentives are towards the bottom of our list for ideas. Though, if that is the way the manager deems the most effective to the team, there are ways to generate the reward from the AP work itself! Check out how virtual card payments for the business can generate cash back here.
Overall, whatever is chosen, having a manager that tries to celebrate their AP team is already on track to have a happy team! For more information about Accounts Payables team technology, remote strategies, or efficiencies check out our website at Singepayables.com
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