Leading from the Front Room?
With 90% of workers preferring a working from home option, leadership is going to look different as the world comes out the other side of the Covid-19 pandemic.
Whilst some business leaders, notably the CEOs of both Goldman Sachs and JPMorgan Chase, have pushed for a return to the office, CFOs have found unaffected bottom lines and happier staff sound enough reasons to hold off.
This article examines the benefits and challenges facing finance leaders dealing with remote teams on a longer-term basis.
Why the rush?
CFOs across a variety of industries have found that during the pandemic their teams output has remained consistent and not faced any major drop offs.
Finance teams’ reliance on technology pre-pandemic meant the shift to remote working, that for many happened overnight, was less of a seismic issue. Accenture’s Finance 2020: Death by Digital highlighted that 80% of finance processes were already automated.
Strong sharing capabilities enabled through finance software allowed for teams to have instant access to the information they needed. Oversight from management was also no major hurdle with sign off processes also being built in to much of the software, rather than requiring an in-person conversation.
As a result of such strong digitisation, staff productivity has been said to double, with costs declining by up to 40%.
Workers have also reported happier lifestyles and better mental health since working from home. Without having to commute, people have been able to pursue hobbies and spend more time with family, as well as saving money on fares.
So with happier, more productive and efficient staff, why is there a rush to get back into the office?
Fostering an Office Culture, without the Office
The biggest issue facing finance leaders is instilling an office culture without anyone physically being in an office.
For those with more established careers, the necessity of networking and mentoring is less immediate. The bigger challenge for CFOs is motivating and retaining younger, newer recruits.
Junior recruits are more likely to:
- Live alone, so potentially suffer from social isolation
- Require more hands on training and onboarding
- Benefit from relationship building with peers and managers
- Desire a ‘social side’ to work
To tackle this, CFOs are debating hybrid working arrangements, with rotas in place for returning to the office.
This will allow for team-building exercises, strategy meetings, as well as the opportunity for people to form more personal relationships with their colleagues.
Some finance teams have been given more flexibility regarding their days ‘on-site’, with some firms only requiring in-person activities on a monthly basis. Other teams have stated their firm’s intention to have two days in, two days at home, with the final day as optional.
Offering greater flexibility has almost unanimous support, with 99% of employees putting it in their top three priorities when looking for a job. More flexibility in your working schedule contributes to a positive culture of feeling respected and having your voice heard.
Other ways of fostering a culture without there being a need for in-person contact include allowing employees to block out times on their calendars to focus on specific tasks and not be interrupted by calls, or encouraging employees to take breaks throughout the day to get away from their screens.
Embracing the Positives
It’s abundantly clear that a full-time return to the office isn’t necessary, nor desirable, for finance teams.
As a CFO, the responsibility of maintaining a good culture and displaying strong leadership does now manifest in different ways, but the principles remain the same.
Show your staff you respect and value their decisions, offer them the flexibility to work where they feel best, and embrace the many positives workers have reported since working from home.