It is no secret that the finance sector is under a lot of pressure. With the global economy in a challenging state, it is more important than ever for leaders in this field to have a strong team in place. However, many finance leaders struggle to find and keep the right people on their team. This can be due to many factors, including lack of motivation, high stress levels and long working hours.
Finance teams have been working under huge pressure in recent times and this looks set to continue. With challenging global markets, more work to be done and fewer resources, it can be difficult for finance leaders to ensure that both themselves and their team members stay healthy and motivated. Nevertheless, this is an essential task as a lack of well-being will lead to lower productivity and even burnout among colleagues.
As finance teams become increasingly stressed and exhausted, there is a growing concern towards people’s mental health and more individuals are absent due to long-term sick leave. Finance leaders need to find creative ways to promote the wellbeing of all members on their team, whether they are working remotely or in an office setting. This could involve providing regular mental health support, offering flexible working arrangements, and creating a culture that allows team members to feel comfortable talking about any challenges they are experiencing. Without a focus on maintaining the wellbeing of your team, you will not be able to keep them in the long run or easily backfill vacated positions.
Building the right team
Finance leaders need to focus on building the right team. That means recruiting and training staff who are motivated, skilled and have the right attitude to succeed in this challenging sector. It also involves providing regular feedback and support to ensure staff morale remains high and employees don’t become overworked or burned out.
The shift to remote working, while beneficial in many ways, has made it harder for finance leaders to manage their staff. With physical distance between them and the team, it can be difficult to ensure consistent motivation and support. It is also more challenging to spot potential problems or issues with team members due to lack of face-to-face contact.
Retaining the team
The key to success for finance leaders is to retain the best people. This means providing a positive working environment and an attractive package of benefits. It also means recognizing and rewarding excellent performance, as well as providing career development opportunities. By taking these steps, finance leaders can ensure they have the right team in place
Finding the right people for finance teams can be difficult as the field is highly competitive and there are few experienced professionals available. When somebody leaves or is unable to work, this impacts team morale, and it can be difficult to find a suitable replacement. It can take many months to replace their experience and know-how, causing a huge knock-on effect towards the remaining team members.
Finance leaders need to focus on people to build the right team and maintain morale. This means recruiting, training and developing staff in an effective way, as well as providing attractive benefits and opportunities for growth. With the right team in place, finance teams will be more productive and successful.
As the current recruitment market is highly competitive, it is essential for finance leaders to take steps to retain their best staff and ensure they remain motivated and productive. By doing so, finance teams can continue to achieve their goals in these uncertain times.
Ultimately, a focus on people is what will make or break any finance team’s success. As such, it is essential for finance leaders to prioritize the wellbeing of their teams to ensure they have the right people in place and look after those people around them.
What could our next steps be?
Involve the team in reflecting on 2022 and setting the vision for 2023. The best way to motivate and engage a team is for them to be part of setting the path forward. In reality, they will set the same path as you would – they will just feel a greater part of it. Have one session to reflect backwards on what went well this year, what type of team do we want to be, what would make next year great, and what challenges does the team face. Then, hold a second session (perhaps in the New Year) on the key priorities to make this happen.
GrowCFO’s Finance Team Training Package
GrowCFO’s suite of finance team training activities will help elevate your team’s capabilities and support them with the challenges they face in delivering their roles:
Team Training – finance teams complete certified online training courses, attend live workshops and watch relevant webinar recordings on demand to grow their finance skills, personal effectiveness, soft skills and team skills.
Business Partnering – GrowCFO runs a Business Partnering Boot Camp designed specifically for finance team members. This has already been delivered to over 10,000 business partners across more than 150 companies around the world. The Boot Camp helps finance teams to build closer relationships with the wider business, turn data into insights, bring the numbers to life, and influence decisions.