Imagine this: you're a highly talented, high-potential professional, and you have two job offers on your plate: Company A and Company B. Both offer similar compensation, titles, career paths – everything is the same. The only difference? Company A expects you to be on-site every single day, while Company B offers a fully remote or hybrid work schedule, allowing you to come in two or three times a week, on your terms. Which would you choose? Chances are, like many others, you'd opt for the flexibility and autonomy offered by Company B.
The future of work has been changing rapidly across all industries, from the finance to the sales industry. Gone are the days when the traditional 9 to 5 office job was the gold standard. For instance, two decades ago, remote work was a distant dream, but now it's a reality embraced by countless organizations. We've moved beyond the confines of traditional office spaces, and for some, this shift has necessitated a rethinking of leadership styles.
In this blog post, you'll learn more on different working schedules and the most important work schedules CFOs should adopt in their financial organizations.
There are still staunch advocates for the traditional office setup, believing that physical presence is the key to a productive workforce. These leaders have a direct, hands-on approach, insisting that employees must be physically present to meet their productivity standards.
However, it's essential to ask some critical questions. Has work quality suffered in remote settings? Have crucial deadlines been missed? Has collaboration with business partners declined? What's the turnover rate in your finance team? If the answer to these questions is "no," it's time to reconsider your stance.
Just as in the earlier scenario between Company A and Company B, your employees might be leaning towards more flexible work arrangements. The modern workforce values work-life balance and autonomy, and companies that provide it will have the upper hand in attracting and retaining top talent.
For Chief Financial Officers (CFOs) with a traditional mindset, it's time to adapt. It is important to conduct exit interviews to understand why employees are leaving. If remote work opportunities are a factor elsewhere, consider implementing a remote or hybrid work style. The competition isn't just among businesses; it's also for skilled employees who value flexibility.
Some team members are leaving because they feel their CFOs are stuck in a traditional office-centric mindset. The modern workforce wants flexibility, and employees don't want to be told where to work from. The choice between a rigid office environment and a remote or hybrid model has become a baseline expectation.
There are primarily three workplace cultures—remote, hybrid, and traditional. Of the three, remote work culture appears to be the most embraced amongst businesses nowadays. This is why it is crucial for CFOs to understand how best to integrate it into their organizations.
There are three critical elements to a good remote work system. They include delivery of high-quality work, alignment with the organization's commitments, and partnership with the business. In essence, these are the necessities employees must satisfy.
Remote and hybrid work arrangements have become powerful hiring tools. To succeed in this new space, remote teams must deliver high-quality work, collaborate effectively, and meet organizational commitments.
It'll be a whole different conversation if remote workers can’t prioritize, deliver quality work, and meet expectations. However, working remotely or in a hybrid state gives the team flexibility.
Remote work has both positive and negative impacts on the finance industry. While it offers flexibility, it can hinder spontaneous whiteboard discussions and in-person brainstorming sessions. Organic collaboration often takes a hit in remote environments, and the initial euphoria of remote work during the pandemic has waned for many.
Remember the pandemic and the happiness that was going round then? That might have died out quick because people got bored of working remotely.
Another challenge to being fully remote is you miss the opportunity to have real time coaching. For instance, you want to have a meeting and go on Zoom, which will give you like just an hour for coaching; you miss a lot of that engagement. When you're remote and you're using Slack and all those collaborative tools, you don't get a lot of that like other things going outside of business. When you are there physically, you get to have the dialogue and the back and forth together. Some people might love popping in on some conversations outside business like a status update, among others.
Hybrid work schedules, allowing employees to spend some time in the office and some remotely, offer the best of both worlds. In-office interactions facilitate lunch meetings, networking, and real-time coaching sessions. It's a win-win for both employees and organizations.
The future of work is all about productivity, not physical presence. Tech giants in San Francisco have already realized the potential of flexible work arrangements. They've adopted collaborative workspaces, reducing their physical office footprint, and saving millions in rent.
To maintain connections and interactions among remote teams, companies have introduced incentives and company retreats, bridging the gap between virtual and physical engagement. It's a smart move that leverages talent while reducing costs.
In conclusion, CFOs should focus on building a robust remote culture. While virtual interactions encourage flexibility, regular team interactions and updates should not be compromised in a workplace. In other words, it is important to strike a balance between remote and in-person interactions.
Indeed, the future of work and finance is about flexibility, productivity, and embracing new ways of working. Remote, hybrid, or traditional, the choice should align with the needs and preferences of both employees and the organization.
The key is to adapt, evolve, and thrive.
Stay updated with the latest Finance, FP&A, CFO and Fractional CFO services trends and insights by reviewing our Resource Page.
