The Controllers Council 2024 Corporate Finance & Accounting Talent Study shed light on the growing trend of return to office (RTO) initiatives in the finance sector. Researchers discovered that 55% of companies offer hybrid work (a combination of onsite and remote options), representing a 6% drop from 2023. In that same span, the percentage of companies requiring fully onsite work has risen from 26% to 31%.
These statistics indicate that many finance teams are being called back to the office. However, a majority of companies are still leveraging a hybrid work model.
The hybrid approach can offer significant benefits to your business and its team, including improved work-life balance, better flexibility, and increased morale. To maximize these benefits, it’s vital that you adapt your team and management structure to support hybrid work. Here are some strategies to help you successfully manage hybrid teams.
Focus on Productivity and Quality Control
One of the biggest challenges associated with hybrid models is quality control. You’ll need to recalibrate the way you monitor performance among workers who are out of the office.
Step one involves setting clear expectations and defining specific roles within the team. As a finance leader, you’ll need to establish guidelines for when team members are expected to be in the office and when remote work is appropriate. This ensures a consistent approach to meeting deadlines and achieving organizational goals.
Suppose that your finance department works three in-office shifts and two remote shifts. You could mandate that your team members be in the office on Tuesdays and Thursdays. You could also give them the flexibility to choose when to work their third in-office day. This simple change ensures that you know when everyone will be on-site, making it easier to schedule meetings and training sessions.
Structured workflows are also critical in a hybrid setting. Defining clear processes makes it easy for remote and in-office employees to collaborate and perform key functions like budgeting and month-end close.
Improve Communication Across Locations
There’s an increased risk that information will get siloed in the hybrid work model. In a finance team, where information flow is critical for tasks like reporting, compliance, and strategic planning, communication breakdowns can lead to inefficiencies. You can mitigate these issues by encouraging frequent check-ins and utilizing digital communication tools.
You should establish a routine of daily or weekly team meetings to make people feel connected, even if they are working remotely. These meetings should have structured agendas to address priorities and ensure alignment on ongoing projects. Consider holding in-person team gatherings on a regular basis (e.g., weekly or biweekly) to help build camaraderie.
You’ll also need to invest in user-friendly digital communication tools like Slack or Teams. These tools enable your team members to access documents and connect with one another in real time.
Give Your Team the Right Tools
The success of your hybrid work model hinges on the quality of your tools. Embrace automation and cloud-based technologies that your team members can access from anywhere. The goal is to create a work environment that supports both remote and onsite staff.
For instance, a cloud-based accounting platform allows your employees to access essential data from home, the office, or anywhere on the go. These solutions help promote collaboration when performing tasks like financial reporting and payroll processing.
Automation tools are one of your greatest allies when implementing a hybrid model. These solutions can handle repetitive, time-consuming tasks. Your team members can then focus on more strategic work that adds value to the company.
Encourage a Positive Culture
Adapting to a hybrid work model isn’t just about new tech and modern processes. You also need to foster a culture that values flexibility, teamwork, and accountability. You must recognize the unique challenges and opportunities that hybrid work presents and find ways to support team members as they adjust to this new dynamic.
Gather feedback from your employees via surveys and one-on-one meetings. Identify what they like about the new work model and what type of support they need from you to be more productive.
If you create an open, supportive environment, your team will be more engaged and motivated. They may also be less resistant to future changes, such as technology updates or alterations to hybrid work policies.
Should Your Business Use a Hybrid Work Model?
The hybrid work model can offer tremendous benefits, but it’s not ideal for every team or business. Consider both the advantages and potential drawbacks of hybrid work before altering your current business model. If your finance department is already engaging in hybrid or remote work, evaluate the success of the program and identify how these strategies can make your employees more productive and connected to the company.
With careful planning and a commitment to continuous improvement, hybrid work can be a successful, sustainable option for finance teams.
