A recent study by Robert Half found that the financial reporting process keeps 97 percent of CFOs awake at night. What’s more, three out of four CFOs expect their stress levels will rise over the next two years.
Why the insomnia? You’ve got more on your plate than managing your company’s financials. From unrealistic business expectations to increasing workloads to lack of staff, dealing with workplace stress is all in a day’s work for today’s CFOs:
- Data management — With constant streams of data churning out of your organization, you’re expected to make sense of it all. The pressure is on to draw meaningful insights for critical business decisions, despite the massive data overload and margin of error for misinterpretation.
- Resource drain — Staff woes and time spent on low-value administrative tasks divert many CFOs from tackling bigger goals. Without the right systems and processes in place, it may seem impossible to operate efficiently. The logical solution may be to outsource to a team with the expertise to handle specific finance-related tasks.
- Cybersecurity — Regardless of your role within the IT department, CFOs deal with cyber criminals who are after company funds. To prevent cyber hacks, you’re expected to implement the tightest controls and most effective anti-fraud technology. But is it enough? CFOs everywhere are wondering.
Alleviating the pressure
As a CFO, there are steps you can take to help you rest easy. With the right people, technologies and processes in place, you might actually find time to focus on C-level strategic goals.
Recruit the right team
Play an active role in hiring and building a skilled finance team. It may be time to revisit your organization’s recruiting and hiring practices, fine-tuning specific job requirements, onboarding and training for each position.
Motivate staff
According to a recent Gallup poll, just 15% of employees worldwide are engaged in their work. So reward a job well done, and watch the effect it has on employee performance. Also, meet with your team regularly and listen carefully to the issues they raise. Think of these meetings as the foundation for making process improvements across your department.
Assess technology needs
What are the skill limitations of your team members? How effective is the software that you depend on daily? What manual processes can be automated? Take the time to analyze your finance and accounting operations to determine where change is needed.
Be proactive
Planning ahead will help your team anticipate challenges that can disrupt workflow. When your team is in a better position to handle the unexpected, you’ll feel more confident and less stressed as issues come your way.
Identify where you are…and where you want to be
How will your actions today impact the cash flow outcomes tomorrow? Financial forecasting capabilities will help to ensure your company’s viability in the future while giving you a strategic edge now.
Get the company on board
When every employee can understand how their role plays into the big picture, they’ll be more committed to helping the company achieve success.
It’s time to gain control of your role — and get some sleep at night. When positive changes are made, your company and your well-being will reap the benefits.