Develop a “ Connector manager” culture. Managers who build connections within and beyond the finance function and refer employees to others who can provide specific answers and development support are the most effective.Use digital collaboration tools (and model their use) to connect employees with peers, including those working remotely, on-site and in hybrid arrangements.Finance function leaders and managers must create opportunities to maintain employee engagement as finance staff remain remote - whether temporarily or permanently. To do that: With a hybrid workforce model, internal networks on which finance staff rely could dissolve. Establish a “default go” culture in which employees feel empowered to make routine decisions independently within certain thresholds beyond which escalation is required.Identify the tasks most suited to automation by asking staff, for example, which tasks have the lowest rate of rework or inaccuracies, aren’t critical-path activities or have limited impact.Determine the potential for autonomy by capturing feedback from the hardest hit areas of the finance function on how employees managed more autonomy and where better support is needed.To respond effectively to these shifts, finance leaders can:
However, many finance positions were eliminated in 2020, essentially flattening most finance organizations - and requiring staff to operate more autonomously and adapt quickly to change.įinance managers will now manage more employees, making it critical for them to be clear about the finance activities they do or don’t need to perform, while allowing employees to work more independently. Finance leaders will need to account for these new realities in their long-term plans for the shape of the finance function.ĭownload guide: Redesign Your Finance Function Finance function structures will be permanently flatterįinance function organizational structures have typically been hierarchical. COVID-19 and its effects forced short-term changes on many finance functions, including changes to organization design - structures, networks and workflows, and role design.
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