It’s time to think more innovatively about your Finance team structure

It’s time to think more innovatively about your Finance team structure

Over my twenty years in Finance, I’ve seen a lot of change throughout the industry. Yet, one thing remains frustratingly the same: the approach to team structures.

 

Meaning: We hire a static team of employees to handle a highly dynamic workload.

In my opinion, this is an outdated and inefficient approach to weathering the fluctuations and complexities of today’s financial realities. And yet, businesses are reluctant to change it. Why?

Perhaps it’s because businesses expect their employees to do the work, no matter what. However, this could endanger the strength of your team in the long run.

A classic example is: Hiring a team of full-time employees to meet the needs of daily business. Even though you found the perfect team to fulfil those daily tasks, the minute you start adding pressure from unforeseen challenges outside their field of competence (and interest) – extra workloads arise, and stress ensues, leading to dissatisfaction, illness and worst of all, resignations.

Our industry in particular – accounting, financial management, planning and reporting etc. – is characterized by a large degree of seasonal fluctuations combined with frequent occurrence of projects or unforeseen tasks that require specialized competencies. If we know that workloads come in waves throughout the year – why do we still expect our teams to brace themselves for impact when we could easily maintain smooth sailing by bringing in added specialised support when and how you might need it.

Managers in Finance need to actively distribute resources to match peak periods from external reporting requirements while at the same time provide continuous real-time business insights.

 

Typically, the work pressure versus available resources does not align throughout the year, causing extreme workloads in some periods and less in others.

At Atlab, we put your team at the heart of our problem-solving. Our recommendation is to optimize your team structure to match both resource needs and necessary skills. This involves incorporating the right part-time resources as a permanent part of the team. This resource-adapted organization increases overall efficiency, agility, and best of all – protects your core team.

If you’re looking to innovate your finance function, I’d focus on these 3 key areas:

1. Think in seasons

By incorporating part-time resources with specialized skills, you can adapt to seasonal fluctuations and unforeseen tasks, ensuring that the workload is managed effectively without overburdening your core team.

2. Think in flexible resources

When projects or special challenges arise, having a flexible and diverse team ensures that you have the right expertise on hand, preventing burnout and ensuring high-quality solutions.

3. Protect your core team.

A resource-adapted Finance function that meets workload and competence needs creates a more satisfying work environment, crucial for retaining skilled employees in today’s competitive job market.

If there’s one thing I know for certain: the way that most companies are organizing their Finance functions is outdated.

It’s time to start thinking more innovatively about your financial team’s efficiency, and how you might benefit from implementing necessary changes in the interim, for long-term team satisfaction.

 

If you want to learn more about resource-adapted Finance teams, feel free to reach out.

– Teis Vester