Remote, home-based work continues for most of us, so the topic of employee wellness is coming to the forefront. It’s falling to the CFO and FP&A to find ways to incorporate employee wellness efforts into the overall organization’s budget. Digital transformation and technology tools can help ease the work stress, but it also requires a personal approach to realize the positive business benefits of healthier, happier employees. CFOs are also looking to promote their own well-being, from accepting a new role to expanding their skillset in the face of a changing economic reality.
Here are a few expert opinions we’ve found helpful in the past week, and we hope you do, too.
What the Experts are Saying on FP&A
Deloitte / WSJ: How CFOs Can Bridge Value Creation and Employee Well-being
The challenges caused by remote work have put employee health and well-being in the spotlight. CFOs should be championing these efforts, since improving worker well-being can actually generate positive ROI. Quantifying that ROI, however, can be tricky since the benefits are spread over a long period of time. “As with any asset, companies should invest in employees to optimize their future value and then measure the effectiveness of that investment—for instance, by determining the ROI from workplace mental health programs and the financial impact of improved talent attrition rates.”
More than half of CFOs say they’re responsible for digital transformation in their organization, but nearly the same amount admit they’re falling short. A main suspect is not the capabilities of the technology, but more the organization’s ability to change. “’CFOs themselves acknowledge and accept that, as the owner or sponsor of digital transformation, they need to also own the people side of things.’”
The topic of remote work usually includes a conversation about those who wish to remain working from home even after the pandemic subsides. Relying on chat and video calls to bridge the gap between office and home workers can be difficult. People on both sides will need new skills, new approaches to work, and more effective communication. FP&A specifically should revisit internal controls and look at reworking finance processes to better facilitate a virtual close. “Setting up for short-term virtual work is one thing; having a virtual work operation that allows you to consistently deliver quality experiences for clients and employees is another.”
Fast Company: Adjusting your employees to long-term remote work
Putting people first is a recurring mantra these days. Easy ways to reduce the uncertainty and stress that employees are feeling include to over communicate and listen more often. But, especially for CFOs and Finance managers, it’s critical to show genuine concern for their own wellness as well as the wellness of their teams. “When people can take time for themselves, they can give more of themselves to their work. Leading by example is the best way to encourage this and to set a precedent for your teammates.”
Business Chief: The Tech Savvy CFO: Driving Impact in the COVID-Era
The pandemic has accelerated the digital transformation of many organizations. This has put the CFO and CIO in constant collaboration, but has put some less tech savvy CFOs at a disadvantage. It’s critical for the finance chief to take time to understand the technology behind the investment, and be willing to view less successful tech investments as learning experiences rather than failures. That mindset should extend to their own digital transformation of Finance, too. “Placing a higher premium on technological skills can be a true differentiator for the finance function, and the business at large.”
Stay Tuned for More Useful FP&A Content
We’ll be continuing this weekly update with links related to how FP&A and CFO’s are leading their organizations through the continuing recovery. If you have comments, questions, or suggestions, please engage with us on Twitter, LinkedIn, and Facebook.