The Case for an Enlightened CFO
Set up a Successful and Permanent Remote Team
The past two months have seen a metaphorical tsunami of people transitioning to remote working conditions. Implemented practically overnight - calculated plans to transition to remote work gradually over the next three years have been haphazardly thrown together in less than 3 weeks. Luckily, 74% of CFO’s are quick to notice the advantages of working remotely and considering making the transition permanent even after the pandemic comes to an end.
This article from Gartner explores why it’s advantageous not just for your company’s bottom line, but for workers as well. And at this time, most companies are thinking of doing this with just 5% of their workforce. But I’m wondering, why stop at 5%? The compelling reasons for working remotely are hard to ignore, it won’t be long before enlightened CFO’s realize that implementing permanent remote working solutions is the best path forward monetarily, for staff morale and for the planet.
More remote work is undeniably the best possible scenario for everyone, and not just those in the healthcare industry. A healthcare leader myself, I’ve been working remotely doing clinical work, as well as leading clinical and physician teams since 2006, and I’m thrilled that more of the industry is finally making this transition permanent. However, I must admit that I’ve seen this transition time and time again and if those in leadership positions aren’t careful, it can go woefully wrong.
Personally, I’ve logged over 28,000 hours of remote work in the past decade and a half. I’ve led teams successfully through this difficult transition and consistently see higher output and employee engagement, as well as less burnout. But in order for this to occur, leadership must take responsibility, communicate well, and be willing to be flexible while navigating new waters. In order to be the leader your team needs during this time of crisis, you should become aware of these three common remote leadership mistakes and how to avoid them in your own organization, whether you’re in healthcare or another industry.
But today we’re focusing on the positives -- why are so many CFO’s seeing the light of remote teams? As hinted at above, there are three huge advantages to remote teams. Let’s dive in.
Money
First up, money. This is an easy one to spot -- and a huge selling point for CFO’s. Working remotely saves money, plain and simple. And freed up capital can instantly be invested back into your team in a lot of creative ways.
Let’s look at direct costs first. Remote teams immediately cut down on real estate. Office space, for one, but more than that you’ll buy less furniture, have lower heating & cooling bills, spend less on stocking the fridge, janitorial services, maintenance, insurance and even buying garbage cans, the list goes on and on.
If you’re wondering what your team could save by working remotely (or making your current situation permanent), use a quick online calculator like this one to see for yourself the instant savings in cutting down your office space needs even by just 25%!
There’s another cost saving element to remote teams, which takes a little more work and research. Working with a remote team means that your team members can be very remote. Yep, we’re talking outsourcing. Cost of living varies widely even just throughout the United States and there’s definitely a way for a CFO to use this to their company’s financial advantage. It may take a little more coordination and communication to lead a team separated by different time zones, but nearly everyone likes the savings - people vote with their checkbook.
Now here’s the fun part: What can you do with these savings? The best teams are getting creative. Invest in your team! Give remote bonuses, offer to pay for professional development training or supply a stipend for home office set up. Send your team pizza on Friday, delivered right before your company Zoom meeting so everyone can enjoy lunch together. Find ways to pamper, spoil and appreciate your team -- this will go a long way and transitions nicely into our next topic...
Morale
The issue of morale in a remote team can be a bit of a mixed bag. Let’s look at some baseline numbers here. Depending on the industry, employee engagement numbers are between 15 and 30% in the US, according to Gallup, which is shockingly low. But not surprising since Gallup also reports that about 69% of leaders don't even like talking to their employees. Additionally, research shows that 13 of the 14 common workplace problems occur 2-3 times more frequently in remote teams that teams on site. Uh oh. Addressing these problems first will help your team morale actually improve when transitioning to working remotely. Check out this article to unpack how you can increase employee comfort, strengthen trust and improve your team’s communication.
Because let’s be honest, if your team functions well and learns to communicate effectively, there are TONS of personal advantages to working from home. First of all, there is no commute. The math isn’t lost on any of us - just a 30 minute commute one-way is 5 hours a week, and over 225 hours a year. That is over four and half weeks of work time! First we explored the gift of money...now we have the gift of FOUR EXTRA WEEKS OF WORK TIME.
So we ask, what can you do with all this time? Again, my recommendation is to invest it back into your team, instead of piling on more deliverables and to-dos, a good leader will use this time to create effective human infrastructure within the team. Research leadership training for yourself or other team leads, focus on improving communication, efficiency and engagement levels. Give every team member a few extra vacation or personal days, organize monthly office happy hours to gather in person or via Zoom, the possibilities are endless and exciting.
Before moving on, we can’t ignore that allowing employees to work from home gives people flexibility to work around the life they live, instead of living around the hours they work. Instead of taking extra trips to the water cooler or the copier, now you can do a load of laundry in between meetings. Which means you don’t have to face piles of laundry when you get home at six pm and have the evening free to spend with your partner or children. And speaking of family, flexible hours make juggling family responsibilities a lot easier -- picking up kids from school, taking them to soccer practice (once we all get through this pandemic and back to normal -- we can dream!) no longer interrupts the work day, it’s part of it! And research shows that employee output stays high even if they’re taking more breaks throughout the day, they are more in control of their work/life balance and this flexibility boosts morale and engagement.
Mother Earth
The last reason is one that’s impossible to ignore or refute. Remote jobs are greener jobs. And with more people inhabiting this planet than any other time in human history, companies big and small should be looking into ways to lighten their environmental impact. Fewer miles driven, fewer company vehicles needed, and less office space occupied -- this all adds up to take care of our planet while still supporting our employees financially and morally. As the guardians of the only planet we’ve ever had, an enlightened CFO will see it as their moral duty to find ways to go green, starting with more remote teams.
Whatever reasons influence you and your company most, remote work is on the horizon and here to stay. If you’re struggling to transition to a productive and enlightened remote work environment, I’m here to help with a new program offering in this time of crisis.
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