👀Has your finance team checked out?

Burnout: Buzzword or serious concern?

A dozen different finance leaders might have a dozen different answers, but as far Ruchi Kasliwal is concerned, burnout is a serious issue impacting already-strained finance teams and the organizations they serve.

The reason? The former VP of Finance & Operations at Singularity University says that while stress is an integral part of the job, the growth that it fosters is important to an upward career trajectory. But burnout is different; it stifles stress and causes teams to fracture and employees to leave organizations.

So, CFOs — what strategies can you implement to keep your team together? We have some ideas.

Stay Connected and Communicative

It might sound rudimentary, but remote and hybrid teams are at higher risk of facing burnout than their in-person counterparts. The combination of siloed work and constant video calls can put a damper on the casual human connections to which we’ve all grown accustomed.

Your task, should you choose to accept it, is maintaining an open-door policy. Check in on your employees, not just their deliverables and milestones. Ask about their weekends, pets, kids, and friends. Have conversations about their workload. Offer a listening ear.

In return, you’ll maintain a pulse on the engagement levels of your team members — and they will feel listened to and valued (which boosts retention and beats back burnout).

Watch Out for Warning Signs

Identifying burnout without consistent conversations with your team is tough (which is why we put that at the top of our newsletter). How do you know if a team member has checked out, might be leaving, or is totally disengaged from their role?

They’re suddenly quiet. We all have that one employee who’s practically walking sunshine. If they’ve stopped chatting, smiling, or otherwise engaging, that’s a red flag.

They’re less confident. Burnt-out employees start to lose faith in their ability to do their roles well. If they start asking you to check their work or present documents or reports with less verve than before, pay attention.

They’re making mistakes. To err is to be human, but if a formerly meticulous employee starts consistently presenting incorrect analysis or figures, that could signal something deeper is afoot.

The old adage applies in these cases: If you see something, say something. Burnout is an affliction that is reversible and reparable — and identifying struggling team members sooner rather than later can make all the difference in ensuring low turnover and high morale.

Whether your team is thriving or burnout is an active concern, this week’s The CFO Show episode and our conversation with Ruchi should be part of your rotation. Ruchi analyzes the root cause of burnout in finance teams and their leaders and shares the title of one of the best project management books she’s read. It’s a must-listen.

In case you missed it…

Learn how to nurture a strong partnership between the Office of Finance and revenue operations by fostering not just rapport, but strategic alignment. As a CFO, forming a strong partnership with the CRO can lead to better business outcomes and smooth over common points of friction. Puneet Arora, President at Yellow.ai, walks through why it’s important for these two roles to support one another.

What’s next…

As finance roles evolve, so too do the soft skills leaders need to fulfill new responsibilities. Meg Bear, Controller for Turner Enterprises, Inc., walks us through the real-world experiences of hiring into the office of finance with a special eye on the soft skills that will shape the future.