Working From Home - Is the Hybrid Model the Future for Accounting and Finance Staff?

Posted by Richard Alborough on 18/11/2020

Working From Home - Is the Hybrid Model the Future for Accounting and Finance Staff?

Has Covid 19 let the genie out of the bottle?

The current pandemic has demanded that finance teams work from home and even in organisations that are deemed to include ‘essential workers’, the back-office nature of the accounts function means that they are often able to work remotely.

Are you asking your team to work from the office because you don’t trust them to complete their tasks? In the past, working from home has been one of the most contentious issues for businesses, often leading to dissatisfaction amongst employees. Many organisations have traditionally denied requests for flexible working; some even with the outdated view that ‘If you are not in the office, you are not working’.

So, what are the potential Pro’s and Cons of working remotely for the employer and employee?

EMPLOYER EMPLOYEE

Pros	Wider talent pool - Employers are able to consider candidates from a wider geographical area as aren’t constrained purely to ‘local’ candidates Cost saving - Having a finance team work remotely or in the office on a ‘rota’ basis may reduce the space required and the associated cost Employee retention - More flexibility can result in greater satisfaction and less reason to leave	Ability to really ‘focus’ on deliverables and deadlines by avoiding the usual office interruptions More effective use of time, especially without a time-consuming commute 5 days a week. Flexibility to meet other commitments including school pick-ups / drop offs Cost saving due to reduced commuting costs
Cons	Team collaboration, team building and onboarding can be harder with remote working Loss of the ‘water cooler’ informal discussions that can often highlight issues or opportunities Difficulty in training and longer-term development of staff More likely to not notice if people are unhappy within the team	Never really ‘switching off’ if your work computer is sat on your kitchen table 24/7 Reduced feeling of inclusion and understanding of what’s happening within the team Difficulty managing work if you have young children at home or other distractions Lose the mental well-being gained through mixing with colleagues

The Hybrid Model - So what does the future hold now that many finance teams have operated perfectly well remotely? It has been suggested that different models of hybrid working: combining remote work with office work, could be the answer. Hybrid work tends to include more freedom around when to work as well as where. It generally grants more autonomy to employees to fit work around the rest of their lives, rather than structuring other parts of a weekday around hours logged in an office. Ideally, it’s the best of both worlds.

A common procedure of existing hybrid systems is to designate certain days for in-office meetings and collaboration, and remote days for work involving individual focus. Of course, hybrid working patterns won’t suit everyone however, now is the time to consider the new way of working!

It would be interesting to hear how things may change in your company. Which way of working do think will be most effective?

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