The business world has long been characterized by evolution and adaptation. Among the most significant shifts in recent years is the trend toward hybrid work schedules. It has quickly evolved into a global trend, embraced by organizations across various sectors, including accounting and finance. A recent report suggests that 68% of companies are considering hybrid work models, with several industry giants already transitioning¹.
Offering a sweet spot between complete on-site and remote work, hybrid work schedules provide flexibility, promote work-life balance, and could potentially be the future of work. However, like all systems, a hybrid work schedule requires careful consideration and planning, especially in the field of accounting and finance, where precision, collaboration, and constant communication play a key role.
The Advent of Hybrid Work
It’s not just about cost savings; businesses are realizing that a flexible work schedule can aid in employee retention, increase talent pool, and contribute to sustainability initiatives by reducing carbon emissions associated with commuting.
Recently, JFSPartners conducted a poll of 2500 people to identify the most common work arrangements. The results were as follows:
Hybrid/Remote: 81%
Fully In-office: 19%
This trend underscores the need for finance leaders to understand the dynamics of hybrid work schedules and decide on an optimal working model for their organization.
We asked our clients how they decided what work arrangement worked best for them and the strategy behind their decision.
“For high level positions, we have struggled to hire talent unless it’s a hybrid schedule. Offering hybrid was a MUST for c-level positions as we faced too many challenges hiring without that component. At operational level: we didn’t feel comfortable offering a hybrid schedule, so we had to adjust compensation to attract talent. At the corporate level: because of the shortage of accounting people, in many ways we were forced to offer a 3/2 hybrid schedule. We were losing too much talent” -CFO | 100M healthcare organization
“Coming out of covid we saw that we could work remotely but lost some of the comradery as a team and benefits of people being face to face. Gradually, overtime we implemented a hybrid schedule on a part-time basis. We implemented a lot more virtual meetings during the remote period and noticed some positive aspects being remote and did this successfully for a while.
Then we elected to go 3 days in office and 2 days remote for the benefits of face to face. That resulted in the ability to gather the team in a conference room for collaboration and help strengthen the team’s relationship. We decided this was the appropriate balance. We have seen the advantages of getting into the conference room together. It allows everyone to see each other face to face and retain the flexibility of hybrid. This hybrid schedule has been working well and we will continue it for the foreseeable future.” – CFO | 100M+ hospitality/entertainment services organization
“We will never return to the office, when recruiting talent, we can cast a wider net that allows us to fill our roles with the best talent. We don’t want to be limited to just one location. It has been working for us, so we won’t change it.” – VP of Finance | 4.1B Service Company
Benefits and Challenges of Hybrid Work
Hybrid work models offer numerous benefits – the key among them being improved employee satisfaction, productivity, and reduced overhead costs. By offering employees the flexibility to work remotely or in-office, companies can tap into a broader talent pool, unbounded by geographical limitations.
However, the hybrid model also presents its challenges. Ensuring effective communication, maintaining a strong corporate culture, managing productivity and performance, and handling issues related to data security are some potential hurdles that need careful consideration.
Curating a Culture that Supports Hybrid Employees
As leaders in the finance and accounting industry contemplate embracing this trend, they must consider several key factors to ensure the effectiveness of a hybrid work schedule.
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Understand Your Team’s Needs
Every employee has different preferences and needs. While some may thrive in a remote work environment, others may be more productive in an office setting. Gathering feedback through surveys or one-on-one meetings can provide valuable insights into your team’s preferences and help you design a hybrid model that best suits everyone.
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Re-evaluate Processes and Communication Strategies
In a hybrid work environment, effective communication and streamlined processes are crucial. Consider investing in collaborative tools and platforms that enable smooth communication and teamwork, regardless of location. Regular check-ins and updates can help ensure everyone is on the same page and contribute to a stronger team culture.
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Invest in Technology Infrastructure
Ensuring all employees have access to necessary tools and systems to perform their work effectively, regardless of their location, is a cornerstone of a successful hybrid work model. This involves not only investing in software and hardware but also ensuring your IT team is prepared to offer support to remote employees.
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Consider the Implications for Company Culture
The transition to a hybrid work model can have significant implications for your company culture. Strive to cultivate an inclusive culture that values all employees, regardless of where they work. Regular team-building activities and opportunities for face-to-face interactions can help maintain a strong sense of community and belonging.
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Lead by Example
Perhaps most importantly, leaders should lead by example. By modeling the behaviors and attitudes you expect from your team, you can foster a culture of trust and accountability. If leaders respect the boundaries of the hybrid work model, such as respecting off-hours and maintaining work-life balance, it can help set the tone for the rest of the team. Your actions can also demonstrate that performance, not presence, is what truly matters.
Conclusion
Adapting to the trend of hybrid work schedules requires more than just logistical adjustments. For companies in the accounting and finance sector, it demands a strategic, holistic approach that takes into account changes to company culture, performance assessment, and leadership. By anticipating these changes and planning accordingly, businesses can thrive in this new era, balancing employee satisfaction with productivity and operational efficiency.
Are you considering a shift to a Hybrid work model and interested in learning more about maintaining a successful culture? Contact us here.
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